Afternoon Report Wednesday 3 September 2014
The ASX 200 had another quiet session today, closing slightly lower, down 2 points to 5,656.
Our Asian counterparts traded higher today, most notably seen with the Hang Seng Futures, currently up 521 points (2.1%) after the HSBC China PMI data was released above analysts’ expectations.
The Banking Sector attempted to hold the market above water today, with Commonwealth Bank (CBA) closing 20c higher at $81.70 and National Australia Bank (NAB) up 22c at $35.31.
Weakness continued to be seen in the Iron Ore Space, however, of the big three Iron Ore stocks , BHP Billiton (BHP) was the better performer, closing down 70c at $36.20 (ex-dividend at 66.4c a share). While Fortescue Metals (FMG) closed down 10c at $4.00 and RIO Tinto (RIO) down 69c at $62.34. We remain bearish in this space at current and we are traders, not investors of this sector.
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