Indices: Australian ASX 200
The ASX200 rallied strongly yesterday to close +1.1% on broad based buying and importantly an absence of meaningful selling – even the embattled Mining & Energy sectors reversed early loses to close marginally higher. However its was the tech names that finally performed the heavy lifting for the ASX with over 90% of the stock’s closing up on the day, assisting the sector post a healthy +3.3% gain. MM has been looking…
The ASX200 fell 0.7% yesterday under the weight of aggressive selling across the resources sector, almost the complete opposite to how equities kicked off last week e.g. Tuesday saw Santos (STO) -4.1%, IGO Ltd (IGO) -6.8%, BHP Group (BHP) -4.2% and OZ Minerals (OZL) -3.5%. Fortunately the banks maintained their recent strength to limit the losses as the Big Four managed to collectively rally over 1%.
