A good week for the ASX adding +1.69%
Some volatility came back into the Aussie market this week and it feels a long time between drinks. We started off flat on Monday, ripped up for two solid days on Tuesday / Wednesday, a correction on Thursday then a reasonable wrap up on Friday. Overall, the index put on +96pts or 1.69% in aggregate in what seems to be a choppy bottoming pattern for stocks.
The weekly range for the ASX 200
The US Fed raised rates and guided for further tightening yet the market seems sceptical. We spoke with Martin Crabb, Chief Investment Officer at Shaw and Partners today around market valuation, earnings growth and the impact of those higher interest rates in the US. Click to view
For the session today, the real-estate stocks were once again the standout just as concerning headlines around real estate prices are hitting the mainstream media. We touched on retail stocks yesterday and they too had a good session today. Overall we had an overall range of +/- 33 points, a high of 5795, a low of 5762 and a close of 5774, up +11pts or +0.19%. – some weakness late in the day after a strong open.
ASX 200 Intra-Day Chart
ASX 200 Daily Chart
Insurance stocks – QBE and SUN continue to look good here. We have a 16% portfolio weighting to these two names at present.
Have a great weekend and keep an eye out for the report on Sunday!
The Market Matters Team
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