Afternoon Report Tuesday 22 July 2014
Please see our Market Matters video Market update - 21st July 2014 & Flight Centre (FLT)
A quiet session again today with the ASX200 closing 3 points higher on volumes 40% below average and down 16% from yesterday.
The domestic market seems to be a lone wolf at present, not being able to follow the weak US lead from last night and the current surge in the Asian region; Hong Kong futures are up 1.7% at present.
The resource sector was not able to push the market higher, even though BHP closed 29c higher to $38.51 and RIO +43c to $64.13. The banking sector dragged, with CBA closing down 10c to $81.26 and NAB -5c to $34.20.
The RBA Governor, Glenn Stevens spoke in Sydney, where we interpret no more rate cuts from his comments. This is seen differently from others in the market.
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