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ASX Plummets Despite Rise in Iron Ore Price

ASX Plummets Despite Rise in Iron Ore Price
Apr 29, 2015 By Simon Herrmann

The ASX was down 109.9pts, or 1.9 per cent, at 5838.6pts on Wednesday. Despite the uptick in iron ore prices, all sectors were down across the board. The Healthcare sector took the biggest hit, falling 2.69 per cent. The Financials sector also fell significantly, falling 2.35 per cent. International markets were polarised during the previous day of trading. In the US, the Dow Jones was up .40 per cent and the S&P 500 was up .28 per cent. In Europe, the DAX fell 1.89 per cent and the FTSE 100 fell 1.03 per cent. Asian markets are mostly unfazed by the EU and Australian selloffs. The Nikkei 225 is up .38 per cent near the end of trading on Wednesday. The Hang Seng has fallen .13 per cent, but the Shanghai Composite is up .30 per cent so far on Wednesday. 

Recall Holdings (ASX:REC) was down 1c, or .13 per cent, at $7.63 per share. Recall has recommended shareholders approve of the $2.7bn acquisition deal made by US logistics giant Iron Mountain.

Seven West Media (ASX:SWM) was suspended from trading today. Seven West announced a deal with Seven Group Holdings, its largest shareholders, to raise $612m from investors. SWM has fallen over 27 per cent in the last 12 months.

Senex Energy (ASX:SXY) was down 4c, or 8.70 per cent, at 42c per share. Senex Energy announced on Wednesday a significant fall in revenue during the March quarter.

Wesfarmers (ASX:WES) was down 5c, or .12 per cent, at $43.10 per share. Coles, the supermarket owned by Wesfarmers, reported an uptick in profits despite the discount war between rival Woolworths.

National Australia Bank (ASX:NAB) was down 82c, or 2.40 per cent, at $37.46 per share. NAB led the selloff of the four major Australian banks.

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Simon Herrmann Author: Simon Herrmann Apr 29, 2015

Simon is a financial analyst at independent research firm Wise-owl who wants to change the world by disrupting the cliché approach to investment decision making with convergent thinking. Wise-owl’s goal is plain and simple: Find the best opportunities for our members by following a proven methodology and to create long-term value through high-quality advice, innovation, technology and education. We combine industry experience and the agile mentality of a start-up. Wise-owl is the future of stock market investing.

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