The Match Out: ASX down, A solid week for Financials, Not so for Materials, Enjoy the weekend

James Gerrish

Market Matters

It was a poor session to end the week, the market giving back most of yesterday’s gains. It almost felt like everyone lost interest after a busy week, with volumes light and no impetus to step up and buy anything ahead of the weekend. For the week, the ASX was only marginally lower. But under the hood it was a different story, the two heavyweight sectors being the Materials -3.44% versus the Financials +2.20% on either end of the performance spectrum.

  • The ASX 200 finished down -67pts/ -0.94% at 7063

  • The Utility sector was best on the ground (+0.54%) while Energy bounced back (0.34%) after yesterday’s sharp decline.

  • IT (-3.21%) back in the losers circle after two days on topping the leader board while Healthcare (-2.26%) also gave back some recent gains.

  • The broader Financial Sector was solid this week up +2.20%, we wrote about our views on the banks this morning posing the question, should we be loading up? Click Here
  • Iron Ore was up in Asia, +1.51%

  • Gold was lower, down US$11 at US$1985

  • Asian stocks were all down, Hong Kong off -2.78%, Japan off -2.66% while China was down -2.09%

  • US Futures are all down about 0.40%.

ASX 200

Podcast series

Two podcasts released this week on Not an Overnight Success – Layne Beachley and Mark Bouris.

The podcast with Layne is well worth a listen. Interesting and entertaining, Layne has a great, straight down the line communication style.

Click on the link to listen

The second this week is one I haven’t gotten to yet, but I’m sure it’s a cracker! Mark Bouris is in the hot seat….Click on the link to listen

As with every episode, we’re donating $10,000 to the guest’s charity of choice.

Sectors this week (Source: Bloomberg)

Stocks this week (Source: Bloomberg)

Broker moves

  • Nickel Mines Cut to Neutral at Macquarie; PT A$1.30

  • Regis Resources Cut to Neutral at Macquarie; PT A$2.40

  • Perseus Cut to Neutral at Macquarie; PT A$2

  • Evolution Cut to Underperform at Macquarie; PT A$4.30

  • Gold Road Cut to Underperform at Macquarie; PT A$1.70

  • Dacian Gold Cut to Underperform at Macquarie

  • Elders Rated New Buy at Shaw and Partners; PT A$15

Major movers today

Enjoy your weekend,

The Market Matters team.

Make informed investment decisions

At Market Matters, we write a straight-talking, concise, twice daily note about our experiences, the stocks we like, the stocks we don’t, the themes that you should be across and the risks as we see them. Click here for your free trial.

The Match Out will be available each day after the market close. Follow my profile to be notified when the latest report is live.

........
Livewire gives readers access to information and educational content provided by financial services professionals and companies ("Livewire Contributors"). Livewire does not operate under an Australian financial services licence and relies on the exemption available under section 911A(2)(eb) of the Corporations Act 2001 (Cth) in respect of any advice given. Any advice on this site is general in nature and does not take into consideration your objectives, financial situation or needs. Before making a decision please consider these and any relevant Product Disclosure Statement. Livewire has commercial relationships with some Livewire Contributors.

2 topics

James Gerrish
Portfolio Manager
Market Matters

James is the Lead Portfolio Manager & primary author at Market Matters, a digital advice & investment platform with over 2500 members that offers real market intel & portfolios open for investment. He is also a Senior Portfolio Manager at Shaw and...

I would like to

Only to be used for sending genuine email enquiries to the Contributor. Livewire Markets Pty Ltd reserves its right to take any legal or other appropriate action in relation to misuse of this service.

Personal Information Collection Statement
Your personal information will be passed to the Contributor and/or its authorised service provider to assist the Contributor to contact you about your investment enquiry. They are required not to use your information for any other purpose. Our privacy policy explains how we store personal information and how you may access, correct or complain about the handling of personal information.

Comments

Sign In or Join Free to comment