Afternoon Report Tuesday 18 March 2014
The ASX 200 closed 26 points higher today, with banks and resources both providing support. Commonwealth Bank (CBA) posted a +34c gain, National Australia Bank (NAB)+ 34c, BHP Billiton (BHP) +60c & RIO Tinto (RIO) +57c.
Weakness was seen in the gold sector, with OceanaGold (OGC) -5.2% and Newcrest Mining (NCM) -7.4%. We re-iterate from yesterday's Morning Report, the next leg in the gold sector will be on the downside and to take profits/close long positions. See Market Matters gold video update.
The RBA minutes for March were released today, reiterating their stance to remain at its current levels of 2.5%. We remain to believe that we are in the bottom of the cycle and that rates will move up this year.
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