Afternoon Report Thursday 27 March 2014
The ASX 200 closed 26 points, led by the resource sector with BHP -57c & RIO -49c.
As expected, weakness was seen in the bank sector early in the session, but recovered in the afternoon as yield investors bought the dip. CBA closed +17c despite being -54c at one stage.
We reiterate this morning's comments; weakness in the banks should be bought, especially if they fall in line with another 2% fall in the NASDAQ.
The US overnight futures are indicating they will trade higher and will be watched closely overnight.
WinnersLynas Corp (LYC) +25.0% to $0.225Karoon Gas (KAR) +5.8% to $2.57TPG Telecom (TPM) +2.6% to $6.32Mount Gibson (MGX) +2.4% to $0.845Nufarm Ltd (NUF) +2.3% to $4.00
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