Thursday 20th March - Dow up +383pts, SPI up +51pts

20/03/2025

Thursday 20th March – Dow up +383pts, SPI up +51pts

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Afternoon report 25/06/2025

The Match Out: ASX flat, Xero (XRO) makes big bet on the US

The market held on to yesterdays rally today, finishing flat, as strength continued in the banks while the miners lagged as we approach the EOFY i.e. the trends that have persisted in FY25 are extending, however, what comes in FY26 is now firmly on our radar. While it’s hard to see anyone selling CBA before the 30th June and wearing a big tax bill, CBA’s +50% gain this year (relative to its ~4% earnings growth) pushing it up to a ~12% index weight in the ASX 200 is simply extraordinary. They say trees don’t grow to the sky, but CBA is certainly having a good crack, pushing its valuation to ~29x and yield down to 2.5%, closing today at a new record of $191.40!