Afternoon Report / ASX rolls over

By Market Matters 17 September 20

ASX rolls over

Market Matters Afternoon Report 17th September 2020


The ASX came under pressure today, giving back all of yesterday’s gains and some. A combination of weak Iron Ore prices hurting the miners, particularly Fortescue (FMG) which fell 6.4% and some disappointment around the commentary provided by the Fed which saw US Futures trade lower during our time zone. The market looked good yesterday with sustained buying throughout the session, today was an almost carbon copy of yesterday’s move, but on the downside.

The Fed was probably more upbeat about the economy than some expected, and locally today we saw stronger-than-expected August employment data with the increase of 111,000 new jobs which was lot stronger than expected. Better data = less stimulus and that was the cause of some angst by the look of its today.

Asian markets were weaker to a similar degree while US Futures as suggested above provided a negative backdrop for our session.

By the close, the ASX 200 was down -72pts / -1.22% to 5883. Dow Futures are trading down 412pts/-1.47%

ASX 200 Chart

ASX 200 Chart


·         Cleanaway Cut to Equal-Weight at Morgan Stanley; PT A$2.50

·         Home Consortium Rated New Add at Morgans Financial Limited

·         Coca-Cola Amatil Raised to Positive at Evans & Partners Pty Ltd

·         Reject Shop Rated New Add at Morgans Financial Limited

·         Home Consortium Ltd Rated New Add at Morgans Financial Limited

·         Danakali Rated New Speculative Buy at Canaccord


Growth portfolio: We trimmed BHP, sold SSM, bought RHC and SGR

Major Movers Today

Have a great night

James / Harry & the Market Matters Team


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.


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.