Afternoon trading September 21

Thanks QT and morning crew.


Half-time round-up:

The share market rallied to a two-week high as heavyweights BHP and CBA helped the benchmark index reclaim the 6200 level.

The ASX 200 advanced 34 points or 0.5% to 6204 mid-session after earlier running as high as 6210. The gain positioned the index for a second straight weekly rise as investors continued to discount the impact of a US-China trade war. Mining giant BHP helped drive the metals & mining index to a gain of 1.2%. CBA fuelled a 0.5% rise in the financial sector. Other pockets of strength included IT +1.4% and telecoms +1.2%.

The market tone was set by a record close on Wall Street overnight despite a simmering trade dispute with China. The S&P 500 tacked on 0.78%, while the blue chips of the Dow rose 0.95% to a new peak, the Average's first since January. However, some analysts fretted that the market was blind to the potential economic impact of tit-for-tat tariffs.

“I do think that the market right now is incredibly complacent,” Dec Mullarkey, managing director of investment strategy at Sun Life Investment Management, told MarketWatch. “I think both countries are on a collision course and that’s not going to get resolved quickly and I think we’re heading toward all China imports getting hit with tariffs.”

China's Shanghai Composite eased 0.1%, but Hong Kong's Hang Seng added 0.35% and Japan's Nikkei 0.5%. S&P 500 futures were recently ahead half a point or 0.02%.

Crude oil futures reversed 35 cents or 0.49% this morning to US$70.77 a barrel. Gold futures improved $1.30 or 0.11% to US$1,212.60 an ounce. The dollar was buying 72.87 US cents.



Trading: waited for CZL at the right level but didn't get a fill - so I guess that makes it the wrong level. Small speculator in MEI with equally small ambitions. Wish I still held CAG from yesterday.