Afternoon Report / CBA misses earnings target as the market recovers (CBA)

By Market Matters 07 August 19

CBA misses earnings target as the market recovers (CBA)

Market Matters Afternoon Report 7th August 2019

WHAT MATTERED TODAY

The local market revered back to the previous sentiment in July, on the back of the NZ Reserve Bank reducing its key interest rate from 1.5% to 1% this afternoon. This helped the ASX 200 to rally thereafter and ignored the current US-China trade war.

Corporate earnings were a focus with CBA underperforming against the big 4 after slightly missing its earnings, today it traded over $2.05 lower this morning as low as $77.47, only to claw back and close down -$1.10 to $78.70 – MM currently hold CBA and are happy to hold at these levels.

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

Overall, the ASX 200 gained +41 points today, or +0.62% to 6518, Dow Futures are currently off 77 points/-0.30%.

Please see the current reporting calendar

ASX 200 Chart

ASX 200 Chart

Commonwealth Bank (CBA) Daily Chart

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 07/08/2019

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