Market Matters Afternoon Report Wednesday 22nd June 2016

Afternoon Report 22/06/2016

Market Matters Afternoon Report Wednesday 22nd June 2016

Good Afternoon everyone

Market Data

What Mattered Today

A pretty lacklustre day for Aussie stocks with the index in a holding pattern ahead of the UK referendum which takes place Thursday UK time.

We’ll get results out at varying times throughout our trading session on Friday with first indications around 9.30am - by 1pm Sydney time we should have about 50% of the electorate declared – 80% by 2pm and the final result around 4.30pm on Friday afternoon. The remain vote is clearly in the lead with betting odds pricing a BREXIT at around 25%...

A late sell off today however fairly anaemic trade beforehand. Another range of +/-38pts – same as yesterday. 5259 low, 5297 high and a close at 5270; down -3pts or -0.07%.

Sectors Today

Source; Bloomberg

Top 20 shorts

We missed the actual chart yesterday afternoon highlighting shorts. Here it is as at this afternoon. Metcash (MTS) continues to climb back up the list now with 14% short. Remember 24% of the stock was short sold last November, and we’ve seen a BIG short covering rallying. The business is still struggling and competition is about to heat up in WA – which is one of its biggest markets. Avoid

ASX 200 Movers

What Matters Overseas

Another fairly quiet night expected ahead of Thursdays decision. Global FUTURES a bit of a yawn…

The UK market (FTSE 100) has rallied for three days. Suggests investors are fairly comfortable with the likely outcome.

Go the Blues…..!

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 22/06/2016. 5:00PM.

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