ASX gives up a reasonable lead
WHAT MATTERED TODAY
Stocks were on the front foot early with the banks carrying the index higher despite the weight of a reasonably heavy resources sell off. Eventually though the broader market took over and though the financials finished strongly, the overall index was little changed by the day’s end. The resources have been caught up in the coronavirus scare, although with iron ore trading near the $US100/t mark it was likely due for a small pull back. This was the major weight on the overall index with utilities and communications also dragging on the day’s performance. Healthcare was the big winner as CSL continues to punch new records.
Yesterday’s biggest loser, Cimic (CIM), found some support with a few brokers suggesting the selloff was a little excessive in the scheme of the write down. Downer also saw a rebound although analysts were a little more indecisive about their outlook.
As a reminder, the weekend report will be published on Monday the 27th this weekend, with the ASX closed that day for the Australia day public holiday.
Overall, the ASX 200 closed up +2pts or +0.04% today to 7090, Dow Futures are trading up 37pts/+0.13%.
ASX 200 Chart
ASX 200 Chart
CATCHING MY EYE;
Sectors this week:
Stocks this week:
BROKER MOVES;
· Santos Raised to Buy at Morningstar; PT A$11
· Johns Lyng Cut to Hold at Moelis & Company; PT A$2.64
· Bank of Queensland Raised to Neutral at Macquarie; PT A$7.50
· ANZ Bank Cut to Underperform at Macquarie; PT A$24.50
· Cimic Raised to Buy at Morningstar; PT A$36
· Cimic Raised to Outperform at Credit Suisse; PT A$35
· Downer EDI Raised to Hold at Morningstar
· Downer EDI Cut to Underperform at Credit Suisse; PT A$7
· Regis Resources Raised to Hold at Morningstar
· Resolute Mining Cut to Neutral at Macquarie; PT A$1.40
· Alacer Gold GDRs Cut to Neutral at Credit Suisse; PT A$7.20
· GMA AU Raised to Positive at Evans & Partners Pty Ltd
· Galaxy Resources Cut to Hold at Baillieu Ltd; PT A$1.17
· Westgold Cut to Hold at Bell Potter; PT A$2.35
OUR CALLS
No changes to the portfolios today.
Major Movers Today
Have a great night
Harry & 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.
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