Indices: Australian ASX 200
The ASX200 has felt weak compared to the FTSE over the last year but when we stand back and take a look at its relative performance before & after Covid its simply reversed the major outperformance enjoyed over the last 18-months when both our banks and resources were strong i.e. the relative performance between the ASX and FTSE has simply snapped back towards more common levels.
The ASX200 rallied +0.8% yesterday on reasonably broad based buying that saw over 60% of the main index rally while importantly there was an absence of any meaningful aggressive selling across any of the 11 sectors. Its early days but stocks are positive for the month following the carnage experienced by equities through June, the market feels well supported at the moment which coincides with the…
