Mixed Signals Makes Choppy Trading
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The mixed signals overnight of higher iron ore and copper prices against a lower gold and oil price have left investors uncertain about the market. This has led to the sell off today in the local market since the open, noting that volumes remain very low, in the last full day of trading this calendar year.
Gold stocks are among those hardest hit with the precious metal down over 1% overnight. With the intraday recovery in gold, NCM has pushed off its intraday lows, from down over 2% to almost flat.
Also weighing down on the market today is the Healthcare Sector, as profit takers move in on one of the best performing sectors in the market this year. Unsurprisingly, investors locked in profits in heavyweight CSL and COH after both stocks hit their 52 week intraday highs shortly after the open this morning. What remains to be seen is if this sector can reverse today’s losses to finish off strongly in tomorrow’s shortened trading day.
With the US S&P pushing higher each day, local investors will really be eyeing the overnight markets and looking for a positive lead to end the 2014 year.
For further comment from CMC Markets please call 02 8221 2135.
Call 1300 880 160
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