Afternoon Report Tuesday 23 September 2014
The ASX200 clawed most of yesterday’s losses, closing 54 points higher at 5317.
After the broad early selling in the session this morning, investors like ourselves, saw an opportunity to buy particular sectors of the market, such as the banking sector, where some were yielding near ~6% fully franked this morning and had a 2% turnaround today. e.g. Commonwealth Bank (CBA) closing up 85c at $77.30 (traded at $76.01 at one stage) and ANZ Bank (ANZ) up 44c at $31.65 after trading its lows of $31.13.
The resources sector had a good bounce today, after China HSBC Manufacturing data was released better than expected leaving RIO Tinto (RIO) to close up 15c at $60.20 after trading as low as $59.14.
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