Market roars higher to end the week – ASX 200 up +77pts
WHAT MATTERED TODAY
The market finished the short week on a high, catching a bid early and buyers sustained the strength throughout the day. Banks in particular were strong, while Telstra continued yesterday’s rally to help the Telcos higher. Primary Health Care and CSL combined to see healthcare the only sector in the red today. I chat about Telstra in Direct from the Desk – Audio
Overall the ASX 200 added +77 points (+1.29%) to 6094
ASX 200 Chart
ASX 200 Chart
CATCHING OUR EYE
Weekly Moves – Stocks & Sectors; A huge amount of corporate activity this week with property and infrastructure in focus while a broker upgrade saw TLS in the winner’s circle. Healthcare the obvious drag.
In terms of stocks, APA and GTY saw takeover approaches while Genworth (GMA) a stock we hold in the Income Portfolio was strong. On the flipside, the Lithium names struggled on higher supply concerns.
Stock moves over the week
Broker calls; Interesting take on BOQ from Credit Suisse with the broker saying….Bank of Qld ‘Too Cheap to Sit on the Sidelines’! Shares are down ~9% since 1H results, offering good entry point according to CS…
· Bank of Queensland Raised to Outperform at Credit Suisse
· NIB Holdings Upgraded to Neutral at Credit Suisse; PT A$5.35
Bank of QLD (BOQ) Chart
OUR CALLS
No trades in the MM Portfolio’s today
Have a great night
James & the Market Matters Team
Disclosure
Market Matters may hold stocks mentioned in this report. Subscribers can view a full list of holdings on the website by clicking here. Positions are updated each Friday, or after the session when positions are traded.
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