Market Matters Afternoon Report Friday 22nd April 2016

Afternoon Report 22/04/2016

Market Matters Afternoon Report Friday 22nd April 2016

Good Afternoon everyone

Market Data

What Mattered Today

The recent rally gave way today with the ASX 200 off -36pts….the bastions of recent strength became the laggards today with the Material sector off -2.35%...unsurprising really with the likes of BHP off -3.28% & RIO off -2.95% despite Iron Ore trading around $70 overnight; Up more than 8%. South 32 (S32) dropped -4.6%. Clearly the sector needs to cool off and unless the banks take up the slack, then we’ll head lower short term.

Golds were OK today with Newcrest (NCM) up +1.19% and our stock Regis Resources (RRL) up +1.92% to $2.65….On the flip side, Telstra (TLS) gave up some recent gains, off 2c to $5.40, Healthscope (HSO) was flat at $2.76, Suncorp (SUN) opened weak but rallied and closed flat, while Fortescue (FMG) dropped -7% to close at $3.36

Of the Banks, CBA was weakest, off -0.58%, Westpac the best up +0.55%...

It was actually a very strong rally up from the morning lows to above par but it couldn’t hold; Friday afternoon of a long weekend is always going to struggle…trade kicks off again 10am Tuesday morning.

Stocks & Sectors Today

Source; Bloomberg

ASX 200 Movers

***What Matters Tonight***

European leads are mixed with the FUTURES on the FTSE -3, DAX -47 & CAC +3.
In the U.S, DOW FUTURES are up +31pts, S&P 500 FUTURES are up +4pts

Have great long weekend and keep an eye out for the Weekend Report on Sunday Morning

Regards,
The Market Matters Team
Level 12 28-34 O'Connell St
Sydney, NSW 2000

All figures contained from sources believed to be accurate. Market Matters does not make any representation of warranty as to the accuracy of the figures and disclaims any liability resulting from any inaccuracy. Prices as at 22/04/2016. 4:14PM.
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