The Match Out: ASX slides into the weekend, Energy stocks buck the trend

A quiet session to kick off the new month ahead of a long weekend in the US (markets closed Monday 4^th) – the energy stocks stood out with a combination of stock-specific factors and further stimulus from China, while the Healthcare sector continued to struggle. Nice to have August now in the rear-view mirror, allowing us to take stock, armed with a lot more information and some clearer thoughts as we progress into the latter part of the year. Enjoy the weekend, especially all the Dads for Father's Day.

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The funds go directly to help kids with Cancer, and their families, and it really warms my heart that so many of you have been so generous – the support has simply been phenomenal

For those that haven’t donated, and would like to, CLICK HERE and let’s get it up to 40k!!

Now back to markets...

• The ASX 200 finished down -27pts/ -0.37% at 7278.
• The Energy sector was best on ground (+1.58%) while Consumer Discretionary (+0.19%) & Communications (+0.10%) also finished higher.
• Healthcare (-1.42%) and Property (-0.86%) the weakest links.
• Five of China’s biggest banks cut interest rates on a range of deposits today in a coordinated effort to ease pressure on margins and stimulate spending.
• The energy sector was strong on the back of the move, Whitehaven (ASX: WHC) +3.94%, Newhope (ASX: NHC) +3.02% & Paladin (ASX: PDN) +3.55%
• Santos (ASX: STO) +1.82% has announced that it has sold a 2.6% stake in PNG LNG to Kumul Petroleum for $576m plus assumption of $160m in debt. That price is in-line with the previous announcement that they would sell 5% for US$1.4b.
• Packaging group Orora (ASX: ORA) is still suspended, not in a position to announce the potential acquisition of Saverglass but it has made “substantial progress” with the target owner Olympe. Both parties have agreed on commercial terms. More out Sep 5
• Fortescue (ASX: FMG) -5.27% announced the resignation of their CFO Christine Morris, 3 days after the CEO Fiona Hick resigned. The 11^th senior exec to leave in 3 years
• PointsBet (ASX: PBH) +3.69% will return $458m in capital to shareholders with the first tranche of $315.4m due on 4^th Sep.
• Magellan (ASX: MFG) +3.58% bounced back after yesterday's sharp sell-off.
• Qantas (ASX: QAN) –1.52% kept sliding as Alan Joyce cops a battering in the media.
• Iron Ore edged higher in Asia trading at $US115/mt
• Gold was trading at US$1940 at our close – flat on the overnight session.
• Asian stocks were higher Hong Kong up +0.23% , Japan +0.52% while China was up +0.36%
• US Futures are marginally higher.
• US Non-Farm Payrolls tonight with +170k jobs expected, and the unemployment rate to stay at 3.5%.
• No trade in the US on Monday night – closed for Labor Day.

ASX 200 Chart - Intraday 

ASX 200 Chart - Weekly

Sectors This Week

Stocks This Week 

Broker Moves

• Resimac Group Cut to Hold at Bell Potter; PT A$1.09
• Ainsworth Game Cut to Reduce at CLSA; PT A$1
• Healthia Cut to Hold at Canaccord; PT A$1.80
• Brambles Raised to Overweight at Jarden Securities; PT A$16
• Costa Raised to Outperform at Macquarie; PT A$3.19
• Austal Cut to Neutral at Macquarie; PT A$1.95
• Nickel Industries Raised to Buy at Canaccord
• Harvey Norman Raised to Buy at Citi; PT A$4.60
• Atlas Arteria Raised to Add at Morgans Financial Limited
• Atlas Arteria Raised to Buy at Jefferies; PT A$6.88
• Sandfire Cut to Hold at Morgans Financial Limited; PT A$6.35
• PointsBet Raised to Buy at Bell Potter; PT A$2.10
• Costa Raised to Accumulate at CLSA; PT A$3.20

Major Movers Today 

Enjoy the night!
The Market Matters Team

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