Indices: Australian ASX 200
The ASX200 surged higher last week with the resources leading the charge as the $US fell sharply e.g. Sandfire (SFR) +22%, BHP Group (BHP) +9%, Newcrest Mining (NCM) +14% and South32 (S32) +11%. The Tech Sector stood out from the crowd on Friday following the weak US CPI on Thursday, if we are correct the embattled growth stocks are about to play some performance catch-up after an awful 2022 to date.
The ASX200 slipped -0.5% on Thursday as a clear break of the 7000 level continued to be one step too far – until this morning! Selling was fairly broad-based yesterday with 65% of the index closing in the red although weakness was noticeable in the influential Resources, IT, and Banking Sectors. However, considering the US market had fallen over…
