The Match Out: ASX flat, Banks rally on the week, Energy pulls back after a strong run, Have a great weekend all

The market limped into the weekend with a distinct lack of conviction. Energy and Materials were weak today, the former actually down around 4% on the week after a strong period of outperformance. But as China ratchets up the rhetoric around high prices, some have been shaken out of a trade that MM believes still has legs.

• The ASX 200 finished flat today at 7415 – although that was at a one month high.
• The retailers were strong today rallying 1.35%, as discussed in a timely note we published on the sector this morning – click here

• On the flipside, Materials and Energy were the weakest link, falling 1.18% and 2.08% respectively.
• It was my first day back in the office today and I’ve got to say, I’ve enjoyed four months of change working from home. I think the MM portfolios have benefitted from the reflection time this provided in not focusing so heavily on the cut and thrust – the daily market ebbs and flows – which happen in a dealing room with 150 others. Thinking time is very important in the market and is something I’ve enjoyed.

• Bond yields fell locally today after the RBA intervened, buying $1 billion of bonds to defend its forward guidance of 0.1% for the three years.

• Banks rallied over the week, Commonwealth Bank (ASX: CBA) climbing 2.5% to $104.88, Westpac (ASX: WBC) advanced 1.4% to $25.74, National Australia Bank (ASX: NAB) added 0.7% to $28.86 and ANZ Bank (ASX: ANZ) rose 1.2% to $28.2
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• Gold was higher during the Asian trade, hitting US$1,787 at our close
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• Iron Ore Futures were flat again.
• Not a lot was happening in Asia today, China down smalls, Hong Kong up smalls.
• US Futures are flat.

ASX 200

Sectors this week (Source: Bloomberg

Stocks this week (Source: Bloomberg) 

Broker moves

• Mirvac Group Reinstated Hold at Barclay Pearce Capital

• Orora Raised to Outperform at Macquarie; PT A$3.60

• Altium Raised to Positive at Evans & Partners Pty Ltd; PT A$42

• Bluescope Raised to Outperform at Credit Suisse; PT A$28.30

• Camplify Cut to Hold at Morgans Financial Limited; PT A$4.20

• Woodside Raised to Positive at Evans & Partners Pty Ltd

Major movers today

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