A quiet day as US interest rate hike looms
The ASX200 was disappointing today, albeit in a very quiet session, up only 2-points after being up a healthy 26-point earlier this morning. Banks were mildly weaker all day, while resource stocks gave back much of their early gains. The big surprise was the Energy Sector which closed up 0.8%, even with crude oil remaining under pressure. A range today of 40, a high of 5783, a low of 5743 and a close of 5759, up 2 points, or +0.03%.
ASX 200 intra-day chart
ASX 200 daily chart
The Telco Sector closed positive today due to a strong rally in TPG Telecom (TPM), which finally closed up 20c at $6.52 after trading in a large 30c / 4.75% daily range. We are long TPM as trade from around currernt levels and will continue to monitor the position closely.
TPG Telecom (TPM) Monthly Chart
One point of interest today was in the Fairfax (FXJ) options, where a huge crossing took place in the May $1 call options, basically where the stock is trading today. Last week, the NZME Fairfax merger was delayed by the New Zealand Competition Commission. - Reuters Traders could buy FXJ with stops under 91c, it does feel like "games may be a foot" in the stock.
Fairfax Media Ltd (FXJ) Monthly Chart
Again lastly, but not least, in the gold sector, RRL had another strong day closing up +1.9% after opening the day in the red.
Regis Resources (RRL) has now already rallied over 10% from last week’s low.
Regis Resources (RRL) Weekly Chart
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All figures contained from sources believed to be accurate. Market Matters does not make any representation of warranty as to the accuracy of the figures and disclaims any liability resulting from any inaccuracy. Prices as at 14/03/2017. 4.30PM.
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