Warren Buffet-effect has lost its shine
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In afternoon trading, the market continues to come under downward pressure as profit taking triggers panic selling and index rotation. The market switched to wide spread selling after options expiries finished their course. Gold Based stocks were the only sector to be spared of the local market exodus.
Supermarket wars were set aside as both Woolworths and Wesfarmers faced 2.5% and 1.5% falls respectively. Woolworth’s share price dripped to fresh three year lows following the CEO’s self-elected retirement yesterday.
The Warren-Buffet-effect on the banks also lost its shine after the financials came under heavy selling pressure. The “Oracle of Omaha’s” bias towards Australian banks sent them back in vogue on Wednesday trading. Thursday’s session saw all the gains made from the previous session erased.
The local currency sits steady in early 0.77 ranges. Unemployment claims and inflation data due out from the US overnight might see some volatility in the dollar.
For further comment from CMC Markets please call 02 8221 2135.
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