Stocks rebound to close the week
WHAT MATTERED TODAY
The market clawed back some of the sell off from the last few days thanks to buying in the resources sector. The bank sell off continued but more so focussed on Westpac which is now trading ~2% below the institutional placement price of $25.32. The market remains somewhat cautious with mixed signals coming from the US China trade war, optimistic of either a deal being done or stimulus from central banks to come.
The markets focus was the annual Hearts & Minds conference being held in Sydney. All the big fund names were out touting their best picks for the year ahead. Regal focussed on nickel, heading down the risk curve to the smaller miners, while Tribeca liked A2 Milk. More on the big calls next week.
The best sector today was IT, while financials finished marginally lower thanks to Westpac’s pressure.
Overall, the ASX 200 closed up 36pts or +0.55% today to 6709, Dow Futures are trading up 39pts/0.14%.
ASX 200 Chart
ASX 200 Chart
CATCHING MY EYE;
Sectors this week:
Stocks this week:
BROKER MOVES;
- Primewest Group Rated New Buy at Moelis & Company; PT A$1.28
- Westpac Raised to Buy at Morningstar
- Saracen Mineral Raised to Buy at Canaccord; PT A$3.55
- Coles Group Cut to Neutral at Goldman; PT A$15.90
OUR CALLS
No changes to the portfolios today.
Major Movers Today
Have a great night
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
All figures contained from sources believed to be accurate. All prices stated are based on the last close price at the time of writing unless otherwise noted. Market Matters does not make any representation of warranty as to the accuracy of the figures or prices and disclaims any liability resulting from any inaccuracy.
Reports and other documents published on this website and email (‘Reports’) are authored by Market Matters and the reports represent the views of Market Matters. The Market Matters Report is based on technical analysis of companies, commodities and the market in general. Technical analysis focuses on interpreting charts and other data to determine what the market sentiment about a particular financial product is, or will be. Unlike fundamental analysis, it does not involve a detailed review of the company’s financial position.
The Reports contain general, as opposed to personal, advice. That means they are prepared for multiple distributions without consideration of your investment objectives, financial situation and needs (‘Personal Circumstances’). Accordingly, any advice given is not a recommendation that a particular course of action is suitable for you and the advice is therefore not to be acted on as investment advice. You must assess whether or not any advice is appropriate for your Personal Circumstances before making any investment decisions. You can either make this assessment yourself, or if you require a personal recommendation, you can seek the assistance of a financial advisor. Market Matters or its author(s) accepts no responsibility for any losses or damages resulting from decisions made from or because of information within this publication. Investing and trading in financial products are always risky, so you should do your own research before buying or selling a financial product.
The Reports are published by Market Matters in good faith based on the facts known to it at the time of their preparation and do not purport to contain all relevant information with respect to the financial products to which they relate. Although the Reports are based on information obtained from sources believed to be reliable, Market Matters does not make any representation or warranty that they are accurate, complete or up to date and Market Matters accepts no obligation to correct or update the information or opinions in the Reports. Market Matters may publish content sourced from external content providers.
If you rely on a Report, you do so at your own risk. Past performance is not an indication of future performance. Any projections are estimates only and may not be realised in the future. Except to the extent that liability under any law cannot be excluded, Market Matters disclaims liability for all loss or damage arising as a result of any opinion, advice, recommendation, representation or information expressly or impliedly published in or in relation to this report notwithstanding any error or omission including negligence.
