Afternoon Report Monday 4th May 2015
The ASX 200 had a roller coaster ride this morning, but turned into a quiet session this afternoon. The Banking sector was slammed after Westpac Bank (WBC) reported a disappointing half year result. The stock was down over 5% at one stage this morning! The Resources and Consumer Discretionary sectors (mainly BHP,RIO and Woolworths (WOW))helped to push the index higher and it finished up 13points (0.23%) to 5,827.
Weakness in Iron Ore, but continued strength in oil over the weekend, didn’t cause any second thoughts when the bell went. There was strong buying in resources which carried on from late last week, with what seems to be a switch from the banks to resources. BHP Billiton (BHP) finished up 85c (2.62%), RIO up $1.61 (2.76%) to $59.90 and Fortescue Metals up 8c (3.38%) to $2.45.
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