Afternoon Report Friday 19 September 2014
It was a quiet and choppy session again today, with the ASX 200 closing 17 points higher at 5,433.
The banking sector rallied and as anticipated, National Australia Bank (NAB) outperforming the big four banks, closing 69c higher at $33.90 after the people of Scotland has voted against independence from the UK this afternoon.
The Iron Ore sector followed its underlying weakness overnight, with Fortescue Metals (FMG) closing 17c lower at $3.76 and RIO Tinto (RIO) down 39c at $61.59. As mentioned previously, I remain on the sidelines in regard to Iron Ore, as I feel the market is ignoring the possibility of the commodity staying at $80, or even falling lower.
Best Sector – FinancialsWorst Sector – Materials
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