An extremely subdued end to the week as the market traded in a tight ~20 point range for much for the session, chopping in an out of black territory. For the week, the index slipped 28pts / -0.46%, dragged by the financials and consumer discretionary sectors.
NAB was the only bank to finish higher today, thanks to their response to the Royal Commission – clearly the market is liking financial services firms getting on the front foot with regulation. A couple of the big banks in ANZ and CBA were downgraded by some big brokers today. They both closed lower. Perpetual (PPT), which we own in the income portfolio, dropped -5.79% today after telling the market that there was no news which would explain the recent volume through the name. More stock has changed hands in the name this week than any other week since 2009!
Overall today, the index closed down 4pts or -0.07% to 6175. Dow Futures are trading up +78 points / +0.30%.
ASX 200 Chart
ASX 200 Chart
CATCHING OUR EYE
Sectors this week;
Stocks this week;
· CBA Downgraded to Underperform at Macquarie
· ANZ Bank Downgraded to Underweight at Morgan Stanley; PT A$25
· Medibank Private Cut to Underperform at Credit Suisse; PT A$2.50
· Origin Energy Cut to Equal-weight at Morgan Stanley; PT A$7.67
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