Market Matters Afternoon Report Wednesday 7th September 2016
Good Afternoon everyone
Market Data
What Mattered Today
A slow market today with the index trying to bounce – sort of succeeding – but not convincingly so. Banks were good with Westpac (WBC) the best of them adding +1.62% to close at $30.07 while Commonwealth Bank (CBA) put on +1.11% to $72.56 – following Aussie GDP which came as expected at 3.3% for the year – which is a very good number.
Aged care stocks were up again, somewhere between 1% and 9.9% for Estia Health (EHE) which has been the hardest hit in recent times. Goes to show – that from a short-term trading perspective, focussing on names within a sector that have been hit hardest (relative to the sector) can offer the biggest ‘bounce potential!!!
Overall, we had a tight range of +/- 30 points, a high of 5440, a low of 5410 and a close of 5424, up +10 points or +0.20%
One of the themes we’ve been talking about at length in months passed has been the risk that sits in the high yield – quasi-bond like areas of the market. Infrastructure and property stocks were our main examples / areas of potential risk. We’ve copped a bit of flack about it which is pretty normal when you talk about sectors / stocks that are widely held – and have delivered good returns in a market that has struggled.
This afternoon’s report will simply give a few charts we’ll discuss in the days ahead in our morning reports – given they highlight one of the main investment ‘risks’ we’ve been highlighting.
Suffice to say, the selling in these areas of the market have clearly been obvious as the market positions for higher interest rates, eventually’!!
Sectors
ASX 200 Movers
Select Economic Data – This week Stuff that really Matters in Green
What Matters Overseas
FUTURES Mixed…however as discussed this morning, the US market looks primed to make new highs….
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 7/09/2016. 5:00PM.
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