The market ends a tough week on a positive note
Surprisingly, the market closed higher for the week after what feels like a roller-coaster ride. The ASX200 had fallen 101 points from its Tuesday high of 5751 to yesterday’s low of 5650, only to show some resilience today with sustained buying across the board. The best performer were the Telcos climbing 1.65%, while the worst was the Utilities sector, falling 0.31%. Telstra led the Telcos, climbing 1.78%, closing on its highs at $3.44 Overall, the market had a range of +/- 51pts, a high of 5710, a low of 5659, and a close of 5710, up 58pts or 1.04%.
ASX 200 Intraday Chart
ASX 200 Daily Chart
Today we amended our sell order for half of our CYB holding down, eventually getting hit in the market at $5.11. Although we were initially reaching for $5.30 earlier this week, today’s sale represents a near 9% gain on the holding. We still remain positive on CYB, hence the reason for only sell half of the holding, better opportunities are beginning to arise elsewhere. To this effect, 2.5% was then allocated to NAB at $31.25 as the banks begin to rally into their dividends in early November. Investors who buy NAB today are positioned for their likely 99c fully franked dividend looming in November, plus 2 more over the next 13-months.
CYBG Plc (CYB) Weekly Chart
National Australia Bank (NAB) Daily Chart
The weekend report will return as normal this Sunday.
Have a great night,
The Market Matters Team.
Disclosure
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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 6/10/2017 4.30PM.
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