The Aussie market finishes the financial year softer
WHAT MATTERED TODAY
As the financial year comes to a close, the market didn’t quite know what to think today and fluctuated around yesterday’s close, spending most of the day higher before a late afternoon turn for the worse sent the index lower. We will discuss what has happened for the past 12-months in the weekend report, but in short it has been a good year for the resources and a poor year for the banks – watch out for the weekend report on Sunday.
Overall today, the index finished down 20 points, or -0.33%, to close at 6194.
ASX 200 Chart
ASX 200 Chart
CATCHING OUR EYE
Broker Moves;
· Monadelphous Rated New Buy at Wilsons; PT A$16.20
· Ausdrill Rated New Buy at Wilsons; PT A$2.80
· NRW Holdings Rated New Buy at Wilsons; PT A$2.50
· Mastermyne Reinstated at Wilsons With Buy; PT A$1.70
· Austin Engineering Rated New Buy at Wilsons; PT A$0.40
· Western Areas Upgraded to Neutral at UBS; PT A$3.50
· Nearmap Rated New Buy at Moelis & Company; PT A$1.43
· Oil Search Downgraded to Sell at Morningstar
· Woodside Downgraded to Hold at Morningstar
· CSL Downgraded to Neutral at JPMorgan; Price Target A$195
Week in review; This week saw the energy names push higher thanks to America’s efforts to limit the purchase of Iranian oil. Healthcare and industrials pulled back after some recent outperformance.
On a stock level, Australian Pharmaceutical rallied after moving to acquire Clearskincare Clinics, while Northern Star and Afterpay pushed higher on broker upgrades. Brokers weren’t as kind to Bellamy’s, which eased on Morgan’s downgrade while Platinum edged lower despite no news flow - seemed like money was leaving Platinum to join Perpetual.
OUR CALLS
No trades in the MM Portfolios today
Have a great weekend
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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