Afternoon Report / ASX closes little changed

By Market Matters 18 September 20

ASX closes little changed

Market Matters Afternoon Report 18th September 2020

WHAT MATTERED TODAY

A largely directionless session to finish off the week with the index chopping around parity for most of the day. The marginal weakness in banks was largely offset by some strength in the resources while tech was also on the rebound. For the most part though, there was little to drive the market either way hence more rotation of money being seen across the sectors.

Tonight, sees the US dealing with a significant options and futures expiry, so expect a volatile session overseas. Also expecting UK retail figures which will be closely watched given the rise second wave infection numbers across Europe.

Overall, the ASX 200 closed down 18pts / -0.32% to 5859 today. US Futures are lower, with Dow Futures off -26pts/-0.09%.

ASX 200 Chart

ASX 200 Chart

CATHCING MY EYE

Sectors this week

Stocks this week

BROKER MOVES

·         Beach Energy Raised to Buy at Citi; PT A$1.94

·         Reliance Worldwide Cut to Neutral at UBS; PT A$3.85

·         Blackmores Cut to Hold at Morningstar

·         QBE Insurance Raised to Buy at Morningstar

·         Mineral Resources Raised to Hold at Morningstar

·         Nanosonics Rated New Neutral at Goldman; PT A$5.50

·         Aristocrat Raised to Positive at Evans & Partners Pty Ltd

·         Mincor Cut to Hold at Shaw and Partners; PT 95 Australian cents

·         Immutep Rated New Speculative Buy at Bell Potter

OUR CALLS

No changes today

Have a great night

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.

Disclaimer

All figures contained from sources believed to be accurate.  All prices stated are based on the last close price at the time of writing unless otherwise noted. Market Matters does not make any representation of warranty as to the accuracy of the figures or prices and disclaims any liability resulting from any inaccuracy. 

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 Market Matters 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.