Afternoon Report Thursday 12 March 2015
• The ASX 200 rallied from the start today, closing 57 points higher at 5850, with compliments to further rate cuts around the world. Today it was Bank of Korea, cutting its key interest rate by 0.25% to 1.75%. This is in line with our ‘buy banks’ view and note yesterday. – click here to view yesterday’s note.• The banking sector outperformed the market as expected, with Westpac (WBC) ending the day 1.6% higher at $38.09 and Commonwealth Bank (CBA) up 1.4% at $91.82.• QBE Insurance remains resilient as investors anticipate a rate rise earlier than expected in the US. QBE closed 1.8% at $13.58 and is up 21.1% for the year.• iiNet (IIN) rallied 2.4% at $6.81, despite trading ex-dividend (10.5c fully franked) today. We currently hold IIN as mentioned live yesterday to our Subscribers.
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