Afternoon Rally Reclaims Midday Sell Off

Aussie stocks were fierce out of the gates at the morning’s open. Traders were eager to capture the momentum of Morgan Stanley overnight. In a note released by the bank, major miners BHP and RIO were both upgraded and enjoyed handsome gains following the release. Locally, traders bid both stocks up 3.5% in early trade. Fellow iron ore producer Fortescue also enjoyed the repercussions, adding over 6.5%.

Big banks also treaded green across the trading session. Bank of Queensland’s released its full year results ahead of market open and slightly beat analyst expectations. The stock traded upwards of 10.5% following the release. Bank of Queensland is one first cab off the reporting rank amongst the financials, with ANZ, NAB, Westpac and Macquarie all due later this month.

Lunch time saw investors take profit. 40 points were shaved off the local bourse, as traders locked in returns from banks and material based stocks.

In afternoon trade, local stocks engaged in a late mini rally, reclaiming 20 points to ensure the day’s gains were not in vain. Thursday saw more convicted trading from investors with the return of healthier volumes.