Afternoon Report Thursday 27 November 2014
The ASX 200 ended the day only 5 points higher at 5401, led by the financials, with National Australia Bank (NAB) up 1.5% at $32.93.
The Oil sector continued its descent with WorleyParsons (WOR) selling off today, down 5.4% at $11.89.
The Gold sector had a weak session, with Newcrest Mining (NCM) down 1% at $10.53 as investors wind down some of their positions ahead of the referendum vote for the Swiss National Bank to increase its current assets in gold from 8% to 20% looms this Sunday. We see the downside risk in the price of gold factored in, however, there still remains good risk/reward on the upside.
The Iron Ore sector had a weak day, with the 2 big Australian miners, BHP Billiton (BHP) and RIO Tinto (RIO) ending the day 1.6% and 0.6% respectively lower.
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