Market Matters Afternoon Report Monday 23rd May 2016

Afternoon Report 23/05/2016

Market Matters Afternoon Report Monday 23rd May 2016

Good Afternoon everyone

What Mattered Today

The Australian share market fared a volatile session today, despite closing down only 32 points (-0.6%) to 5,319. It started near its highs on open (up as much as 5364), only to sell off down to 5297, prior to finishing the day near the middle of the range. The share market continues to look for a direction, currently being dragged by the SPI Futures market and we feel like it needs more time before it has the ability to break either directions. The Iron Ore space ended weak, after Iron Ore Futures closed limit down today in Asia trade, down 5.9%. Only two sectors finished in the black, IT and Telcos; while the Energy sector was the weakest, down 1.96%.

ASX200 Intra Day Chart

XJO had a 67 point range, having traded as high 5365 and as low as 5298, prior to ending the day at 5319.

Flight Centre (FLT) Daily Chart

FLT closed 8.9% lower to $33.55 after announcing to the market of its trading update, downgrading its full year profit forecast.

Bluescope Steel (BSL) Daily Chart

BSL was quite the opposite, up 7.4% after upgrading its earnings guidance.

Mesoblast (MSB) Daily Chart

MSB rallied 7.9% after receiving $6.2m from the Australian Government for research and development.

Stocks & Sectors Today

Source; Bloomberg

ASX 200 Movers

What Matters Tonight

Eurozone Markit Eurozone Composite PMI (May)
Eurozone Markit Eurozone Manufacturing PMI (May)
EEurozone Markit Eurozone Services PMI (May)
US Fed's Bullard Speaks in Beijing
US Markit US Manufacturing PMI (May)
Canada – Bank Holiday in observance of Victoria Day

European leads are higher with the FUTURES on the FTSE up 0.2%, German DAX +0.3% & CAC 0.2%
DOW FUTURES are up 28pts while the S&P 500 FUTURES are 11 points higher.

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 23/05/2016. 4:30PM.

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