Afternoon Report Wednesday 8 July 2015
• It’s been a tiring week so far, with the ASX 200 reversing all of yesterday’s gains and losing 112 points (-2%) at 5469.• Much of today’s weakness was due to global investors reducing their risk exposure, as China’s stock market continues to decline with Iron ore losing ~8% in Asian trade.• With China currently 6% lower, BHP Billiton (BHP) lost 3% to $25.43, South32 (S32) down 5% at $1.725, Fortescue Metals (FMG) -6.2% at $1.675 and Rio Tinto off 3.3% at $50.06.• The banks also contributed to the bloodshed witnessed in the broader market, Commonwealth Bank (CBA) lost 2.2% at $85.77 and National Australia Bank (NAB) down 2.6% at $33.33.• The Health Care sector was the stronger link and this was seen with Resmed (RMD) defying the weakness in the ASX200 today and rallied 2.6% to $7.60.
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