Choppy end to a week of mixed fortunes
WHAT MATTERED TODAY
Traders couldn’t decide which way to go today, as early strength turned into heavy selling, before the index recovered and traded slightly higher for the rest of the day. It seemed traders took a more risk-on approach to the trade war theme, selling the more ‘protected’ Aussie stocks to buy Asia, unwinding the past few days positions.
The much discussed Viva Energy IPO (VEA) hit the market today and was somewhat disappointing, raising money at $2.50 only for investors to see 4% wiped today to close at $2.40.
Overall, the index closed flat today at 6268 – down just 3 points for the week
ASX 200 Chart
ASX 200 Chart
CATCHING OUR EYE
Weekly Moves – Stocks & Sectors;. Healthcare was the winner this week, while utilities came off second best with the idea of an overhaul to the Aussie retail energy market floated – regulation is rarely a positive.
Sector moves over the week
On a stock level, CSL cracked and held the $200 level, while Pendal took out the wooden spoon with a disappointing FUM update.
Stock moves over the week
Broker calls;
· (NWL AU): Netwealth Group Downgraded to Neutral at Goldman; PT A$8.90
· Corporate Travel (CTD AU): Corporate Travel Downgraded to Hold at Bell Potter; PT A$27.10
OUR CALLS
No trades in the MM Portfolio’s 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.
Disclaimer
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