The Afternoon Report Tuesday 25 March 2014
The ASX 200 yet again saw value buyers enter the market after lunch with the intra-day low bouncing to a close of just -9pts. The rally was led by resource names with BHP closing +18c, FMG +8c & RIO +88c.
Strength in the resource sector was led by the Iron Ore miners, with the physical price jumped +4% as traders speculate on potential Chinese stimulus. Buy the rumour, sell the fact?
The gold sector took a beating today, with Newcrest Mining (NCM) closing -5%, Regis Resources (RRL) -5% & Silver Lake Resources -4.4%. As mentioned last week, gold futures just about reached our target and we predicted the next move on the downside; this is currently underway. See The Hickman Report.
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