Global risk back on…is it safe yet?
The local market started its session with heavy selling on the open, only to bounce back from 11am to close on its highs at 6568, led by the gold and resource names.
Treasury Wine Estate (TWE) was targeted by a Hong Kong based short seller, trading as low as -5% at one stage, only to close back in black, up 1pt to $16.57 after TWE reaffirmed its FY19 guidance.
As mentioned this morning, AMP reported an underlying profit of $309m, along with a whopping non-cash impairment of $2.35bn (post-tax) and a $650m capital raising set at its floor price of $1.50/share as the recently appointed CEO restructures the business.
Market Matters are currently comfortable with the current index level at present.
Overall, the ASX 200 gained +48 points today, or +0.75% to 6558, Dow Futures are currently up +118 points/+0.46%.
ASX 200 Chart
ASX 200 Chart
The resource names had a good run, following China data with imports better than expected with Fortescue Metals (FMG) rallying 4.11% higher on the back of this.
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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...