Mid-Afternoon Report 16 May 2014
** Please note we are in a presentation interstate this afternoon. Watch out for the Hickman Report this Sunday**
The ASX200 last traded down 30 points to 5,480 as it followed through with the US market sell-off overnight.
Selling was seen across the board. As mentioned this morning, it seems that investors globally are buying the safe haven bonds instead of the equities.
Fortescue Mining (FMG) continues to head towards our $4.16 target and we remain firm at present.
M&A activity continues with IOOF Holdings (IFL) bidding $670m for SFG Australia (SFW) to merge. SFW currently up 19%.
We remain bearish at present and will evaluate our stance on a daily basis.
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