Sunset Strip > Trading Day Wrap From Blue Ocean 20170705

Mathan Somasundaram

Local market ran into some profit taking after a big run yesterday. We continue to see miners and short covering leading the way while currency and bond proxies are seeing selling pressure. US market was closed for holiday last night and everyone should be back on board tonight…some after a 4 day long weekend…and they will react to minutes form the last US Fed meeting. The best performing sectors were Miners, Telecom and Retail while the worst performers were Utilities, Health Care and Property Trusts. On the sector/stock front….(1) Chinese private equity firm GSR Capital is looking to buy a substantial holding in Chile's Sociedad Quimica Y Minera (SQM), one of the world's biggest lithium producers, according to two sources with knowledge of the matter…lithium stocks were up a lot in our market on this news (2) FLT delivered another guidance update at the top of their band…but not cheap now…still an underperformer compared to CTD and WEB but delivered in the past month (3) WTC up on Brazilian acquisition (4) CKF down after raising for acquisition (5) VOC M&A playing out with due diligent.

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Mathan Somasundaram

2017 - Now > Blue Ocean (AUS) > Market Portfolio Strategist 2012 - 2017> Baillieu Holst (AUS) > Head of Strategy, Quant and Data Analytics 2009 - 2012 > Bell Potter / Southern Cross (AUS) > Head of Quant and Data Analytics 2007 - 2009 > LIM...

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