Afternoon Report Monday 7 April 2014
The ASX 200 was pleasantly strong today, closing only 9 points lower (-0.2%) despite weak leads from offshore. Bank and gold stocks drove today's reslience.
Despite ANZ's job advertisement survey pointing to a 1.4% month on month increase, trading volumes were low and investors remain uncertain as to where global markets are heading in the short term.
The banks were a standout today, with ANZtrading as low as -0.5% intraday, only to reverse and close +0.3% higher to $33.48
This confirms statistics that April is bullish for the big 4 banks, averaging a healthy 3.2% return for the month (www.probabilitytrader.com).
Thus the safe haven gold sector was well bought today, with Newcrest Mining closing up 3.8% to $10.30.
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