ASX closes flat, best week since April
WHAT MATTERED TODAY
The market was in and out of the black for much of the session, had a strong run into the afternoon but lost all the good work on the final trade at the close. While the index level was flat there was plenty happening on a stock level. CIMIC (CIM) was a standout today on a strong 3rd quarter update. Janus Henderson (JHG) was again near the top of the boards as speculation surrounding a takeover offer grows – a few questions in the pipe about this one, we will cover off some queries in the Monday report. On the other side of the ledger, Zip Co (Z1P) handed back the bulk of yesterday’s rally while peer AfterPay was strong – seems like there was a decent seller of Z1P during the session. Quadpay quarterly should be out next week.
Overall, the ASX 200 closed flat at 6102 today. US Futures are lower, with Dow Futures off -37pts/0.13%.
ASX 200 Chart
ASX 200 Chart
CATHCING MY EYE
Sectors this week
Stocks this week
BROKER MOVES
· Transurban Cut to Neutral at Macquarie; PT A$14.49
· Netwealth Raised to Neutral at Macquarie; PT A$17.50
· ARB Raised to Neutral at Citi; PT A$30.30
· Australian Unity Rated New Accumulate at Ord Minnett; PT A$2.28
· Bapcor Cut to Sell at Morningstar
· Bank of Queensland Cut to Hold at Morningstar
· Challenger Raised to Positive at Evans & Partners Pty Ltd
OUR CALLS
No changes today
Have a great weekend,
James, Harry and 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. All prices stated are based on the last close price at the time of writing unless otherwise noted. Market Matters does not make any representation of warranty as to the accuracy of the figures or prices and disclaims any liability resulting from any inaccuracy.
Reports and other documents published on this website and email (‘Reports’) are authored by Market Matters and the reports represent the views of Market Matters. The Market Matters Report is based on technical analysis of companies, commodities and the market in general. Technical analysis focuses on interpreting charts and other data to determine what the market sentiment about a particular financial product is, or will be. Unlike fundamental analysis, it does not involve a detailed review of the company’s financial position.
The Reports contain general, as opposed to personal, advice. That means they are prepared for multiple distributions without consideration of your investment objectives, financial situation and needs (‘Personal Circumstances’). Accordingly, any advice given is not a recommendation that a particular course of action is suitable for you and the advice is therefore not to be acted on as investment advice. You must assess whether or not any advice is appropriate for your Personal Circumstances before making any investment decisions. You can either make this assessment yourself, or if you require a personal recommendation, you can seek the assistance of a financial advisor. Market Matters or its author(s) accepts no responsibility for any losses or damages resulting from decisions made from or because of information within this publication. Investing and trading in financial products are always risky, so you should do your own research before buying or selling a financial product.
The Reports are published by Market Matters in good faith based on the facts known to it at the time of their preparation and do not purport to contain all relevant information with respect to the financial products to which they relate. Although the Reports are based on information obtained from sources believed to be reliable, Market Matters does not make any representation or warranty that they are accurate, complete or up to date and Market Matters accepts no obligation to correct or update the information or opinions in the Reports. Market Matters may publish content sourced from external content providers.
If you rely on a Report, you do so at your own risk. Past performance is not an indication of future performance. Any projections are estimates only and may not be realised in the future. Except to the extent that liability under any law cannot be excluded, Market Matters disclaims liability for all loss or damage arising as a result of any opinion, advice, recommendation, representation or information expressly or impliedly published in or in relation to this report notwithstanding any error or omission including negligence.
