Market bouncing off lows yet again (CGF, ALL)
A strange day for the market today, which opened lower against a futures market that was higher overnight, before rallying through the afternoon to close slightly higher. Volumes were significantly lower today as Melbourne had the day off before the all-important football tomorrow. Overall the market had a range of +/- 36 points, a high of 5688, a low of 5651 and a close of 5681 +11, or +0.2%. For the month the ASX 200 was down 0.58% with the IT sector outperforming, while the Telcos lagged.
ASX 200 Intra-Day Chart
ASX 200 Daily Chart
Challenger (CGF), which we picked up for $11.95 on Wednesday, has performed well, closing at $12.45, up $0.20 or 1.63. It is early days for this position and we are looking to hold this for a while yet. If CGF is to retrace, we will look to increase this position as mentioned previously.
Challenger (CGF) Daily Chart
Aristocrat (ALL) has also performed strongly since our purchase yesterday at $20.55. Although we were looking to get this at lower levels, we feel comfortable in chasing the stock at this stage, especially as we only allocated a small percentage similar to CGF. It rallied 1.5% to close at $21.00
Aristocrat (ALL) Daily Chart
Enjoy the long weekend,
The Market Matters Team
Disclosure
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