Afternoon Report Thursday 13 March 2014
The ASX 200 clawed back some of this weeks losses, closing up 28 points on the back of better than expected employment data and a resurgence in the miners. BHP Billiton (BHP) closed +1.1%, RIO Tinto (RIO) +2.7% & Fortescue Metals (FMG) +3.0%.
As conveyed in real-time to our subscribers, we took profit on our FMG position early in the session, locking in a healthy +7% profit. As mentioned previously, we are currently experiencing a zigzag bull market where set trading plans need to be adhered to.
The banking sector complemented strength in resources today, with Westpac (WBC) closing +0.9% and NAB +0.6%.
The Gold sector continued its stellar run with Newcrest closing +3.1%. We reiterate that we remain bullish gold with our target of US$1,400/oz from late last year fast approaching.
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