Afternoon Report / Stocks drift lower as AUD holds above 69c

By Market Matters 23 December 19

Stocks drift lower as AUD holds above 69c

Market Matters Afternoon Report 23rd December 2019


As you’d expect, a fairly quiet day on the ASX with the market drifting lower early on before trading in a tight +/-15pt range for much of the session – selling then kicked up in the match closing the market on its low point for the day. Not a lot of volume or conviction across the bourse, the same was true overseas with US Futures in a holding pattern during our time zone while Asian markets were slightly higher, although only marginally so. The Aussie Dollar held firm above 69c and that once again provided a hand break for the local market. When volume is light and we have the headwind of a higher AUD, the market is always going to struggle – that said, a disappointing performance for this time of year where the path of least resistance is normally up.

Overall, the ASX 200 fell -31pts / -0.46% today to close at 6785. Dow Futures are trading marginally higher up by +7pts/+0.02%

ASX 200 Chart

ASX 200 Chart

Tomorrow will see the final Market Matters notes for the year with the team recommencing back on Monday 13th January. During that period, if we do amend the portfolio (s), alerts will still be sent as per usual.

Broker moves; 

·         KAR AU: Karoon Energy Ltd Raised to Overweight at Morgan Stanley

·         KMD NZ: Kathmandu Reinstated Buy at Deutsche Bank; PT NZ$3.65


No changes to the portfolios today. 

Major Movers Today

Have a great night

James  & 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.


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