Afternoon Report Tuesday 14 April 2015
• The ASX 200 lost some ground today, ending 14 lower at 5947.• The banking sector contributed some of today’s negative points, with ANZ down 1.1% at $36.32 and Westpac down 0.5% at $39.56.• As anticipated, the majors in the Iron Ore sector had a weak day. BHP Billiton (BHP) closed 1% lower at $29.12 and Rio Tinto (RIO) down 0.6% at $54.96, while Fortescue Metals (FMG) rallied 3.4% at $1.835 despite being placed on credit watch negative. The potential reduction in more than 700 jobs and change in mine works rosters to trim costs may have contributed to the rally.• The Insurance sector outperformed the Australian benchmark. Challenger (CGF) rallied 1.2% to $7.33, QBE up 1.4% at $13.79 and Suncorp (SUN) up 2% at $13.84.• The major supermarkets disappointed. Woolworths (WOW) closed 1.5% lower at $29.21 and Wesfarmers (WES) down 1% at $43.80.
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