Afternoon Report Wednesday 22 October 2014
The ASX 200 rallied, closing 61 points higher at 5,386, following the lead from global markets overnight.
As mentioned in the recent Hickman Report, we may have seen our low in the domestic market. Note, since 1980, the October/November/December period on the S&P500 has a median gain of nearly 5.3% (7.8% since 2001).
BHP Billiton (BHP) closed 52c higher to $34.27, after reporting its quarterly production update. We remain traders of the iron ore sector, not investors.
ANZ was the outperformer of the “Big 4” banks, closing up 1.3% to $32.88 ahead of its reporting next month.
Best Sector – MaterialsWorst Sector – Utilities
WinnersRIO Tinto (RIO) +$1.24 to $61.21Bank of Queensland (BOQ) $0.15 to $12.43Flight Centre (FLT) +$0.85 to $42.40
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