Afternoon Report / The buyers win today, helped by consumer confidence (FXL, FLT)

By Market Matters 11 October 17

The buyers win today, helped by consumer confidence (FXL, FLT)

Market Matters afternoon report 11th October 2017

There was no sign of selling today, with gains seen across the board, notably led by the IT and consumer discretionary sector, up 1.85% and 1.50% respectively. Materials were the worst performers, however the sector still finished in the black, up 0.17%. An overall range of +/- 40 points, a high of 5778, a low of 5738 and a close of 5772, up 34pts or +0.59%.

ASX 200 Intra-Day Chart

ASX 200 Daily Chart

The monthly Westpac Consumer Confidence survey came out stronger than the previous month, assisting the consumer discretionary sector to outperform the broader market. Some relief for the sector after weak retail sales figures last week. Flight Centre (FLT) got the most demand today, jumping over 4%.

Flight Centre (FLT) Daily Chart

Flexigroup (FXL), a payment solutions business, also benefitted strongly from the data, up 3.5%, the biggest move since June 28, outperforming the ASX 200 by almost 6x. Flexigroup has been in a clear downtrend since its poor profit result in August, but it looks to have broken some resistance today. This is something we will keep an eye on, however this is a high risk play similar to many payment solutions businesses.

Flexigroup (FXL) Daily Chart

Finally, thank you to all that joined in today’s webinar. There will be a recording available tomorrow for those who missed out.

Have a great night

The Market Matters Team

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