Afternoon Report Tuesday 22 April 2014
The ASX200 closed well today, up 25 points or 0.5% to 5479 in what was a very quiet session led by the bank sector.
As mentioned in the Hickman Report, the big 4 banks grow on average 3.2% in April since 1997 (www.probabilitytrader.com). Today, ANZ closed at its all-time highs, up 1.2% to $34.28 and Westpac (WBC) hitting its all-time highs, closing up +1.0% to $35.29. Please watch out for our morning report with the bank sector.
The resource sector however weakened today, with BHP closing -0.2% to $38.01 and RIO -1.0% to $62.74 after yesterday’s headlines of Chinese Premier Li Keqiang announcing that there would not be any stimulus in the near-term.
The gold stocks continued their decline, with Newcrest Mining (NCM) -2.2% to $10.02 and OceanaGold (OGC) -1.7% to $2.31.
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