Indices: Australian ASX 200
The ASX200 slipped back into its recent bad habits yesterday with investors prepared to chase a few bargains into weakness but unfortunately, there remains a clear absence of buyers into any meaningful degree of strength – it appears we need some improvement on the macro level before some real confidence returns to stocks but this can often occur when least expected. However, through Wednesday’s session, it was a sharp decline…
The ASX200 opened strongly on Tuesday as anticipated but it was pleasant change compared to the rest of June that we managed to hold onto these gains although a surging S&P500 Futures market certainly helped the sentiment. The main Australian bourse ended the day up +1.4% with over 70% of the main board closing in positive territory. The Financials & Resources Sectors combined to lead the gains with many energy…
The ASX200 came under renewed pressure on Monday only from a different sector this time as the miners were smacked in line with their underlying commodities e.g. iron ore plunged 11% at one stage yesterday taking Fortescue Metals (FMG) down -8.6% in sympathy. Over 55% of the main board’s stocks rallied over the day but when the heavyweight resource stocks fall ~5% it’s always going to be tough going for the broad market. It feels like…
