Afternoon Report 10 July 2014
The ASX 200 closed mildly higher, up 12 points with the gold sector being the standout e.g. Newcrest Mining (NCM) +3.6%, to $11.24.
Syrah Resources (SYR) went into trading halt after trading up 28% to $5.49. The Australian Financial Review reported that “Glencore is understood to have made an informal approach to Syrah Resources that could value the graphite and vanadium junior to $2B."
Suncorp (SUN) closed 0.4% lower to $13.57 with a global bank reporting to have removed SUN from its model equities portfolio.
Unemployment rose to 6% for the month of June, we expect the interest rates to remain at current levels in the near term.
We remain bearish at present and an anticipated 8-10% correction in the US markets from here would not surprise us.
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