Afternoon Report Tuesday 25 November 2014
The ASX 200 closed 27 points lower at 5335 after falling 65 points intraday, below the 5300 level.
The main stock of the day was Medibank Private (MPL), trading as high as $2.23, only to disappoint and close at below the institutional listing price of $2.15 to $2.14.
The iron ore stocks fell aggressively, with BHP Billiton (BHP) ending the day down 2.4% at $32.10 and Fortescue Metals (FMG) down 5.7% at $2.81 as Chinese iron ore futures traded as low as -3.2%.
Newcrest Mining (NCM) had the midas touch, outperforming the broader market today, having closed up 6.4% at $10.60. We remain short term bullish gold, where we are currently up 21% against our colleague, Karl for a lovely steak!
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