Afternoon Report / Energy weighs, Financials drag as nearly all stocks close lower **International Alerts - Sell JHG US + Buy ZM US, QQQ US**

WHAT MATTERED TODAY

A tough day for the ASX falling -129pts to close at its lowest point this financial year – back below 5900.  The calm we saw at the index level in August has certainly given way with September opening with a bang on both the upside and downside, however after today’s move the index is down 1.26% for the month with the IT sector the biggest drag off by ~8%. Energy has also been on the nose and was todays worse performing sector after Crude tanked overnight, Brent Crude now back under $US40/b after being above $US46/b, that dragged our energy stocks down the proverbial today with Beach Energy (BPT) the worst of them off by 9% - Ouch!  

Red right across the screen today and that also played out in Asia, although to the lesser extend than locally, Asian markets down around half as much as we were. US Futures were down more this morning opening off another -0.8% in addition to the overnight moves as news of a setback to AstraZeneca’s trial program broke, although they fought back to be flat at time of writing. All in all, the remains rangebound however the moves in some tech stocks overseas are meaningful, it goes to show the amount of money chasing momentum through  ETF’s in the US.    

By the close, the ASX 200 was down 129pts / -2.15% to 5878.  

ASX 200 Chart


ASX 200 Chart

 

 BROKER MOVES

  • CSL Raised to Buy at Citi; PT A$325
  • Ansell Raised to Buy at Citi; PT A$41
  • Australian Vintage Raised to Outperform at Taylor Collison
  • AMA Group Cut to Hold at Moelis & Company
  • Webcentral Grp Ltd Cut to Speculative Sell at Bell Potter

OUR CALLS

**Alerts**A reminder about International alerts that were published this morning:

International Equities: MM plans to switch from Janus Henderson (JHG US) listed on New York Stocks Exchange into Zoom (ZM US) listed on the Nasdaq tonight.

 

MM is looking to buy the QQQ at $US266 and $US261, with a 5% allocation at each level, totalling a 10% weighting.

 
Major Movers Today

 

Have a great night

James & the Market Matters Team

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