ASX higher on light volume
A fairly lethargic start to the week with the market opening higher, pushing up strongly before lunchtime, then drifting into the close – volume was light, about 25% below average given School Holidays however there were still some interesting stock moves that played out
Overall, the Telco’s were actually strong which has been a rarity in recent times, the sector adding +0.80% while we also saw some decent buying in Financials – a sector we continue to like. We had a range of +/- 40 points, a high of 5748, a low of 5708 and a close of 5724, up +21pts or +0.36%.
ASX 200 Intra-Day Chart
ASX 200 Daily Chart
….a few things more of less re-hashing topics we spoke about on the Weekend.
1. QBE Insurance (QBE) – we like this, own it and think it will continue to do well. We flagged this in the Weekend Report and today the stock added another +2.76% to close at $12.28. We originally bought QBE at $10.49, and added to it around $11.60. We continue to target higher levels for QBE.
2. Healthcare Stocks – biggest losers today although not huge weakness. The sector looks like it will enter in a short term “technically bearish’ zone in the US and our own Healthcare stocks such as CSL track the US healthcare sector pretty closely. For now, we are neutral/negative the sector and have no appetite to buy into the Healthcare at this stage.
US Healthcare Sector – Quarterly Chart
Have a great night
The Market Matters Team
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