Sell the rumour, buy the fact it seems!
WHAT MATTERED TODAY
What a bullish day for a Aussie stocks despite the US trade tariffs taking affect this afternoon at 2pm – seems like a clear case of sell the rumour and buy the fact as Australian investors pushed the index sharply higher into Friday afternoon. I was on Sky Biz this morning at 10am being quizzed on the market and likely trajectory of the day’s trade, concluding that it would be unlikely for traders to have the appetite to buy stocks ahead of Friday night with non-farm payrolls out in the US and the risk of a weekend worth of Trump tweets gloating about trade…We had the first round of tweets such as the one below, however I was clearly wrong about the trajectory of the market today – a very bullish session indeed.
Overall today, the ASX 200 added 56 points today or (0.91%) to 6272, clearly pushing up through the 6250 region and breaking the 90pts trading range we’ve experienced since the 21st June
ASX 200 Chart
ASX 200 Chart
CATCHING OUR EYE
Weekly Moves – Stocks & Sectors;
Materials were the weakest link this week while some of the sectors that have lagged in recent times, picked themselves up off the matt and rallied!
Stock moves over the week; Gee….Telstra in the winner’s circle this week adding +6.87% overall (yes, coming off a low base we know!) while CYBG (CYB) was also strong adding +10% on the week .
Broker calls; Some clear behind the curve moves outlined below (bar the Citi move on WOW).
· Woolworths Group Cut to Neutral at Citi; PT Set to A$32.90
· Ingham’s Downgraded to Neutral at Credit Suisse; PT A$4.10
· Santos Upgraded to Outperform at RBC; PT A$6.50
· MyState Reinstated at Shaw and Partners With Hold; PT A$5
· CYBG Rated New Buy at Redburn
OUR CALLS
No trades in the MM Portfolio’s today
Have a great weekend and watch out for the Weekend Report on Sunday
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
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