A quiet session ahead of the long weekend
WHAT MATTERED TODAY
The market experienced a quiet session ahead of the long weekend, with not many willing to take on much risk. For the week, the market closed 1.06% higher, led by the Energy Sector, while the defensive names lagged. A2M clawed back some of its gains, ended the week up 9.89% to $10.56 while Retail Food Group (RFG) closed 24.22% lower to $0.61.
Overall the ASX 200 lost 12 points (-0.2%) to 6045.
ASX 200 Chart
ASX 200 Chart
CATCHING OUR EYE
Weekly Moves – Stocks & Sectors;
In terms of stocks, some of the market super stars reversed their weakness from last week e.g. A2 Milk (A2M).
Stock moves over the week
Broker calls;
• Event Hospitality (EVT) Cut to Hold at Baillieu Holst; PT A$14.85
• Inghams (ING) Downgraded to Neutral at Macquarie; Price Target A$4
• Wesfarmers (WES) Downgraded to Underweight at JPMorgan; PT A$42.50
• Wesfarmers (WES)Downgraded to Neutral at Credit Suisse; PT A$47.31
• Whitehaven (WHC) Upgraded to Overweight at JPMorgan
• Rio Tinto (RIO) Upgraded to Overweight at JPMorgan
• BHP Upgraded to Overweight at JPMorgan
• Mesoblast (MSB) ADRs Rated New Buy at HC Wainwright; PT $17
• Accent Group (AX1) Cut to Reduce at Morgans Financial; PT A$1.39
• Nanosonics (NAN) Upgraded to Buy at Bell Potter; PT A$3.42
• Cleanaway (CWY) Downgraded to Hold at Morgans Financial; PT A$1.78
OUR CALLS
No trades in the MM Portfolio’s today
Have a great night !
Alex & the Market Matters Team
Disclosure
Market Matters may hold stocks mentioned in this report. Subscribers can view a full list of holdings on the website by clicking here. Positions are updated each Friday, or after the session when positions are traded.
Disclaimer
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 08/06/2018
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