Higher Highs (NAN)
The market broke 5950 again to reach heights not seen since May of 2015. The question will be if this is just a blip on the radar or has the 5950 resistance been broken for now, with 6000 just 0.67% away. The index climbed 56pts/0.96% for the week, slowly edging higher. It was a mixed bag today, with Financials up 0.36% but NAB down 0.53%, Materials the best up 0.8% but FMG off 1.44%, and Consumer Staples were worst off despite the two biggest weightings in the sector - Woolworths and Wesfarmers – both finishing marginally higher. Overall, a range of +/- 31points, a high of 5968, a low of 5937 and a close of 5959, up 28pts or 0.48%.
ASX 200 Intra-Day Chart
ASX 200 Daily Chart
Nanosonics (NAN) held its AGM today highlighting the growth trajectory the company is on, a positive moving forward. Sales were up 58% over the year, and cash flow went from $1.9mil in FY16 to over $15mil in FY17 – a growth story that looks set to continue as more markets are penetrated. Nanosonics also noted a report that was released regarding the risk of cross contamination from ultrasound tests on patients emphasizing the need for their product – still it seemed there was nothing they could do with NAN falling 2.43% today to close at $2.81. in our view, this is just noise and are happy to hold through some short term fluctuations.
Nanosonics (NAN) Daily Chart
Have a great Weekend all, look out for the weekend report on Sunday
The Market Matters Team
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