The Match Out: ASX runs out of steam, Douglass relinquishes Magellan (MFG) board seat, Wesfarmers (WES) takeover of API cleared

A disappointing session today with early strength fading throughout the day. The index was at one stage up 56pts (+0.77%) to 7350, the highest level in a month before falling a total of 72pts and closing on the low of the day. Tech was a surprise star in the with most holding up well throughout the session managing to build on the momentum from last week. The resource sectors were also in the black on a softer day thanks to support from commodity markets.

• The ASX 200 finished down -15pts (-0.22%) at 7278
• Tech outperformed the broader market by more than 2.5% to finish ahead of the pack.
• Industrials and Healthcare were the main detractors, both falling more than 1%.
• Australian Pharmaceutical Industries (API) will be taken off the boards tomorrow after the courts approved the takeover by Wesfarmers (WES). It’s a change in scenery for Wesfarmers with API’s franchise model.
• Magellan (MFG) fell -4.32% after announcing Hamish Douglass has resigned from the Board. He’s been on medical leave since early February with no return date set.
• The Bloomberg Commodity Index was up 1.28% which helped support materials stocks. Crude oil also tracked higher today.
• Iron Ore fell slightly, down -0.73% in Asia
• Gold was marginally higher, +US$5 in Asia, to be around $US1926 at our close
• Asian markets were mixed. Hong Kong (-1.54%) and the Shanghai index (-0.88%) fell as the PBOC left rates on hold over the weekend. Japan’s Nikkei was up +0.65% today.
• US Futures are pointing to a weak start to the week. S&P futures -0.42% and Nasdaq -0.61% at the time of writing. 

ASX200

Broker Moves

• MyDeal.com.au Cut to Hold at Morgans Financial Limited

Major Movers Today

Enjoy your night

The Market Matters Team

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