The Match Out: ASX drifts lower in a quiet session
A fairly quiet session for the local market today with stocks consolidating yesterday's strong advance. There was very little in terms of company news flow nor was there any tier 1 economic data aside from Chinese inflation which came in a tad below expectations. Utilities led the line up +0.40% while Energy stocks finished 1.09% lower. Overall, a fairly lacklustre session and a fairly lacklustre afternoon note as a consequence!
- The ASX 200 finished down -20pts/-0.28% to 7385.
- AGL Energy (ASX: AGL) +4.66% supported the utility sector – this stock is the latest addition to the MM Income Portfolio.
- More news today on the Sydney Airports (ASX: SYD) takeover with the shareholder meeting expected in early February, shares rallied +2.87%.
- Redbubble (ASX: RBL) fell -9.31% today with UBS initiating coverage with a neutral / hold rec, however reading the report it was the most negative ‘hold’ rating I’ve seen in a while, saying they're unlikely to meet targets.
- City upgraded both Whitehaven Coal (ASX: WHC) and Independence Group (ASX: IGO) to buys.
- Morgan Stanley has turned more bullish on the local Material Sector moving the sector to attractive saying it is now “reflecting value again” following last quarter’s slump.
- Gold was flat in Asia today at $US1786 at our close.
- Iron Ore was a touch lower in Asia.
- Asian markets were mixed, Nikkei -0.32%, Hong Kong ++0.97% while China was up +1%.
- US Futures are a touch lower, off around -0.10% a piece.
ASX 200 Chart
- GQG Partners GDRs Rated New Add at Morgans Financial Limited
- Mineral Resources Raised to Equal-Weight at Morgan Stanley
- Syrah Raised to Equal-Weight at Morgan Stanley; PT A$1.35
- Western Areas Cut to Underweight at Morgan Stanley; PT A$2.95
- Top Shelf International Rated New Buy at Moelis & Company
- IGO Raised to Buy at Citi
- Whitehaven Raised to Buy at Citi
- Australian Clinical Labs Raised to Buy at Citi
- Alkane Rated New Buy at Bell Potter; PT 95 Australian cents
- APM Human Services Rated New Outperform at Credit Suisse
Major Movers Today
Have a great night
James, Harry and the Market Matters team.
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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...