Afternoon Report Tuesday 28 October 2014
It was a choppy market with the ASX 200, closing only 6 points lower at 5,453.
The banking sector again held up as anticipated, with ANZ resuming its trade today, closing 6.5c higher at $33.41.
The gold sector continued its weakness, with Newcrest Mining (NCM) closing 10c lower at $9.70, where we remain bearish NCM at present. See recent Hickman Report.
Vocation Ltd (VET) resumed trading today, closing down $1.295 at 99.5c after reaching a settlement with the Victorian Department of Education. We see better opportunities and risk/reward elsewhere.
The Iron Ore sold off today, with BHP Billiton (BHP) closing 49c lower at $33.32, refer to this morning’s report with our view on BHP.
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