Afternoon Report Wednesday 20 May 2015
• Volatility seems to be the norm for the past few days. The Australian Market had a choppy session, where the ASX 200 had a range of 51 points (high of 5625 and low of 5574), ending the day only 5 points lower at 5611. • The miners, ex-South32 (S32) underperformed the broader market. BHP ended 2.7% lower at $28.82, Fortescue Metals (FMG) -6.8% at $2.07 and RIO down 2.5% at $56.03, while S32 closed 1.3% higher at $2.36. • Following the selloff in Crude oil overnight, it is with no surprise that the energy sector slid further in negative territory. Santos (STO) was the weaker link of the sector, down 3.8% at $7.78. We remain bearish STO, anticipating a new low.• Cardno (CDD), an infrastructure and environmental services company slumped 27% lower to $2.50 after downgrading its profit guidance. CDD technically looks to slide further.
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