Afternoon Report / A subdued session to end the week

By Market Matters 15 March 19

A subdued session to end the week

Market Matters Afternoon Report 15th March 2019

WHAT MATTERED TODAY

An extremely subdued end to the week as the market traded in a tight ~20 point range for much for the session, chopping in an out of black territory. For the week, the index slipped 28pts / -0.46%, dragged by the financials and consumer discretionary sectors.

NAB was the only bank to finish higher today, thanks to their response to the Royal Commission – clearly the market is liking financial services firms getting on the front foot with regulation. A couple of the big banks in ANZ and CBA were downgraded by some big brokers today. They both closed lower. Perpetual (PPT), which we own in the income portfolio, dropped -5.79% today after telling the market that there was no news which would explain the recent volume through the name. More stock has changed hands in the name this week than any other week since 2009! 

Overall today, the index closed down  4pts or -0.07% to 6175. Dow Futures are trading up +78 points / +0.30%.

ASX 200 Chart

ASX 200 Chart

CATCHING OUR EYE;

Sectors this week; 

Stocks this week;

Broker Moves;

·         CBA Downgraded to Underperform at Macquarie

·         ANZ Bank Downgraded to Underweight at Morgan Stanley; PT A$25

·         Medibank Private Cut to Underperform at Credit Suisse; PT A$2.50

·         Origin Energy Cut to Equal-weight at Morgan Stanley; PT A$7.67

OUR CALLS

We added 2% to Bingo (BIN) today, and placed an order to buy Emeco (EHL) at around $2.02. We are yet to purchase EHL, and will update subscribers on our plans over the weekend.

Watch out for the weekend report. 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 15/03/2019

Reports and other documents published on this website and email (‘Reports’) are authored by Market Matters and the reports represent the views of Market Matters. The MarketMatters Report is based on technical analysis of companies, commodities and the market in general. Technical analysis focuses on interpreting charts and other data to determine what the market sentiment about a particular financial product is, or will be. Unlike fundamental analysis, it does not involve a detailed review of the company’s financial position.

The Reports contain general, as opposed to personal, advice. That means they are prepared for multiple distributions without consideration of your investment objectives, financial situation and needs (‘Personal Circumstances’). Accordingly, any advice given is not a recommendation that a particular course of action is suitable for you and the advice is therefore not to be acted on as investment advice. You must assess whether or not any advice is appropriate for your Personal Circumstances before making any investment decisions. You can either make this assessment yourself, or if you require a personal recommendation, you can seek the assistance of a financial advisor.  Market Matters or its author(s) accepts no responsibility for any losses or damages resulting from decisions made from or because of information within this publication. Investing and trading in financial products are always risky, so you should do your own research before buying or selling a financial product.

The Reports are published by Market Matters in good faith based on the facts known to it at the time of their preparation and do not purport to contain all relevant information with respect to the financial products to which they relate. Although the Reports are based on information obtained from sources believed to be reliable, Market Matters does not make any representation or warranty that they are accurate, complete or up to date and Market Matters accepts no obligation to correct or update the information or opinions in the Reports. Market Matters may publish content sourced from external content providers.

If you rely on a Report, you do so at your own risk. Past performance is not an indication of future performance. Any projections are estimates only and may not be realised in the future. Except to the extent that liability under any law cannot be excluded, Market Matters disclaims liability for all loss or damage arising as a result of any opinion, advice, recommendation, representation or information expressly or impliedly published in or in relation to this report notwithstanding any error or omission including negligence.