• The ASX 200 failed to follow through overnight leads as expected. The Index finished down 35 points (-0.6%) at 5,473.
• The banks were once again the main detractor in keeping the market down. Only Commonwealth Bank (CBA) managed to keep its head above water until the match, finishing only 2c lower at $82.12 ahead of its reporting tomorrow. Australia New Zealand Bank (ANZ) closed down 1.7% to $30.07, National Australia Bank (NAB) closed 2.6% lower at $32.46 and Westpac (WBC) of 1.9% at $32.05.
• The market is expecting CBA to report a big number (~$9.15b profit). The major thought/worry is whether they also announce a capital raising.
• The Chinese Government lowered the reference rate of the Yuan by 1.9% against the USD, which in turn sent the A$ tumbling. AUD is currently trading ~ US$0.7317. The obvious ramification is that this weakness in the Yuan also pushes up the US$; which in turn pushed DOWN the price of gold.
• Spot Gold fell around 1% this morning to US$1093.00 oz, but regained a little to creep back up above US$1100.00 oz. Currently, Gold futures is trading down 0.3% at US$1,100.60 oz.
Best Sector – Materials
Worst Sector –Health Care
Winners
OZ Minerals Ltd (OZL) +$0.14, or (+3.9%) to $3.71
Qube Holdings Ltd (QUB) +$0.09, or (+3.9%) to $2.41
Magellan Financial Group Ltd (MFG) +$0.7, or (+3.7%) to $19.48
Ansell Ltd (ANN) +$0.76, or (+3.6%) to $21.60
Losers
Bendigo & Adelaide Bank Ltd (BEN) -$0.56, or (-4.4%) to $12.07
Cochlear Ltd (COH) -$6.48, or (-7.2%) to $83.56
JB Hi-Fi Ltd (JBH) -$1.58, or (-7.3%) to $20.11
FlexiGroup Ltd/Australia (FXL) -$0.56, or (-17.9%) to $2.57
All figures contained from sources believed to be accurate. MarketMatters does not make any representation of warranty as to the accuracy of the figures and disclaims any liability resulting from any inaccuracy. Prices as at 11/08/2015. 4.21PM.
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