MIDDAY MOVERS: Banks lead the rebound
The market has bounced back from a slow start today, after any early slump the ASX/S&P 200 (ASX: XJO) traded briefly below the 5850 level before bouncing strongly to the current 5892 level, around 0.5% above Fridays close.
The banks have lead the rebound with Westpac (ASX: WBC) the best performer, adding 1.83% to $25.08 recouping 75% of Fridays decline. Other financial names are mixed as investors remain cautious ahead of the banking Royal Commission final report due to be released soon after the market closes tonight. While IOOF (ASX: IFL) trades over 3% lower, Challenger (ASX: CGF) trades nearly 3% higher for the session.
Westpac (ASX: WBC) Chart
The worst performer so far today is Boral (ASX: BLD) which pre-released its first half result today, and watered down FY19 expectations. Click here to read our thoughts.
Boral (ASX: BLD) Chart
The best performer is Syrah (ASX: SYR), the graphite name which regularly tops the list of the most shorted stock in the index. They reported lacklustre December quarter activities last week but today have rallied around 6% to claw back some of the losses.
The Aussie Dollar has just taken a big hit, giving back some of the strong rally it’s seen over the past week or so. Local building approvals data missed substantially, printing -8.4% month on month, versus an expected rise of 2%. The number is a huge 22.4% fall on last year’s level as steam continues to come out of the housing market.
Resources have been mixed, with the pure iron ore play Fortescue (ASX: FMG) down 1.5%, but the nickel producer Western Areas (ASX: WSA) adding 3.5% in the mornings trade. Energy names are tracking the oil price higher, supported by data showing falling crude inventories in the US last week.
