An early Wallabies exit from the World Cup could have a silver lining.
Yes, brokers and their dealing desk clients have more to talk about on Monday mornings, butThe Wallabies’ first loss to Fiji in 69 years may spoil some Australians’ holiday plans.Brokers are complaining that a bunch of their key fund manager clients had headed to watch the Wallabies in France which combined with the start of school holidays in some states meant an extremely quiet day’s trade on the ASX on Monday.
Less than $5 billion shares changed hands in the session to make it the eighth worst trading day of the year, according to Bell Potter’s Richard Coppleson, which is about 25 per cent less than what you would normally expect. That is terrible for mid-September, when fund managers would normally be adjusting portfolios post reporting season, still buying and selling stocks that did and did not impress on results day and ensuing management roadshows.The worst thing for brokers is that passive funds and high-frequency orders are still flowing – just not active institutional investors, who make up the bulk of their commissions and drive the most interesting share price changes in the market.
That Monday was so quiet is a poor sign for the rest of the week, the rest of the month and even the rest of this year, which was already shaping up as a shocker for cash equities volumes. Turnover has been down on last year for every month since February. What could change it? A few big deals would help: another Sydney Airport of Afterpay would stir up interest, as would a few big discounted equity recapitalisations.
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