Afternoon Report Monday 14 April 2014
The ASX200 was sold off aggressively in the afternoon session, closing on its lows -69 points or -1.3% with the banks and resource sectors both dragging heavily on the index. The broad sell off feels as though it was more than just the current tensions between the Ukraine and Russia; it felt as though global investors were selling out of Australia.
Within the banking sector, Westpac (WBC) & ANZ were equal laggards, closing -51c or -1.5% to $34.15 and -51c or -1.5% to $33.34 respectively. Resource-wise, RIO Tinto (RIO) was the weakest link closing -85c or -1.3% to $63.26.
Coca-Cola (CCL) continued its recent slump as Standard & Poors reduced the company's credit rating to BBB+ from A-, seeing the share price down a further -68c, or -7%, to $9.06. Again, we do not have any interest in buying/trading this stock given better opportunities elsewhere.
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