Afternoon Report Wednesday 11 December 2014
The ASX 200 recovered over 50 points from its lows to close only down 28 points (0.5%), not a bad effort with the Dow falling 268 points (1.5%).
I will go out on a limb and say I believe the Christmas rally commenced today – a brave call and hopefully not a stupid one.
The banking sector closed down 0.7% as investors start to look for yield stocks ahead of major dividends being paid next week by ANZ, NAB and Westpac.
The gold sector again remained solid today up over 3% even when the precious metal was unchanged.
The energy sector was not surprisingly the weakest link today after OPEC’s comments last night, with Santos -8.3% and Woodside -2%.
Official data from the Australian Bureau of Statics showed the unemployment rate hit a 12-year high, rising to 6.3 per cent in November, better than analyst expectations.
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