Trade concerns force some profit taking
WHAT MATTERED TODAY
The local market sold off on the open today and struggled to stage any kind of meaningful recovery as the session rolled on. Trade tensions simmering was seen as the catalyst to take some profits today after a decent run up in recent trading days and the local market followed the US markets lower. This week has seen huge outperformance from the ASX vs its North American counterparts - for the year to date the ASX200 is currently tracking 176bps better than the S&P500
ASX200 vs S&P500
Energy names were the hardest hit following the rout in oil overnight on slowing global growth expectations as well as rising stockpiles despite OPEC production curbs. Consumer discretionary names edged higher as they continue their climb.
I sat down with James Gerrish today to discuss the implications of a range events circling the market at the moment – Trade wars, elections, interest rates and more – CLICK HERE to view
Overall today, the ASX 200 fell -35pts or -0.55% to 6456. Dow Futures are trading up +86 points / +0.34%
ASX 200 Chart
ASX 200 Chart
CATCHING OUR EYE:
Sectors this week;
Stocks this week;
Broker Moves;
- Freightways Downgraded to Neutral at UBS; PT NZ$8.60
- Freightways Downgraded to Underperform at Forsyth Barr; PT NZ$8
- Argosy Downgraded to Neutral at UBS; PT NZ$1.32
- Argosy Cut to Underperform at First NZ Capital; PT NZ$1.20
- AGL Energy Downgraded to Underperform at Macquarie; PT A$19.99
- Sanford Upgraded to Outperform at First NZ Capital; PT NZ$7.57
- Cooper Energy Rated New Sector Perform at RBC; PT A$0.60
- SCA Property Downgraded to Sell at Morningstar
- Reliance Worldwide Downgraded to Hold at Morningstar
- Ansell Upgraded to Outperform at Credit Suisse; PT A$27.50
OUR CALLS
No changes today
Watch out for the weekend report. 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
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