The index tips higher to close out a solid week
WHAT MATTERED TODAY
The markets were supported today as both the banks and materials edged higher, the index making fresh 10-year highs above the close of Wednesday.
Buying followed through for both TLS, NCK & QBE following good results today. Estia health was the worst performer today after brokers rant he ruler over their results yesterday, while Ausdrill jumped as progress is made with their capital raise to purchase mining contractor Barminco.
Overall, the index closed up +0.17% or +10points today to 6234 – up 61 points / +1.0% on the week
ASX 200 Chart
ASX 200 Chart
CATCHING OUR EYE
Weekly Moves – Stocks & Sectors;. On a sector level, Telstra did the hard yards for the Telcos, while general weakness in resources saw materials and energy names sink to the bottom of the week’s performance.
Sectors over the past Week
At a stock level, it was the reporting companies that showed the most volatility. Pact Group at the bottom following a 21.9% fall on Wednesday on a weak result, while the other end of spectrum was Breville and NIB on strong results
Stock moves over the week
Broker calls;
· Downer EDI (DOW AU): Upgraded to Outperform at Credit Suisse; PT A$8.25
· Growthpoint (GOZ AU): Downgraded to Underweight at JPMorgan; PT A$3.45
· Origin Energy (ORG AU): Downgraded to Neutral at Credit Suisse; PT A$9.70
· Sonic Healthcare (SHL AU): Cut to Underperform at Credit Suisse
· Telstra (TLS AU): Upgraded to Buy at HSBC; PT A$4.30
· Treasury Wine (TWE AU): Cut to Equal-weight at Morgan Stanley; PT A$20
OUR CALLS
No changes the portfolios today.
Watch out for the weekend report. 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
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