Palantir Stock- This week’s most traded stocks
While trading volumes have remained relatively quiet due to
the Easter break, the ASX200 passed 7000 points for the first time since
February 2020 on Thursday, before closing at 6998 points. The market is up 2.5%
over the last five days, as positive global news on vaccines continues and
travel bubbles further open up the economy.
On nabtrade, investors have taken advantage of recent market
strength to take profits and sell down overweight positions. Westpac (WBC)
was a huge sell on Thursday, having been a strong buy during the market’s
collapse in early 2020 and also prior to the latest reporting season. Many
investors felt Westpac had not bounced as strongly as its peers and was likely
to outperform after its results, and have been rewarded. Investors also sold
into strength in nab (NAB), ANZ (ANZ) and Commonwealth Bank (C(BA)).
In mining, investors sold off Fortescue Metals (FMG)
on Thursday, after buying earlier in the week. BHP (BHP) and Rio (RIO)
were sold off also. Interestingly, net selling in BHP tends to reflect small
profit taking; very few holders sell down their holdings, regardless of price
strength. SMSFs in particular have shown a strong preference to ride the iron
ore wave all the way to shore.
In gold stocks, Evolution Mining (EVN) is well off
its highs, but this week’s price bounce (including 2% on Thursday) has led to
profit taking. Newcrest Mining (NCM) has followed a similar price
trajectory, and has also seen some selling.
Afterpay (APT) has seen selling above $110, but
Thursday’s bounce over $120 has brought out the buyers again. Morgan Stanley
has reduced its price target on APT from $159 to $149, leaving current holders
with plenty of upside. Zip Co (Z1P) continues to be a trader’s
favourite, with interest surging as its price rose over 2% on Thursday.
Tabcorp (TAH), not often seen in the most traded
stocks, has returned from its lows, leading to selling from longer term
On international markets, Tesla ((TSLA).US), Microsoft
((MSFT).US) and Pfizer (PFE.US) all saw net selling, while
investors bought Palantir (PLTR.US) and Apple (APPL.US). The
largest single trade on international markets was a Chinese bull market ETF,
suggesting one investor sees strong potential for the FTSE China 50 index in
the near future. This product delivers daily repricing and is only for those
with a very high tolerance for risk.
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