Morning Report Friday 30 October 2015
Market Matters were invited on the AFR yesterday to comment on rates, see video: click here.
Another dark day for Woolworths, an opportunity?Yesterday morning everything felt rosy, the Dow was up an impressive 198 points, closing within striking distance of all-time highs, led by the financial and oil sectors. The local futures were indicating an assault on the recent highs ~5400 for the ASX200 was likely but by day's end the ASX200 had been smacked 1.3% led by Woolworths (WOW) falling 9.8% dragging supermarkets lower and hurting the overall sentiment. WOW is now down 31% for the year and Wesfarmers 7.9%, the question is has some value been restored?
Market Matters put out a very negative sell report on WOW when the stock was trading in the mid $30 region warning of the risks to margins from fresh competition from people like ALDI.
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