Afternoon Report Wednesday 12 November 2014
The ASX 200 sold off from the start of trade, ending the day down 54 points at 5,463.
The banking sector gave way with Commonwealth Bank (CBA) being the weakest link, down 1.4% to $81.85.
The mining sector also dragged the market lower with BHP Billiton (BHP) down 2.8% and Fortescue Metals (FMG) down 2% for the day. (FMG may reach our initial buy target soon; however, we would stay on the sideline and not act until we see confirmation of good risk/reward).
Newcrest Mining (NCM) closed unchanged, while Regis Resources (RRL) had a better day, ending up 4.4% at $1.385 – is RRL the most preferred stock out of the gold sector?
WDS Limited (WDS) shed 31% of its share price to 20c after announcing a profit warning this morning.
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