Afternoon Report / New 5-month highs, but market fails to hold 6200

By Market Matters 01 March 19

New 5-month highs, but market fails to hold 6200

Market Matters Afternoon Report 1st March 2019


The US market might have seen its third consecutive session in the red overnight, but locally the ASX is enjoying some time in the sun with its third consecutive session finishing in the black. Today it reached a 5 month intra-day high as it pulsed above 6200 a number of times throughout the day, capping out at 6209 before trading a little lower in the afternoon to close at 6192. Financials were certainly the leaders today with the banks and insurers seeing the most buying – QBE in particular added an impressive +1.7%. Money came out of the resource names following commodity softness and likely some profit taking there after an impressive run across the sector.

Company specific news flow was light – as expected just coming out of reporting season. Now though, macro data will start to feed through, and the Chinese Caixin PMI printed better than expected today at 49.9 – consensus was after around 48.5. This helped some of the China facing stocks. Bellamy’s, which was smashed after its result, added 10% today, grinding higher throughout the session thanks to both the data and some not-so-bad analyst revisions.

Overall today, the index closed up  +23pts or +0.38% to 6192. Dow Futures are trading up 96points / +0.37%.

ASX 200 Chart

ASX 200 Chart



Sectors this week; 

Stocks this week;

Broker Moves;

·         Rio Tinto Downgraded to Hold at DZ Bank; PT 45 Pounds

·         Ramsay Health Downgraded to Neutral at Citi; PT A$65

·         Ramsay Health Cut to Hold at Deutsche Bank; PT Set to A$64.90

·         Atlas Arteria Downgraded to Neutral at UBS; PT A$6.90

·         Atlas Arteria Downgraded to Hold at Morgans Financial; PT A$6.64

·         Atlas Arteria Downgraded to Neutral at Credit Suisse; PT A$7.15

·         Suncorp Upgraded to Buy at Bell Potter; PT A$14.10

·         Automotive Holdings Downgraded to Hold at Morningstar

·         Automotive Holdings Downgraded to Hold at Bell Potter; PT A$2.30

·         Mineral Resources Upgraded to Buy at Morningstar

·         InvoCare Downgraded to Hold at Morningstar

·         Premier Investments Downgraded to Sell at Morningstar

·         Saracen Mineral Upgraded to Outperform at RBC; Price Target A$3

·         Cromwell Property Downgraded to Neutral at JPMorgan; PT A$1.13

Some of the stock specific events we covered during the week…

ACCC approve Bingo’s Dial-a-Dump acquisition & they launch a buybackClick here 

Macquarie Group launch a new hybrid.  Click here 

Afterpay still not making a profit, but is that the be all and end all?  Click here 

Vocus result in focus.  Click here 

QBE turnaround on track.  Click here 

HUB24 reported and was pummelled by investors.  Click here 

The printers are working over at IVE Group. Click here 


No changes to the portfolios today.

Watch out for the weekend report. 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.  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 01/03/2018

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 MarketMatters 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.