Afternoon Report Wednesday 19 November 2014
The ASX 200 continued with its third straight day of losses, ending 31 points lower at 5369, again led by the iron ore sector.
Fortescue Metals (FMG) was the weakest link today, tumbling 7.7% lower at $2.74. We see further weakness in FMG against its peers at present.
The gold sector was quite the opposite of the ASX200, with Newcrest Mining (NCM) up 4.4% at $9.96 for the day and 9.1% for the week.
The banking sector closed lower, with National Australia Bank (NAB) and Commonwealth Bank (CBA) contributing much of the sector’s weakness, closing down 0.7% at $32.13 and down 0.5% at $80.54 respectively.
Statistically, from trading day 7 (the 11th Nov) through to trading day 14 (the 20th Nov), the market performs poorly before heading higher again (which we are currently witnessing). Coincidently, the 20th is XJO index options expiry day.
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