Market Matters Afternoon Report Friday 12th August 2016
Good Afternoon everyone
Market Data
What Mattered Today
A quiet day with better volume than yesterday, saw the market slowly drift off until late in the afternoon when the futures market pushed the physical market higher. The main feature today was the continuing weakness in the banks, (although they were pushed back to respectability in the late-rally), with Westpac Bank (WBC) hitting a low of $29.33 and finishing down 47c (-1.6%) to $29.55.
However, on the other side, we saw National Australia Bank (NAB) stronger and managed to hold on to its strength to finish up 37c (+1.4%) to $26.92. NAB is due to update the market on its 3rd quarter progress on Monday 15th August.
The ASX 200 finished the day up 23 points to 5531, a range of 56 points, with a high of 5511 and a low of 5455.
ASX 200 Intra-Day Chart
Telstra (TLS) was again weaker today, falling from the opening of $5.55 to a low of $5.40, to finish the day down 6c at $5.45 (-1.1%). It would appear that the market is showing its continued disappointment following a weak yesterday. We concede it’s still attractive on a yield basis, showing a yield now of 5.8%, which grossed up is 8.26% however as we’ve written in recent notes, we think the capital will go backwards.
Telstra (TLS) Daily Chart
Origin (ORG) was strong up +2.36% on the back of a good Oil price overnight…. And we remain positive here…although a little frustrated by its slow progress…
Origin (ORG) Daily Chart
Sectors
Source; Bloomberg
ASX 200 Movers
Reporting this week
NPAT = net profit after tax (consensus numbers)
EPS = earnings per share (consensus numbers)
DPS = dividend per share (consensus numbers)
Select Economic Data – today; Stuff that really Matters in Green
What Matters Overseas
FUTURES looking mixed overseas….
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 12/08/2016. 5:00AM.
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