Pro Medicus founders sell down, market up for the week
WHAT MATTERED TODAY
The market finished the week on the front foot today with the gains from yesterday and today enough to more than offset the soft start to the week. Today the 10 biggest market capped stocks – the Big 4 + CSL, BHP, WOW, WES, MQG & TLS - led the push forward suggesting it was index linked money supporting the market. Growth was bought at the expense of defensives with tech the biggest beneficiary as the market becomes more optimistic around the trade war.
Pro Medicus (PME) suffered the worst fall of the day. The company announced the founders had sold 3 million shares following pressure from the board last year to release shares to increase liquidity. The shares were sold at $36.10, around a 5% discount to yesterdays close well above where they ended today. The board has recommended another 1 million shares while the founders are not expected to sell any more of their 27% position until at least after the next reporting season.
Overall today, the ASX 200 closed up +34pts or +0.52% to 6647. Dow Futures are trading up +57 points or +0.21%
ASX 200 Chart
ASX 200 Chart
CATCHING OUR EYE:
Sectors this week:
Stocks this week: Speedcast (SDA) was the best performer this week, however this came on the back of a 55% fall the week prior as the market grapples with the company’s debt levels. The net result from the fortnight was a 27% drop in the share price.
Broker Moves;
- Imdex Rated New Buy at Bell Potter; PT A$1.60
- Mercury NZ Cut to Underperform at Forsyth Barr; PT NZ$4.45
- Metcash Downgraded to Sell at Morningstar
- Bapcor Downgraded to Hold at Morningstar
- BHP Group PLC Downgraded to Underperform at Exane; PT 17 Pounds
- Rio Tinto Upgraded to Neutral at Exane; PT 42.60 Pounds
- Silver Lake Upgraded to Outperform at RBC; PT A$1.25
OUR CALLS
No changes today
Watch out for the weekend report.
Harry & the Market Matters Team
Disclosure
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