Afternoon Report Monday 16 March 2015
• The ASX 200 recouped much of its losses earlier in the session, ending the day 17 points lower at 5798 after trading as low as 5761.• The banking sector reversed earlier losses, with Commonwealth Bank (CBA) $0.47 higher at $91.79 a gain of $1.04 from its day’s low.• The resources sector closed mix, as iron ore stocks such as RIO Tinto (RIO) and Fortescue Metals (FMG) 0.7% higher at $57.70 and 0.5% at $2.01 respectively; while the weak oil/energy stocks ventured near our trading buy areas today. Oil Search (OSH) closed 3.8% lower at $7.59, Santos (STO) down 2% at $6.97 and Woodside Petroleum (WPL) down 2.2% at $33.99.• iiNet (IIN) rallied 4% higher at $8.84 after some major broker notes upgraded its price target after TPG Telecom’s (TPM) takeover offer. Meanwhile, the other ‘telco’s’ closed lower, with Telstra (TLS) down 1% at $6.14 and Vocus (VOC) down 2% at $6.00.
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