Stocks cool after 5 hot sessions, Telstra rallies (XRO, IGL, EHL, TLS, WES)

The five-day winning streak for the ASX ended today with the market trickling lower from the outset, however there was a lot of corporate news out to digest – most if it positive. After a very bullish run for stocks, some consolidationa around current levels would not surpirse with the thematic of sector / stocks rotation being front and centre.

At the sector level today, Telco’s topped the board thanks to a 3% rally in Telstra (TLS) – more on that below while money came back into the tech sector today after a few tough sessions.

Asian markets were mixed today while US Futures were down during our time zone.

By the close, the ASX 200 was down -31pts / -0.49% to close at 6418. Dow Futures are trading down -210pts/-0.72%

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Afternoon report 12/11/2020 22:28

Stocks cool after 5 hot sessions, Telstra rallies (XRO, IGL, EHL, TLS, WES)

XRO

MM remains bullish XRO despite a slowdown in subscriber growth

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IGL

MM remains a patient holder of IGL

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TLS

MM believes Telstra’s dividend is sustainable @ 16c

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WES

Bunnings is such a good business – MM remains bullish

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