Market moves higher on light volumes
WHAT MATTERED TODAY
The rebound in Aussie equities continued today with the index firm to star the week following the US market’s rally on Friday. There was a little less vigour locally compared to the US ~1.5% effort which rallied despite another poor data set from non-farm payrolls missing forecasts with 135k. Volumes were light today given the public holiday that took out more than half the country. All sectors were higher today, though financials lagged despite the banks all moving higher. Macquarie and Magellan dragged performance here. Tech names were best bid, Wisetech (WTC) one of the star performers in a slow day.
Overall, the ASX 200 closed higher today, up 46pts or +0.71% to 6563, Dow Futures are trading down -97pts/-0.37%.
ASX 200 Chart
ASX 200 Chart
CATCHING MY EYE;
BROKER MOVES; Washington H Soul Patts (SOL), one of the stocks we touched on in the morning/weekend report was best on ground today following Shaw’s initiating with a buy on the stock. We still like SOL into new lows below $19.70, now a little further away given today’s rally.
- Sydney Airport Upgraded to Outperform at Macquarie; PT A$8.77
- SkyCity Entertainment Cut to Underperform at Macquarie
- ANZ Bank Upgraded to Buy at Bell Potter; PT A$29.30
- Caltex Australia Cut to Sell at Shaw and Partners; PT A$20.40
- Rio Tinto Upgraded to Buy at Investec; PT 48.43 Pounds
- Washington H Soul Pattinson Rated New Buy at Shaw and Partners; PT A$26
OUR CALLS
No changes today
Major Movers Today
Have a great night
Harry & the Market Matters Team
Disclosure
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