Market Matters Afternoon Report Friday 13th May 2016
Good Afternoon everyone
What Mattered Today
A weak session on the ASX today with the index off -30pts. A bit of a yawn of a session really to end the week where we’ve seen the ASX range trade between a low of 5200 and a high of 5425…adding 0.95% in aggregate.
It’s the old cliché however we continue to think it’s a stock pickers market and this is obvious in some of the better performers today.Credit Corp (CCP) rallied +5.17% today after being up +8% yesterday on very good volume following a market briefing. Baillieu’s like the stock and upgraded their price target to $12.90 saying…. better-than-expected market conditions "should ensure that Credit Corp can maintain at least high single-digit to low double-digit earnings growth through FY17 and FY18." We’ve spoken favourably about CCP in the past and our recent views can be found on the website….
Oil Search (OSH) had its annual shareholders meeting in Port Morsby today, saying that "We are, of course, very pleased to see the recent oil price recovery but still believe it is appropriate to plan on the basis that the price will remain under pressure for at least another 6 to 12 months. " OSH is a stock we’ve traded a number of times given it offers a very good combination of balance street strength and growth. We don’t hold OSH at the moment however elected to buy another energy stock today.
Stocks & Sectors Today Source; Bloomberg
ASX 200 Movers
***What Matters Tonight***
European leads are WEAK with the FUTURES on the FTSE -9, DAX -35 & CAC –8 DOW FUTURES are off -65pts while the S&P 500 FUTURES are off -7