Market Matters Afternoon Report 22nd July 2016

Afternoon Report 22/07/2016

Market Matters Afternoon Report 22nd July 2016

Good Afternoon everyone

Market Data

What Mattered Today

Well, we had a good run, however, the ASX 200 index took a breather today with a drop of 14 points. The opening was at 5511 with a high of 5512, a low of 5477 and a close of 5478. The range today was 35 points. Volume today was less than half of our normal turnover. The market started to slip away virtually from the get-go and continued stronger as the Asian markets opened. An announcement in Japan that they won’t be printing more money (Helicopter Money) to extract the economy out of its decline appeared to set the market into decline. However, within the last ten minutes, our futures rallied (with over 10% of the day’s volume traded), bringing the physical market rallying off its low. A VERY DULL DAY, but one that held reasonably well.

Gold stocks dominated the top five of “Winners” today with the reversal in the gold price overnight. Regis Resources (RRL) is a stock we like to keep an eye on and today it was up 21c (+6%), closing at $3.75. However, Northern Star (NST) went against the trend today, dropping 2.6% after they reported a drop in the three months to the end of June in their gold production.

Regis Resources (RRL) Daily Chart

Northern Star (NST) Daily Chart

With the oils down last night, Origin Energy (ORG) was stronger today, finishing on its high at $5.99. We currently hold Origin shares in the Market Matters portfolio

Origin Energy (ORG) Daily Chart

Sectors

Source; Bloomberg

ASX 200 Movers

What Matters Overseas

Coming up next week in economic news. In the US they have a two-day FOMC meeting (Tuesday & Wednesday), together with 197 companies releasing their earning. Here in Australia on Wednesday there will be the release of the Consumer Price Index (CPI), then on Friday the Producer Price Index (PPI) will be released. On both days the reports are announced at 11:30 am.

FUTURES mixed at best…

Watch Out For The Weekend Report Sunday Morning

Regards

The Market Matters Team

Level 12 28-34 O'Connell St

Sydney NSW 2000

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 22/07/2016. 5:00PM.

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