Afternoon Report Monday 24 March 2014
The ASX 200 ignored offshore weakness on Friday night, recovering from intraday lows of -36pts to close up a modest +8pts.
Value buying in the afternoon session saw both the banking and resources sectors posting gains, with CBA +29c, NAB+20c, BHP +16c & RIO +13c.
The market was waiting for the HSBC China Flash PMI for the month of March, with a print of 48.1 vs. 48.7 expected. The market seemed to have priced in a weaker number, hence the Australian market pushing to a positive close.
Turnover in the market today was weekend than daily averages over the past few weeks, although Monday is historically the weakest day for market volumes.
Whilst we may sound like a broken record at times, we continue to trade cautiously amongst a market that will continue to trade in a zig-zag bullish pattern. Set trading strategies should be adhered to.
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