Morning Report Thursday 24 April 2015
Over the last two trading sessions we have seen Iron Ore rally 7.5% and at the same time Australian short term interest rates have been slowly edging higher. The recent relative sector performance we have seen from Australian equities is something not witnessed in a long time:
Over the last 5 trading days Australian banks have fallen 3.4% but have still rallied 5.8% for the year.
Over the last 5 trading days BHP has rallied 2.7% but has still fallen 18.9% for the year.
My “question line” has lit up with questions around the resources space and it’s not surprising considering Iron Ore has rallied 16.4% in recent weeks and crude oil 37.4%
- charts 1 &2. The ASX200 remains in an extremely tight 257 Point (4.4%) trading range for the last 49 trading days; something is likely to give soon!
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