Market down again but only just….
Another choppy session for the ASX ahead of the BHP result this afternoon, with the market finishing down a tad. We had a range today of +/- 21 points, a high of 5795, a low of 5774 and a close of 5791, down -4pts or 0.07%. A short report this afternoon and we’ll touch base in more detail tomorrow morning, however it was interesting to see both Henderson Group (HGG) +3.3% and Vocus Communication (VOC) +6.54% both having strong sessions. Vocus reports tomorrow and buying ahead of the result with most being bearish is typically a good sign, although let’s not get carried away!!
ASX 200 Intra-Day Chart
ASX 200 Daily Chart
Altium (ALU); Reported this morning and the stock dropped sharply on open by around 12%, however recovered pretty quickly to be down -4.98% by the end of the day to $8.01. There were no big curly ones in this result, the only issue was around the level of growth in a business that is priced on 30x so there are big expectations built into this stock. The underlying result was pretty much in line with expectations, and there was no surprise in terms of guidance, however it may have been more subdued than the market had priced. Below is their metrics which should be viewed in the context of this company having a market cap of $1bn. We won ALU from around $7.95
Altium (ALU) Daily Chart
Henderson Group (HGG) Daily Chart
Vocus Communications (VOC) Daily Chart
Have a great night,
The Market Matters Team
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