The ASX reaches 10-year highs!
WHAT MATTERED TODAY
The local market ignored the overseas leads today and for the first time since Jan 2008 the index closed above 6150 with banks and resources rallying to force the market higher. The big four added ~32pts to the index – almost half the gain - with the best performer (CBA) adding a huge 2.9% - thanks in part to the AUSTRAC settlement being approved by the courts. The market spent a lot of time on TLS today, with the big telco disappointing the market with poor FY19 guidance, closing down 4.81% to $2.77. In our view the market has clearly underrated the operational announcements that came in the strategy – James discusses this at length in today’s income report here and in this afternoon’s direct from the desk here…
Overall an impressive 70points added to the ASX200, up +1.16% to close at 6172.
ASX200 Chart
ASX200 Chart
CATCHING OUR EYE
Broker moves; only downgrades today from the analysts, with each of the 5 stocks below ending lower despite the market’s strength.
· Battery Minerals (BAT AU): Battery Minerals Cut to Neutral at Hartleys Ltd; PT A$0.04
· CC-Amatil (CCL AU): CC-Amatil Downgraded to Underweight at JPMorgan
· G8 Education (GEM AU): G8 Education Downgraded to Hold at Canaccord; PT A$2.60
· Vocus (VOC AU): Vocus Downgraded to Hold at Morningstar
OUR CALLS
In the Growth Portfolio we reduced Suncorp by2%, and added 2% to Telstra today
Have a great night
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
All figures contained from sources believed to be accurate. Market Matters does not make any representation of warranty as to the accuracy of the figures and disclaims any liability resulting from any inaccuracy. Prices as at 20/06/2018. 4.30PM
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