Market Matters Afternoon Report 30th September 2016
What Mattered Today
Today was extremely quiet ahead of the Labour Day long weekend - for most of Australia. Even a sharp decline of almost 200-points was not going to be enough to get the local market excited today and the ASX200 closed down 35-points, or 0.65%.
Our short-term view of the ASX200 is we anticipate further weakness next week down towards 5370, ideally prior to resumed strength.
ASX200 Daily Chart
The banking sector was resilient today considering the global concerns around Deutsche Bank with the overall sector declining 0.59% and our most recent purchase in the sector Bendigo Bank (BEN) actually climbing a very impressive 24c / 2.3%. We remain bullish BEN targeting ~$11.50 in October.
Bendigo Bank (BEN) Monthly Chart
The oil sector had another solid session and managed to finished up 0.4%. We remain bullish crude oil targeting over $US60/barrel in coming months.
Crude Oil Weekly Chart
Lastly, the resources stocks gave back a little of their recent gains today but they still enjoyed a stellar week e.g. BHP +5.3% and RIO +5.4%.
For the month, the ASX 200 was marginally higher, up 0.2% with the real estate sector the outperformer for the month, up 3%. The utilities sector underperformed, down 4.5%.
SAI Global, led the way in September, up 35.9% for the month, while telco, TPG (TPM) drew the short straw, down 28% for the month.
We had a range of +/- 54 points, a high of 5471, a low of 5417 and a close of 5436, Volume finally beat the 20 day average by 24% with a turnover of $6.1b.
ASX 200 Intra-Day Chart
Interesting to look at Macquarie Group (MQG), being hit due to the debacle with Deutsche Bank, we see this as an opportunity for good risk / reward, with both fundamental and technical positive (please see further details in the weekend report).
Macquarie Group (MQG) Daily Chart
Sectors
ASX 200 Movers
Select Economic Data - Stuff that really Matters in Green
What Matters Overseas
FUTURES weaker across the globe with both the S&P and Dow Futures pointing to -0.4% weakness.
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 30/09/2016. 5:00PM.
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