A big week for stocks – reporting & Trump (CGF)
I was just chatting with a client about index levels on the market, suggesting that the Australian index actually looks strong, with good buying of weakness during today’s session however it’s the US that looks vulnerable for further declines. Our mkt will clearly find it hard to rally if the US sells off further however a period of outperformance feels likely. For the week, we’ve once again held the range, and we’re about to enter the 14th week with an inability to break above 5836 top side or below 5629 on the downside - however we came closer on the upside rather than the downside this week.
On the broader market today, the Healthcare Stocks did best adding +0.88% while most weakness was felt in the Industrials - an overall range of +/- 52 points, a high of 5763, a low of 5711 and a close of 5747, off -32pts or -0.56%.
ASX 200 Intra-Day Chart – strong recovery from the lows today
ASX 200 Daily Chart – range continues to hold
In terms of companies to report this week, overall it’s been positive however with some BIG ranges post results. A few that stuck out in terms of trading ranges are highlighted below. The standouts on the upside were Bendigo, Origin, Cochlear, and Tatts, while on the downside we saw big reactions in Challenger Group Financial (CGF), Telstra (TLS) & QBE
Weekly stock performance and weekly trading range
We put an alert out to BUY Challenger this morning on a move below $11.50 – however unfortunately, it didn’t tick that low. We’re still keen on the stock however being patient for now.
Challenger Group Financial Daily Chart
Have a great Weekend all and keep an eye out for the Weekend Report on Sunday
The Market Matters Team
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