Indices: Australian ASX 200
After a choppy session, the ASX200 closed slightly lower on the first day of October, with BHP Group (BHP) shaving 17 points off the index, which ultimately slipped just three points.
The ASX200 slipped 0.2% on Tuesday after the RBA and Michele Bullock threw a wet towel over the “Rate Cut Party”, although she really only maintained her logical, cautious narrative.
The ASX 200 put in a stellar performance on the penultimate day of September, advancing by +0.9% and reducing the month’s decline to 1.2% with just today remaining. Gains weren’t overly broad-based, with less than 60% of the main board closing higher, but when the “Big Four Banks” advance on average more than 1.8% the index is almost guaranteed to rally, and when it’s supported by the influential healthcare names, and a rampant gold sector, gains become magnified ultimately delivering the best day since September the 4th.
The ASX200 has slipped 2.1% so far in September, which is less than the average for the last decade, for the infamous month although the local index has been weak compared to the US Indices, with the S&P 500 posting new highs.
The ASX 200 finished +0.4% higher on a fairly choppy Monday, which saw a very strong local market opening, eventually losing half of the early gains.
The ASX200 rose 0.3% on Tuesday, finishing mid-range in subdued trade. Uranium names powered the energy sector to the day’s best performance, while defensive healthcare and consumer staples lagged, each slipping 0.3%.
The market managed to grind out a gain today, helped along by the miners, with particularly strong showings from gold, iron ore and uranium as all three surged on different drivers – we’re taking a breather on gold and took a profit on our Evolution Mining position.
The ASX 200 slipped 0.1% on Monday as investors continued to “buy the dip”, allowing the market to recover from an initial 0.8% fall. The winners managed to outnumber the losers on the main board, but weakness in heavyweights CBA, BHP and CSL was enough to drag the index into negative territory, albeit just.
