IOOF wins big over the regulator, Webjet down after Thomas Cook collapses (WEB, IFL)
A more bullish open for stocks than futures were suggesting today with the index adding a quick +35pts early on, before sellers came in which saw the index track down from the early highs into the close. Healthcare providing most support for the bulls while we also saw a reasonable bounce from the energy stocks after they came off the boil towards the end of last week.
A very quick update this afternoon (and again tomorrow) as we've had a offsite today with the team, working on a new Website & IT structure for the MM Business - stay tuned for developments over the next 3-4 months
Overall today, the ASX 200 closed up +19pts or +0.28% to 6750. Dow Futures are trading up +109 points or +0.41%.
ASX 200 Chart
ASX 200 Chart
WHAT MATTERED TODAY
IOOF (IFL) +12.01%: Up strongly today after they had a good win in the Federal Court against APRA, after they alledged IFL contravened the Superannuation Industry Act, however the court found APRA's approach unpersuasive and ordered them to pay costs. As we often say, the vortex of negativity is highest at the lows, a view very relevant for IFL and wealth managers at this point in the cycle - a stock we are bullish on. I spoke about IFL in a video recently with Harry - CLICK HERE TO VIEW
Webjet (WEB) -3.48%: Hit today following news that Thomas Cook (in the UK) had collapsed after a 178 year history which is quite sad really after negotiiations with creditors failed. The collapse is likely to cost WEB around $7m which relates to its WebBeds brand while WEB had previously said that they expected to earn around $150-$200m worth of TTV which obviously is not going to happen now. We've been negative WEB and remain so - trends here are clearly weak.
Webjet (WEB) Chart
OUR CALLS
No Changes Today
Movers Today
Have a great night!
James & the Market Matters Team
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