Aussie stocks shook off overnight leads to open Friday trade in slight green. After four straight sessions of attrition, the local bourse made small tracks to regain the 250 points lost across the trading week. Investors did their best to cling onto early gains, but concentrated selling in the Big Banks gave way to wide losses.
Iron Ore’s 2.7% surge overnight looked like an encouraging set-up for iron ore producers who have been under attack this week. Mining giant BHP saw over a 3.5% tumble in its stock’s value over the week came under fire again in Friday trading. The stock crossed below the psychological $28.00 mark to trade at the day’s low of $27.70. BHP’s peers endured a fairer fate with FMG and RIO both locking in gains in Friday’s session.
Banks have also continued to endure selling pressure for the fourth straight session. Bargain hunters jumped in early to nab themselves a bargain but were swiftly pushed aside by sellers looking to unwind their positions ahead of the long weekend. Investors continue to echo the idea of “catching a falling knife” as the market scratches it’s head over when might be a good time to buy back into the financials.
In afternoon trading stocks oscillated in mild loses. Skinny trading volumes for Friday’s session reflected traders’ hesitation to commit to any real positions ahead of the long weekend and the highly anticipated Non-Farm Payroll numbers due out from The US overnight.
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