Market Matters Afternoon Report Friday 23rd September 2016
Good Afternoon everyone
What Mattered Today
What a difference a week makes, the ASX200 is suddenly looking solid lead by our current sector favourite the banks. Today we closed up 57-points (1.1%) at 5431, with NAB up 1.7%, BEN +1.8% and WBC +1.3%. We remain bullish the banks into their seasonally strong November.
The acceleration over the last few days has turned the market bullish with 5300 now becoming clear support as we play catch with our global counterparts.
The main standout today on the negative side was with the gold sector which gave back a very small part of their recent gains. However, the overall buying was relentless from ~11am as the market advanced consistently on a 45-degree trajectory.
ASX200 Daily Chart
Vocus was a pleasing standout today, rallying strongly after the panic earlier in the week - the stock closed up 3% at $6.45. While we still anticipate taking a loss in our position, a bounce back over $7 looks a strong possibility.
Vocus (VOC) Weekly Chart
Another solid performer that we own today was Origin as the oil sector continued its recent rebound, ORG closed up 3% at $5.20.
Origin Energy (ORG) Weekly Chart
ASX 200 Intra-Day Chart
ASX 200 Daily Chart
Sectors
ASX 200 Movers
What Matters Overseas
FUTURES are mixed.
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 23/09/2016. 5:00PM.
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