Afternoon Report / Global risk back on…is it safe yet?

By Market Matters 08 August 19

Global risk back on…is it safe yet?

Market Matters Afternoon Report 8th August 2019

WHAT MATTERED TODAY

The local market started its session with heavy selling on the open, only to bounce back from 11am to close on its highs at 6568, led by the gold and resource names.

Treasury Wine Estate (TWE) was targeted by a Hong Kong based short seller, trading as low as -5% at one stage, only to close back in black, up 1pt to $16.57 after TWE reaffirmed its FY19 guidance.

As mentioned this morning, AMP reported an underlying profit of $309m, along with a whopping non-cash impairment of $2.35bn (post-tax) and a $650m capital raising set at its floor price of $1.50/share as the recently appointed CEO restructures the business.

Market Matters are currently comfortable with the current index level at present.

Overall, the ASX 200 gained +48 points today, or +0.75% to 6558, Dow Futures are currently up +118 points/+0.46%.

Please see the current reporting calendar

ASX 200 Chart

ASX 200 Chart

The resource names had a good run, following China data with imports better than expected with Fortescue Metals (FMG) rallying 4.11% higher on the back of this.

Have a great night!

Alex 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.  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 08/08/2019

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