Afternoon Report Wednesday 11 June 2014
The ASX 200 sold off from the opening bell, closing -16 points lower in a very quiet session.
Selling was broadly based over the morning, following news that the World Bank has lowered its 2014 Global GDP forecast significantly from +5.3% to +4.8%.
The banking sector was mixed with Commonwealth Bank (CBA) closing down -0.3% at $82.20 and ANZ closing up +0.4% at $33.90.
The resources sector however were all down, with BHP closing down 0.9% to $35.94 and Fortescue Mining (FMG) down 1.9% to $4.54.
Downer EDI (DOW) was the worst performer today, closing down -11.2% to $4.70 after announcing a $360m contract with BHP had been terminated.
Aquila Resources (AQA) closed higher today on market talk that Mineral Resources (MIN) has bought 49.9m shares, or 12.1% of the company, at $3.75 a share; AQA currently has a bid on the table at $3.40 from a consortium of Baosteel and Aurizon. Could a rival bid be emerging?
Show more...
