Afternoon Report Wednesday 7 May 2014
The market was sold off heavily today, following on from overnight leads and in line with regional markets, closing down -46 points. A lower than expected March retail sales print of +0.1% vs. +0.4% expected also added downward pressure.
A clear technical break down occurred in a number of stocks today, including Fortescue Mining (FMG) closing -3.5%, or -17c at $4.63. As per this morning's note, we're targeting $4.20 for this stock on a technical basis.
QBE underperformed today trading -3%, or -35c to $11.45, likely on the back of AIG's disappointing corporate earnings released in the US last night.
Kathmandu (KMD) was the outperformer today following the release of quarterly sales growth of +3.6%.
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