The rally picks up momentum
WHAT MATTERED TODAY
The market finished the week on the front foot today as it traded to within a whisker of the 6800 handle on the back of some broad based buying. Increasing calls for another cut from the RBA sooner rather than later sent the local currency lower again and renewed the markets positive bias. This week the market managed to put on 69pts, with all the work being done across Thursday and Friday. It seems the next test here will be the all-time high – the highest close being 6845 on 30 July less than 1% away.
NAB was softer today on news that AUSTRAC were investigating potential money laundering breaches from the bank. Westpac (WBC) has previously announced it was working with the regulator in regards to similar allegations while CBA has already been fined $700m for breaches, likely why it was the best of the big four today given the issue is behind them.
Tech, which has led the way all week, was the best of the sectors again today. Even the worst sector, being the communications names, put on more than 40bps.
Overall, the ASX 200 closed up 58pts or +0.87% today to 6793, Dow Futures are trading up 97pts/0.35%.
ASX 200 Chart
ASX 200 Chart
CATCHING MY EYE;
Sectors this week:
Stocks this week:
BROKER MOVES;
- G8 Education Cut to Hold at Moelis & Company; PT A$2.11
- G8 Education PT Cut to A$2.20 from A$2.50 at Morgan Stanley
- Bapcor PT Raised to A$8.10 from A$7.60 at Morgan Stanley
- Goodman Property Raised to Outperform at Macquarie; PT NZD2.23
- GWA Group Raised to Outperform at Macquarie; PT A$3.60
- AP Eagers Cut to Neutral at JPMorgan; PT A$11.50
- Worley Rated New Buy at Jefferies; PT A$16
- Nufarm Rated New Buy at Jefferies; PT A$7.10
- QBE Insurance Cut to Hold at Bell Potter; PT A$13.20
OUR CALLS
No changes to the portfolios today.
Major Movers Today
Have a great night
James, Harry & the Market Matters Team
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