Trade concerns force some profit taking

James Gerrish

Market Matters

The local market sold off on the open today and struggled to stage any kind of meaningful recovery as the session rolled on. Trade tensions simmering was seen as the catalyst to take some profits today after a decent run up in recent trading days and the local market followed the US markets lower. This week has seen huge outperformance from the ASX vs its North American counterparts - for the year to date the ASX200 is currently tracking 176bps better than the S&P500

ASX200 vs S&P500

Energy names were the hardest hit following the rout in oil overnight on slowing global growth expectations as well as rising stockpiles despite OPEC production curbs. Consumer discretionary names edged higher as they continue their climb.

I sat down with Harry Watt today to discuss the implications of a range events circling the market at the moment – Trade wars, elections, interest rates and more – CLICK HERE to view

Overall today, the ASX 200 fell -35pts or -0.55% to 6456. Dow Futures are trading up +86 points / +0.34%

ASX 200 Chart

ASX 200 Chart


Sectors this week;

Stocks this week;

Broker Moves;

  • Freightways Downgraded to Neutral at UBS; PT NZ$8.60
  • Freightways Downgraded to Underperform at Forsyth Barr; PT NZ$8
  • Argosy Downgraded to Neutral at UBS; PT NZ$1.32
  • Argosy Cut to Underperform at First NZ Capital; PT NZ$1.20
  • AGL Energy Downgraded to Underperform at Macquarie; PT A$19.99
  • Sanford Upgraded to Outperform at First NZ Capital; PT NZ$7.57
  • Cooper Energy Rated New Sector Perform at RBC; PT A$0.60
  • SCA Property Downgraded to Sell at Morningstar
  • Reliance Worldwide Downgraded to Hold at Morningstar
  • Ansell Upgraded to Outperform at Credit Suisse; PT A$27.50

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James Gerrish
Portfolio Manager
Market Matters

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...

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