Archives: Reports
The ASX200 fell away on Friday to close down 0.6%, with the heavyweight miners and banks largely reversing early gains to close lower. The index still managed to end the week up +0.3%, but it failed to hold above the psychological 9000 level, with healthcare, and especially CSL, weighing heavily. The week, as expected, was dominated by the reporting season, with “misses” treated a touch more severely than beats were embraced. However, that’s no major surprise with the index posting all-time highs as often as it rains in Sydney!
The market tapered off as the day progressed with the ASX giving back half of yesterday’s strong move – as reporting season roles on. More misses than hits today with some big moves playing out as a consequence.
The ASX 200 surged over 100 points on Thursday to close above the 9000 level for the first time, who would have thought back in April? All 11 major sectors closed higher as the bulls got the bit between their teeth, and sellers were very stock-specific.
The ASX opened strongly and surged past the 9000 mark for the first time around midday, rallying on the back of broad-based gains as all 11 sectors finished in positive territory. Solid results from Super Retail and Brambles kicked off proceedings with broker upgrades on stocks that have already come through providing more firepower.
The ASX200 closed up +0.25% on Wednesday, which was impressive considering James Hardie (JHX) was thumped ~28%, and CSL extended Tuesday’s decline by another 2.1%.
The ASX opened weaker but staged a sharp 77-point rally through midday, before easing back in the afternoon as US futures turned lower. Heavy selling in James Hardie and ongoing pressure on CSL weighed on materials and healthcare though strength in the Big Four banks, all up 1-4% more than offset weakness.
The ASX200 fell 0.7% on Tuesday, with healthcare behemoth CSL inflicting all of the damage to the index; more stocks finished the session up on the day! However, when the market’s third-largest company by market capitalisation at the start of the day tumbled almost 17% to end the day as the fifth-largest, it inevitably had a meaningful impact on the underlying index. To paint a clear picture, the ASX200 closed down 63 points, with CSL contributing 65 points on the negative side of the ledger – more on CSL later.
Rocks and diamonds for the ASX today on the reporting front, with some very strong updates from the majority of companies, then came CSL, finishing down 16.9% and taking 65 points off the market i.e. excluding CSL from the equation, the market would have finished flat.
The ASX200 closed up +0.2% on Monday, cautiously nudging closer to the psychological 9000 level. With over 80% of the ASX200 still to report, there’s likely to be plenty of action on the stock level over the coming weeks.
The ASX whipsawed between positive and negative territory today with another strong move from the banks providing some stability, pushing the index higher into the close. Results continue to stream in and were mixed today, though only 16% of the top 200 companies have reported – so still plenty more to come.
