Afternoon trading Aug 30

  1. 14,238 Posts.
    lightbulb Created with Sketch. 6
    Thanks Oscar and morning crew.


    Half-time round-up:

    A tentative recovery on the ASX petered out this morning as Telstra traded without its dividend and the big banks wallowed near 12-week lows.

    The ASX 200 briefly recouped half of yesterday's North Korea-inspired 41-point slump before fading to a mid-session deficit of two points or less than 0.1% at 5559. The financial sector lost ground for a sixth straight day, easing 0.2% to levels last seen in early June. Telecoms was the biggest drag, diving 5.3% as Telstra went ex-dividend. Consumer staples +1.1% and IT +1% were the best of the sectors.

    Australia was the odd market out as most Asian markets rebounded from yesterday's 'flight to safety' after North Korea fired a missile over Japan. Hong Kong's Hang Seng put 0.72% and Japan's Nikkei 0.55%. China's Shanghai Composite was little changed at +0.07%, Dow futures were recently up ten points or 0.05%.

    "The risk off sentiment that overshadowed markets after the launch of yet another missile from North Korea didn't even last 24 hours," NAB Director of Economics David de Garis told CNBC.

    Crude oil futures dipped 12 cents or 0.26% this morning to US$46.32 a barrel. Gold futures shed 60 cents or 0.05% to US$1,318.30 an ounce. The dollar was buying 79.94 US cents.


    Bounce? What bounce? The ASX is looking shaky. Needs to hold around these levels if the current trading range is to remain valid. Otherwise we're going down, down. Trading: sluggish morning. Caught CVT at the low but not enough for a decent return. Also took a small dab at SUD at support.
 
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.