Afternoon Report Thursday 9 October 2014
The ASX 200 rallied as anticipated, with the banking sector leading the way, closing 55 points higher at 5,297.
Our preferred bank, Bank of Queensland (BOQ) closed 32c higher to $12.10 after posting a solid FY2014 result. We remain bullish BOQ at present.
National Australia Bank (NAB) sold off early in the session, down 38c, only to bounce back and close 32c higher at $32.47 after announcing a total of ~$1.3bn in write offs which were close to expectations.
Interestingly, while both BHP Billiton (BHP) and Rio Tinto (RIO) closed higher today, whilst Fortescue Metals (FMG) underperformed the iron ore sector, closing 5c lower at $3.35. We are traders rather than investors of this sector and remain bearish at present.
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