Archives: Reports
A strong open this morning with the market hitting an early high of 6166 only to see sellers hit the boards and push the index lower into the close. Gainers to losers were split pretty much down the middle today, however again there were some very strong performances from individual stocks that reported numbers headlined by Suncorp (SUN) – more on that below. Looking at the leader board today, the likes of Flight Centre (FLT), Webjet (WEB) and Star Entertainment (SGR) all rallied well highlighting the ‘re-opening trade’ is gaining momentum.
After 6-trading days in a tight 125-point / 2% range the ASX200 gave any complacent investors a quick COVID-19 shot across the bow as the local market tumbled -2.5% on Thursday. The catalyst for the selling was the increasing cases of coronavirus creating serious doubt in many investors’ minds around how quickly the global economy can put the pandemic well and truly in the rear-view mirror. Our current opinion at MM is equities did get slightly ahead of themselves in writing off the virus but we’re better prepared for secondary outbreaks plus of course every week that passes is a week closer to a vaccine Hence MM remains buyers into weakness. Plus, to help us all from an investing perspective we’ve now got a potential road map of sector performance from March until today.
