ASX adds ~5% in January
WHAT MATTERED TODAY
The market once again saw the best of it early before ebbing and flowing for much of the day, eventually giving back most of the early gains to close up, but only marginally so. IT stocks rounded out a strong week / month to lead the charge today while baby formula stock Bubs Australia (BUB) felt some pain, down ~13% on a weak quarterly update. All in all, a reasonable session to end pretty busy January with the market off to a flyer, up +4.98% for the month.
Asian markets were better today, Hong Kong up slightly ahead of the Chinese market resuming trade on Monday. US Futures were fairly quiet.
Overall, the ASX 200 added +8pts / +0.13% today to close at 7017. Dow Futures are trading higher by +43pts/+0.13%
ASX 200 Chart
ASX 200 Chart
CATCHING MY EYE
Sectors this Month – January 2020
Source: Bloomberg
Stocks this Month – January 2020
Source: Bloomberg
Broker moves;
· GWA Group Raised to Neutral at Citi; PT A$3.60
· Fletcher Building Raised to Buy at Citi; PT NZ$6.25
· CSR Raised to Buy at Citi; PT A$5.60
· Austal Raised to Buy at Citi; PT A$4.40
· Myer Raised to Buy at Citi; PT 55 Australian cents
· Harvey Norman Raised to Buy at Citi; PT A$4.70
· Treasury Wine Cut to Neutral at Macquarie; PT A$13.30
· IOOF Holdings Cut to Neutral at Macquarie; PT A$8
· Adelaide Brighton Cut to Underperform at Macquarie; PT A$3.30
· Seven Group Raised to Hold at Morningstar
· Santos Cut to Neutral at Evans & Partners Pty Ltd; PT A$8
· IGO Raised to Buy at Argonaut Securities; PT A$6.50
· Suncorp Cut to Hold at Shaw and Partners; PT A$13
· QBE Insurance Raised to Buy at Bell Potter; PT A$15
OUR CALLS
No changes today
Major Movers Today
Have a great night
James, 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.
Disclaimer
All figures contained from sources believed to be accurate. All prices stated are based on the last close price at the time of writing unless otherwise noted. Market Matters does not make any representation of warranty as to the accuracy of the figures or prices and disclaims any liability resulting from any inaccuracy.
Reports and other documents published on this website and email (‘Reports’) are authored by Market Matters and the reports represent the views of Market Matters. The Market Matters Report is based on technical analysis of companies, commodities and the market in general. Technical analysis focuses on interpreting charts and other data to determine what the market sentiment about a particular financial product is, or will be. Unlike fundamental analysis, it does not involve a detailed review of the company’s financial position.
The Reports contain general, as opposed to personal, advice. That means they are prepared for multiple distributions without consideration of your investment objectives, financial situation and needs (‘Personal Circumstances’). Accordingly, any advice given is not a recommendation that a particular course of action is suitable for you and the advice is therefore not to be acted on as investment advice. You must assess whether or not any advice is appropriate for your Personal Circumstances before making any investment decisions. You can either make this assessment yourself, or if you require a personal recommendation, you can seek the assistance of a financial advisor. Market Matters or its author(s) accepts no responsibility for any losses or damages resulting from decisions made from or because of information within this publication. Investing and trading in financial products are always risky, so you should do your own research before buying or selling a financial product.
The Reports are published by Market Matters in good faith based on the facts known to it at the time of their preparation and do not purport to contain all relevant information with respect to the financial products to which they relate. Although the Reports are based on information obtained from sources believed to be reliable, Market Matters does not make any representation or warranty that they are accurate, complete or up to date and Market Matters accepts no obligation to correct or update the information or opinions in the Reports. Market Matters may publish content sourced from external content providers.
If you rely on a Report, you do so at your own risk. Past performance is not an indication of future performance. Any projections are estimates only and may not be realised in the future. Except to the extent that liability under any law cannot be excluded, Market Matters disclaims liability for all loss or damage arising as a result of any opinion, advice, recommendation, representation or information expressly or impliedly published in or in relation to this report notwithstanding any error or omission including negligence.
