Month: September 2015

Afternoon Report Wednesday 2 September 2015

September 2nd, 2015 by james Carter

The ASX 200 was surprisingly strong after an early downturn of 70 points this morning. The index finished 5 points higher at 5,101, a 1.7% rally from its day’s low.
Following on from last night’s weakness, China didn’t disappoint and opened down 4.7%, but steadily recovered. By the lunchtime close, it was up 0.3% – It has been reported that China’s state-backed funds were stabilising the markets ahead of a major military parade due tomorrow. China will be on holiday for the rest of the week.
Energy stocks were hit hard after the weakness last night. Origin Energy (ORG) was down 37c (-4.5%) to $7.81 and Woodside Petroleum (WPL) closed down 52c (-1.6%) to $31.10.
The Australian GDP figures were released this morning which showed that the economy is growing at its slowest rate in four years. The ABS has said gross domestic product (GDP) grew 0.2 per cent in the three months to the end of June, compared with 0.9 per cent in the first quarter.

Best Sector – Health Care

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Morning Report Wednesday 2 August 2015

September 2nd, 2015 by james Carter

Well, another large fall on the US markets overnight to continue the ‘fear element’ currently in investors’ mind. We mentioned recently that the complacency around the recent stock market plunge made us at Market Matters feel there was more to come. Certainly the extreme blow-out in volatility over the past 10 days or so takes time to work its way through the market with the probability of sometimes wild price oscillations. The ability to stand back from these often emotionally driven gyrations and properly assess the ‘position of the markets’ is what really matters right now!

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Afternoon Report Tuesday 1 September 2015

September 1st, 2015 by james Carter

The ASX 200 had a great start, opening near its day’s high, only to fade gradually and lose 110 points (-2.1%) to 5,096 – a move that seems to be the new norm!
Macroeconomic Highlights from today –

The RBA voted well with consensus, leaving cash rates unchanged at 2% for September.
China Manufacturing PMI in August in line with consensus and weaker from the previous month, at 49.7.

The gaming sector, particular those exposed in Macau were weak as Official Beareau Stats reported a 26.4% dive in its 2Q GDP. Crown Resorts (CWN) lost 3.3% to $11.06.
In the banking sector, the regionals underperformed, Bank of Queensland (BOQ) lost 3.1% at $12.28 and Bendigo & Adelaide Bank (BEN) down 4.2% at $10.51.
Fortescue Metals (FMG) was the major underperformer in the Iron Ore sector, down 6% at $1.795.
In the consumer discretionary sector, Myer (MYR) is currently in a trading halt, following its announcement of a profit 21% below last year’s and is currently underway for a share placement at 94c a share (28.7% below previous trade at $1.21).
Qantas (QAN) was well bought today, following a broker report of a potential share buy-back of up to $1.5b over the next two years. QAN closed 3.3% higher $3.47.