Afternoon Report / ASX closes flat, best week since April

By Market Matters 09 October 20

ASX closes flat, best week since April

Market Matters Afternoon Report 9th October 2020

WHAT MATTERED TODAY

The market was in and out of the black for much of the session, had a strong run into the afternoon but lost all the good work on the final trade at the close. While the index level was flat there was plenty happening on a stock level. CIMIC (CIM) was a standout today on a strong 3rd quarter update. Janus Henderson (JHG) was again near the top of the boards as speculation surrounding a takeover offer grows – a few questions in the pipe about this one, we will cover off some queries in the Monday report. On the other side of the ledger, Zip Co (Z1P) handed back the bulk of yesterday’s rally while peer AfterPay was strong – seems like there was a decent seller of Z1P during the session. Quadpay quarterly should be out next week.

Overall, the ASX 200 closed flat at 6102 today. US Futures are lower, with Dow Futures off -37pts/0.13%.

ASX 200 Chart

ASX 200 Chart

CATHCING MY EYE

Sectors this week

Stocks this week

BROKER MOVES

·         Transurban Cut to Neutral at Macquarie; PT A$14.49

·         Netwealth Raised to Neutral at Macquarie; PT A$17.50

·         ARB Raised to Neutral at Citi; PT A$30.30

·         Australian Unity Rated New Accumulate at Ord Minnett; PT A$2.28

·         Bapcor Cut to Sell at Morningstar

·         Bank of Queensland Cut to Hold at Morningstar

·         Challenger Raised to Positive at Evans & Partners Pty Ltd

OUR CALLS

No changes today

Have a great weekend,

James, Harry and 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.

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