The market stormed ahead to finish the week with the spurt higher, ticking around the 6700 level, near to where the ASX200 started the week helped by more dovish statements from the Fed, as well as JP Morgan CIO Bob Michele calling for US rates to go to 0%. Gold miners were strongly bid in particular, thanks to a run in the gold price and the Aussie dollar overnight as a result of the comments. Energy was weaker despite rising tensions in the Middle East. Oil prices fell overnight, the International Energy Agency lowering their demand forecast for the third time in recent months to a level which will likely put the market into surplus.
The big stock-specific story today was NAB announcing the appointment of Ross McEwan as CEO. The New Zealander McEwan has an extensive resume including heading up CBA’s retail bank and was more recently the CEO of the Royal Bank of Scotland for the past six years, navigating the bank through its own advice and remediation crisis. NAB shares were strongly bid on the news, well outperforming other positive moves from the big four to close 2.19% higher.
Overall today, the ASX 200 closed up +51 points or 0.77% at 6700. Dow Futures are trading up +108 points or 0.40%.
ASX 200 Chart
ASX 200 Chart
CATCHING OUR EYE:
Sectors this week:
Stocks this week:
· BHP AU: BHP Group PLC Downgraded to Neutral at Oddo BHF
· DXS AU: Dexus Downgraded to Negative at Evans & Partners; PT A$11.42
· MGR AU: Mirvac Group Cut to Negative at Evans & Partners; PT A$2.80
· NWS AU: News Corp Downgraded to Underweight at JPMorgan; PT $12
· RRL AU: Regis Resources Downgraded to Hold at Blue Ocean; PT A$6.60
· SMR AU: Stanmore Coal Downgraded to Hold at Bell Potter; PT A$1.60
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