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Month: October 2015

Afternoon Report Friday 2 October 2015

by james Carter

  • The market today started weaker, rallied 70 points off its lows, to slowly step down from lunch time to finish the day disappointingly down 60 points to 5,038
  • Origin Energy (ORG) was hit with a shortfall in its capital raising, with institutional investors, it was reported today. A large discount of 34% to its last trading price was not enough to get it over the line at $4.00, and 28 million shares were not taken up.
  • The banking sector was one of the weakest sectors, with Australia New Zealand Bank (ANZ) down 2.2% to $26.93 and Westpac Bank (WBC) down also 2.1% to $29.75.
  • The Utilities sector was the main culprit though, with AGL Energy (AGL) down 2.3% to $16.00 and APA Group (APA) down 2% today closing at $8.59.
  • On a brighter note Shane Oliver from AMP Capital was quoted today as saying the market is cheap relative to Bonds and monetary conditions will remain easy. He also said he is expecting to see share markets higher as the cyclical bull market in shares resumes.
  • Keep an eye open for our weekend report.

Best Sector – Consumer Disc.
Worst Sector – Utilities

Morning Report Thursday 1st October 2015

by james Carter

Over the last few days we have focused very closely on markets repeating themselves in both time and price. The ASX200 perfectly fitted a repeating pattern of the overall corrective move when it broke out of its recent corrective trading range after exactly 25 days – see chart 1.

Afternoon Report Thursday 1st October 2015

by james Carter

  • Well, we’ve actually had two days up in succession, the first time since 18th Sept! Today was a strong performance with the banking sector one of the main contributors. The ASX 200 finished up 90 points (1.8%) to 5,112.
  • Even though the Shanghai market is closed until next Thursday, there was a release of the Purchasing Managers sector (PMI) which came in marginally better at 49.8, consensus was for 49.7.
  • This helped the market kick on, and we reached a high of 5,116 (95 points)
  • Corporate news today was on Oz Minerals (OZL) where it was reported that private equity firm KKR has taken a 10%.
  • The banks were strong with Westpac (WBC) up 2.3% to $30.39 and again Commonwealth Banks (CBA) again one of the strongest, up 2.1% to $74.27.
  • Resources were in the mix but quiet, with RIO Tinto (RIO) up 2% to $49.58 and BHP Billiton (BHP) up also 2% to close at $22.68. Fortescue Metals (FMG) was disappointing, down 1.4% to $1.80.

Best Sector – Energy
Worst Sector – Info Technology

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