A big weak wraps up with a positive move
WHAT MATTERED TODAY
The local market ticked higher today in a quiet session on lower than average volumes – something to expect throughout December, particularly on a Friday. The small move higher today brings an end to a volatile week where the market fell 299 points from the intra-day high to low point on Wednesday, before staging a ~100pt bounce. The end result is the index down 139pts/2.03% this week.
Healthcare was well bid with CSL accounting for the bulk of the move. Banks were mixed, and materials were the laggards today, the only sector to finish in the red. Asian markets were broadly higher as well, with US futures trading in the black.
Boral (BLD) was the worst today on the back of a small downgrade put through overnight. The company has flagged some irregularities in regards to their North American windows business that will result in a $US20-30m EBITDA hit, or ~3% of the full year of FY19. It’s not a great outcome however it’s important to note it is a one off charge, and doesn’t show any issues with the underlying company or trends.
Overall, the ASX 200 closed up 24pts or +0.36% today to 6707, Dow Futures are trading up 80pts-/0.28%.
ASX 200 Chart
ASX 200 Chart
CATCHING MY EYE;
Sectors this week:
Stocks this week:
BROKER MOVES;
· Integral Diagnostics Rated New Overweight at Wilsons; PT A$4
· Integral Diagnostics Rated New Buy at Jefferies; PT A$4.50
· PolyNovo Rated New Overweight at Wilsons; PT A$2.25
· Capitol Health Rated New Market-Weight at Wilsons
· Avita Medical Rated New Market-Weight at Wilsons
· Western Areas Raised to Neutral at UBS; PT A$2.90
· Northern Star Raised to Buy at UBS; PT A$12
· Caltex Australia Cut to Neutral at Citi; PT A$34
· Monash IVF Rated New Hold at Jefferies; PT A$1.05
· Healius Rated New Hold at Jefferies; PT A$3.35
· Sigma Healthcare Rated New Hold at Jefferies
· Virtus Health Rated New Buy at Jefferies; PT A$5.30
· Metcash Raised to Overweight at JPMorgan; PT A$3
· Sims Metal Rated New Underperform at Jefferies; PT A$8.80
· Bluescope Rated New Buy at Jefferies; PT A$16.57
OUR CALLS
No changes to the portfolios today.
Major Movers Today
Have a great night
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.
