Afternoon Report 17 March 2014
The ASX 200 followed Friday's lead from the US, closing -11 points in a very quiet session It is evident that investors are taking a back seat and trading cautiously whilst the situation between Russia and the Ukraine remains unresolved.
The banking sector led today's weakness with three of the four major banks trading lower. CBA faired the worst closing -0.5% with NAB -0.4%, whilst ANZ bucked the trend posting a +0.6% gain.
We reiterate our cautious approach to this market, where we continue to expect a positive bias to the upside, albeit it in a zig-zag nature. Again, set trading plans are key. In particular, we are sellers and holders of gold stocks at best as the physical price of the metal nears our target of $US1,400/Oz. Please see this morning's report for further colour
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