Momentum fades despite positive week
WHAT MATTERED TODAY
The market traded in the red for most of the session, weighed down by consumer stocks, while energy names gave back some of their recent gains. Each of the big 4 traded in the red also weighing on the index. On the flipside, resources were reasonably well bid with Rio doing the heavy lifting.
Costa Group (CGC) were out with an update today which showed no bad news is good news. The stock closed 2.95% higher with signs the downward pressure on earnings might starting to lift. Lotteries business Jumbo Interactive (JIN) was the worst in the top 200 on their half year update on disappointing revenue growth rates. Lend Lease (LLC) snuck through an announcement after market yesterday on their plans to sell the engineering business. It will go to Acciona Infrastructure for $180m with a few carve out involved however the market was a little disappointed with the figure and the stock closed down -4.56%.
In the week, the ASX200 added 76pts/+1.14% as the strong buying of early December lows continued – although it did give back 56pts from the intra-week high.
Overall, the ASX 200 closed down -16pts or -0.25% today to 6816, Dow Futures are trading flat.
ASX 200 Chart
ASX 200 Chart
CATCHING MY EYE;
Sectors this week:
Stocks this week:
BROKER MOVES;
· Village Roadshow Cut to Hold at Baillieu Ltd; PT A$3.90
· Nuchev Ltd Rated New Overweight at Wilsons; PT A$4.57
· Amcor Rated New Neutral at Baird; PT $11
· Z Energy Cut to Neutral at UBS; PT NZ$4.30
· Mesoblast ADRs Rated New Buy at Dawson James Securities; PT $14
OUR CALLS
No changes to the portfolios today.
Major Movers Today
Have a great night
Harry & the Market Matters Team
Disclosure
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