Afternoon Report Wednesday 12 March 2014
The ASX 200 was sold off early in the session, but recovered to close only 29 points lower with the resource sector rallying in the afternoon. BHP Billiton (BHP) closed +6c and Rio Tinto (RIO) +17c.
The banking sector was the laggard of the market, with CBA -61c and WBC -38.5c.
FMG was the stand out of the resource sector, closing up 2.9%. It's clear the value buyers are not perturbed by the apparent negative sentiment towards iron ore. See Top 10.
Lend Lease (LLC) was sold off late, closing -2.6%, as soon as news hit the tapes of a large fire at the Barrangaroo construction site in Sydney; Lend Lease is developer of the site. See picture below.
The Gold sector was well supported today as investors look to hedge against continued uncertainties surrounding growth in China.
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