Afternoon Report Tuesday 29 July 2014
The ASX 200 traded flat for most of the session only to rally late and close 11 points higher with both the banking sector and resource sector supporting the market. National Australia Bank (NAB) closed up 35c to $35.11 and RIO Tinto (RIO) up 39c to $65.75.
QBE Insurance Group (QBE) was the main headline and the weakest link of the ASX200, closing down $1.32, or -11.1% to $10.57 after downgrading its earnings guidance again. As mentioned previously, QBE should benefit from a falling AUD and rising rates in the US, however, the clear break below $12 technically targets fresh lows under $9.88.
ALS Ltd (ALQ) closed close 6.5% to $7.50. ALQ remains in a clear downtrend with better risk/reward seen elsewhere.
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