CBA Sinks Further
A dull, yet stock specifics day in our local market, with CBA taking centre stage and losing further ground following its breach from the Anti-Money Laundering and Counter-Terrorism Financing Act. CBA closed down 3.87% to $80.72, taking over 18 points off the market today as the market priced in what the impact of a potential fine could be. CBA remains in its monthly range trade between $78.00 and $88.00 prior to its release of its earnings result next week.
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Commonwealth Bank (CBA) Monthly Chart
In other news, Aussie monthly retail sales data came in better than expected at 0.3%. This is the primary gauge of consumer spending, which accounts for the majority of overall economic activity. Harvey Norman (+0.9%) and Wesfarmers (+0.6%), which we hold in the Income and Growth portfolios respectively, were better on the back of this data.
LendLease Group (LLC) rallied 0.9% higher to $16.62 after accidentally releasing its unaudited eanings. LLC remains bullish, where we expect a test of the $20.00 level.
LendLease Group (LLC) Monthly Chart
On the broader market today as expected, the financial sector led the decline of -1.15%, while the Industrials were the strongest, gaining 0.72%. An overall range of +/- 29 points, a high of 5738, a low of 5709 and a close of 5717, off -17pts or -0.30%.
ASX 200 Intra-Day Chart
ASX 200 Daily Chart
Have a great night and watch out for the weekend report,
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.
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