Market Matters Afternoon Report Wednesday 8th June 2016

Afternoon Report 08/06/2016

Market Matters Afternoon Report Wednesday 8th June 2016

Market Data

What Mattered Today

Energy stocks the main focus today with Crude punching up above $50 a barrel in the last few sessions ahead of the Crude Oil inventories data from the States on Thursday night. Expectations are for a drop of 3m barrels which could provide some support for the Oil market – and thus energy stocks.

Origin (ORG), Santos (STO), Woodside (WPL) and Oil Search (OSH) all had decent days today – ORG the best of them adding +3.48% to close the session at $5.95. As subscribers are aware, the Markets Matters portfolio has a 10% allocation to Origin Energy – enjoying this current upside.

Elsewhere, the rest of the market was fairly subdued with the range on the ASX today of +/-40pts. 5335 low, 5375 high and a close at 5370; down -1pt or -0.02%.

As discussed in this morning’s report, some very short term caution given the weak close we saw in the U.S last night, however we do expect the U.S market to push up and re-test the all-time highs for the S&P 500 of 2135.

Sectors Today

Source; Bloomberg

ASX 200 Movers

What Matters Overseas

The EU referendum of whether or not the UK should stay or go is getting closer – with the June 23rd vote looming large. It’s clearly a market risk that we should be conscious of, however probably not to the magnitude that the media is suggesting. According to the bookies, it’s currently a 30% chance that a BREXIT will happen and this is up from 20% in recent days.

If you cast your minds back to the last vote coming from Scotland, which took place in September 2014, at the same point in the cycle, the chances were at 20% for an exit. That of course was a fizzer and this vote is likely to be the same.

Global FUTURES Markets as @ 5.14pm

Source; CNBC

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 8/06/2016. 5:00PM.

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