Australian Investment Blog

WHAT MATTERED TODAY

The best of it was seen early today before the usual Friday afternoon weakness prevailed, the ASX 200 hitting a high 5249 before losing nearly 200pts to close at 5067. After a strong week for the consumer discretionary stocks, they experienced some profit taking, AP Eagers (APE) top of the leaders yesterday while today they headed up the laggards, Bapcor (BAP), JB Hi Fi (JBH) also down by a decent clip today. Flight Centre (FLT) is reportedly tapping the market for $500m in new equity, the price being touted is $7.20 versus $9.91 last – more on this next week no doubt.

Here’s a quick video (6mins) looking at the things catching my eye this week – click here

Today the ASX 200 fell -86pts /-1.68% to close at 5067. Dow Futures are trading down -268pts/-1.26%

ASX 200 Chart

ASX 200 Chart

CATCHING MY EYE:

…Our CIO at Shaw Martin Crabb compiled some Friday charts on the virus, the good news continues with only 91 new cases in NSW (Vic yet to report), which is a daily case growth of only 4.0%. Now 1.41% of NSW has been tested, roughly double the Vic rate.

Of the 3918 tests conducted yesterday, 2.32% were positive which his still above the total average but coming down.

Daily case growth slowing in NSW

Statistical modelling suggests Australia is nearing peak active cases.

Let’s all keep our distance this weekend and hopefully the case numbers continue to slow.

Sectors This Week

Stocks This Week

BROKER MOVES:

• Webjet Raised to Equal-Weight at Morgan Stanley; PT A$2.50
• ALE Property Raised to Neutral at JPMorgan; PT A$4
• Charter Hall Long WALE Cut to Neutral at JPMorgan; PT A$3.90
• Charter Hall Retail Cut to Underweight at JPMorgan; PT A$2.60
• Abacus Property Raised to Overweight at JPMorgan; PT A$2.70
• Growthpoint Raised to Overweight at JPMorgan; PT A$3
• Stockland Raised to Overweight at JPMorgan; PT A$3.10
• Dexus Cut to Neutral at JPMorgan; PT A$8.50
• Vicinity Centres Raised to Overweight at JPMorgan; PT A$1.50
• Mirvac Group Raised to Overweight at JPMorgan; PT A$2.40
• GPT Group Raised to Overweight at JPMorgan; PT A$4.30
• Scentre Group Cut to Neutral at JPMorgan; PT A$1.90
• IDP Education Raised to Buy at UBS; PT A$13.95
• NextDC Cut to Neutral at Macquarie; PT A$8.50
• Charter Hall Long WALE Raised to Outperform at Macquarie
• National Storage REIT Cut to Equal-Weight at Morgan Stanley
• Stockland Cut to Equal-Weight at Morgan Stanley; PT A$3.10
• Arena REIT Cut to Equal-Weight at Morgan Stanley; PT A$2
• SCA Property Raised to Overweight at Morgan Stanley; PT A$2.90
• Scentre Group Raised to Overweight at Morgan Stanley; PT A$2.20
• Webjet Raised to Outperform at Credit Suisse; PT A$4.50
• Saracen Mineral Rated New Equal-Weight at Morgan Stanley
• St Barbara Rated New Overweight at Morgan Stanley; PT A$3.30
• Cromwell Property Raised to Buy at Morningstar
• IOOF Holdings Raised to Neutral at JPMorgan; PT A$4.50
• Stanmore Coal Cut to Hold at Bell Potter; PT A$1
• IDP Education Raised to Buy at Ord Minnett; PT A$16.98

OUR CALLS

No changes

Major Movers Today

Have a great night

James, Harry & 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.

Disclaimer

All figures contained from sources believed to be accurate. All prices stated are based on the last close price at the time of writing unless otherwise noted. Market Matters does not make any representation of warranty as to the accuracy of the figures or prices and disclaims any liability resulting from any inaccuracy.

Reports and other documents published on this website and email (‘Reports’) are authored by Market Matters and the reports represent the views of Market Matters. The Market Matters Report is based on technical analysis of companies, commodities and the market in general. Technical analysis focuses on interpreting charts and other data to determine what the market sentiment about a particular financial product is, or will be. Unlike fundamental analysis, it does not involve a detailed review of the company’s financial position.

The Reports contain general, as opposed to personal, advice. That means they are prepared for multiple distributions without consideration of your investment objectives, financial situation and needs (‘Personal Circumstances’). Accordingly, any advice given is not a recommendation that a particular course of action is suitable for you and the advice is therefore not to be acted on as investment advice. You must assess whether or not any advice is appropriate for your Personal Circumstances before making any investment decisions. You can either make this assessment yourself, or if you require a personal recommendation, you can seek the assistance of a financial advisor. Market Matters or its author(s) accepts no responsibility for any losses or damages resulting from decisions made from or because of information within this publication. Investing and trading in financial products are always risky, so you should do your own research before buying or selling a financial product.

The Reports are published by Market Matters in good faith based on the facts known to it at the time of their preparation and do not purport to contain all relevant information with respect to the financial products to which they relate. Although the Reports are based on information obtained from sources believed to be reliable, Market Matters does not make any representation or warranty that they are accurate, complete or up to date and Market Matters accepts no obligation to correct or update the information or opinions in the Reports. Market Matters may publish content sourced from external content providers.

If you rely on a Report, you do so at your own risk. Past performance is not an indication of future performance. Any projections are estimates only and may not be realised in the future. Except to the extent that liability under any law cannot be excluded, Market Matters disclaims liability for all loss or damage arising as a result of any opinion, advice, recommendation, representation or information expressly or impliedly published in or in relation to this report notwithstanding any error or omission including negligence.