Afternoon Report Monday 10 March 2014
The ASX 200 was sold off aggressively, closing -50 points as expected, predominantly led by the commodities sector with BHP Billiton (BHP) -4.1%, RIO Tinto (RIO) -5.8% & Sandfire Resources (SFR) -8.5%. See morning comments on Copper & The Hickman Report.
Fortescue Metals (FMG) traded in our buy target levels (<$5.00) closing -9.4% at $4.92. As conveyed to our platinum members shortly after market open, we bought a third of our total planned position size today.
The banking sector also fell, with ANZ being the poorest performer of the big 4 (-0.8%) as investors and traders alike applied negative sentiment to their Asian exposure.
After poor Chinese data recently, anything linked to Asia is being sold. See morning report & Hickman Report.
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