Another test of 6000
WHAT MATTERED TODAY
The local bourse clawed back early losses to chop around parity for most of the afternoon. The 200 threatened to close above 6000 to round out an impressive week, but just couldn’t hang onto enough of the points with sellers coming in at the close. The banks were the shining light, joined by energy names who continue to be well supported with further OPEC+ cuts expected and a storm in the Gulf of Mexico threatening US supply short term. Those two sectors were also the best performers for the week, helping take the index 4.22% higher, with all parts of the market in the green across the 5 sessions. Today points were taken away by the healthcare and tech names. The BNPL stocks that have been in focus this week took a backfoot step, with APT taking the tech sector lower. There will be no trade on Monday with the local long weekend, and the MarketMatters weekend report will also take a breather. We will return Tuesday with the Morning Report.
Overall, the ASX 200 closed up 6pts or 0.12% to 5998. Dow Futures are trading up 234pts/+0.89%.
ASX 200 Chart
ASX 200 Chart
CATCHING MY EYE;
Sector moves this week
Stock moves this week
BROKER MOVES;
· Atlas Arteria Cut to Neutral at Macquarie; PT A$6.93
· Westpac Raised to Buy at UBS; PT A$20.50
· NAB Raised to Buy at UBS; PT A$20.50
· Santos Raised to Add at Morgans Financial Limited; PT A$6.30
· Suncorp Raised to Buy at Shaw and Partners; PT A$10
· Macquarie Group Raised to Buy at Shaw and Partners; PT A$115
· Insurance Australia Cut to Sell at Shaw and Partners; PT A$5.70
· ASX Cut to Underperform at Credit Suisse; PT A$73
· Ampol Reinstated Hold at Jefferies; PT A$27.50
OUR CALLS
Major Movers Today
Have a great Weekend all
Harry & the Market Matters Team
Disclosure
Market Matters may hold stocks mentioned in this report. Subscribers can view a full list of holdings on the website by clicking here. Positions are updated each Friday, or after the session when positions are traded.
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