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The ASX pushed to another record close, extending its February rally with a strong bounce back in tech on a positive read through from Nvidia’s result, and the vast majority of companies reporting better than hoped earnings.
We are amending the Active Growth Portfolio
The ASX 200 powered to a fresh all-time high on Wednesday, ending the session with triple-digit gains. In character with recent action on the stock/sector level, gains weren’t as broad-based as we would usually expect for such a barnstorming day, with more than 30% of the main board closing lower, along with the consumer services, defensive utilities and consumer discretionary sectors. It’s starting to sound like a stuck record, but the miners performed the heavy lifting with BHP Group (BHP) contributing ~28% towards the day’s gain – the “Big Australian” is on fire, adding another +3.2%, extending its surge so far in 2026 to +24%, and we’re less than two months in!
The ASX powered to a fresh record high today, brushing off a hotter-than-expected inflation print as investors leaned into a sharp rebound in technology stocks and a blockbuster earnings response from several companies.
We are making several changes to the growth & income portfolios
The ASX200 closed flat on Tuesday despite less than 40% of the main board advancing. The story at the stock/sector level remained the same, with miners and banks offsetting losses across the broader market. BHP, Westpac and NAB added 24 points to the index. BHP, often referred to as the Big Australian, made new all-time highs on Tuesday, trading above $55 for the first time while it reported strongly this month, its starting to remind us of the feeding frenzy where ETF and momentum buyers drove CBA towards $200 in the first half of 2025:
The ASX finished essentially flat after giving back early gains, as another bout of selling in technology and financial stocks with continued weakness across the insurance complex as AI disruption fears linger
The ASX200 wobbled on Monday, as was largely expected, following Trump’s tariff tantrum over the weekend, which created uncertainty around US trade policy. The local bourse slipped 0.6%, with over 70% of the main board retreating, but another strong session from the miners stemmed the losses, with heavyweight BHP again posting a fresh all-time high, closing up +19% year-to-date.
The ASX drifted lower as renewed uncertainty around US trade policy weighed on risk appetite, while gold extended its rally. Markets reacted to the US Supreme Court curbing President Trump’s tariff powers, prompting him to flag a temporary 15% blanket tariff on imports. The policy whiplash lifted safe havens, pushed the Aussie dollar towards US70.9c, and reignited selling pressure in technology.
On Friday, the US Supreme Court struck down most of Trump’s sweeping tariff policy under the International Emergency Economic Powers Act, ruling in a 6-3 vote that the law does not authorise the president to impose tariffs. Markets reacted positively to the ruling, with stocks rising, including Amazon, up more than 2%, alongside gains in retailers Home Depot and Five Below, amid hopes of relief from tariff-driven cost pressures and sticky inflation.
