Afternoon Report Friday 5 September 2014
The ASX 200 continued to slide, closing down 33 points at 5,599, with both the banking and resources sector dragging the market lower. E.g. Commonwealth Bank (CBA) -27c to $81.30 and RIO Tinto closing 84c lower at $61.30.
Fortescue Metals (FMG) closed 13c lower at $3.92, off its 1-year lows as the Iron Ore futures continues to decline. We remain bearish the Iron Ore Sector.
Challenger Limited traded closed 30c higher to $7.75, where we are current holders and maintain our view (www.marketmatters.com.au)
The gold sector sold off as anticipated, with Newcrest Mining (NCM) closing down 35c to $10.59.
Best Sector – UtilitiesWorst Sector – Health Care
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