Afternoon Report / BOQ delivers the goods, the market climbs higher (BOQ, RRL)

By Market Matters 12 October 17

BOQ delivers the goods, the market climbs higher (BOQ, RRL)

Market Matters Afternoon Report 12th October 2017

Just a week after testing the 5650 support levels, the market feels like a different beast and poised to test the 5800 resistance, closing just 6 points short today. Buying kicked in around midday and the inflow of money was stained throughout the afternoon. With the ASX200 now up 2.53% in 5 trading days, buying has been seen across the board with all sectors in the black over the period.

5-day Sector Performance

Overall today, a range of +/- 31 points, a high of 5794, a low of 5763 and a close of 5794, up 22pts or +0.39%.

ASX 200 Intra-Day Chart

ASX 200 Daily Chart

Bank of Queensland (BOQ) reported FY17 results before market today and surprised on the upside, beating consensus by over 5% on earnings per share, driven by low bad debts. BOQ, which we hold in the Platinum Portfolio, finished 1.16% higher at $13.09 today but was as high as $13.40 early in the session. More on this result in tomorrow mornings report.

Bank of Queensland (BOQ) Daily Chart

Regis Resources (RRL), also held in the Platinum Portfolio, performed strongly today jumping 2.85% to close at $3.97. We are now up over 8% on our purchase price of $3.66 and RRL is approaching our target price, as such we may look to take profits if there are signs of this momentum fading.

Regis Resources (RRL) Daily Chart

Finally, the Webcast that was recorded yesterday is now available for those who could not join us live yesterday. Click below to listen to James Gerrish, the Primary Contributor, talk about stocks to buy into the Christmas rally.

Have a great night

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.

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 12/10/2017. 5.00PM.

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