Afternoon Report Wednesday 15 October 2014
* Note that Index expiry is tomorrow morning, not today.
As expected, the ASX 200 rallied today, closing 38 points higher at 5246. Commonwealth Bank (CBA) was the outperformer of the “Big Four” banks, closing $1.33 higher at $75.45 as investors start to buy the recently battered sector.
The Resources sector was also positive, after the People’s Bank of China (PBOC) cut its short term interest rate for the second time in a month, where RIO closed 25c higher at $60.99. We remain bearish the Iron Ore sector, see this morning’s report.
Telstra (TLS) closed well today, up 9c at $5.38 after paying the shareholder’s buyback scheme overnight.
Challenger Financial (CGF), closed 9c lower at $6.76 after updating disappointing annuity sales.
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