CBA misses earnings target as the market recovers
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%.
ASX 200 Chart
ASX 200 Chart
Commonwealth Bank (CBA) Daily Chart
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James is Portfolio Manager & Primary Author at Market Matters, a daily investment report with over 2500 subscribers that offers real market insight. He is also Senior Portfolio Manager within Shaw and Partners heading up a team that manages...