Afternoon Report Monday 6 October 2014
As expected, weakness was seen in the ASX200 today; closing 25 points lower at 5,293 in a low volume traded session. See the recent Hickman Report.
The banking sector opened higher, only to sell off, with the weaker $A contributing to much of its underperformance today, where Commonwealth Bank (CBA) closed 48c lower at $76.17 and National Australia Bank (NAB) 26c lower at $32.71.
The main focus in the domestic market today was the selling in the iron ore sector; with BHP Billiton (BHP) closing 75c lower at $32.70 and Fortescue Mining (FMG) down 15c lower at $3.30, after some key points from today’s briefing by BHP’s Jimmy Wilson noted that the near term iron ore supply will continue to outpace demand.
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