Archives: Reports
The ASX200 felt tired for much of last week but it still managed to rally & close at fresh 10-week highs courtesy of some solid buying across the resources stocks e.g. Whitehaven Coal (WHC) +11.2%, BHP Group (BHP) +7%, South32 (S32) +3.5% and IGO Ltd (IGO) +2.7%. Conversely 2 sectors which weigh on the index and general sentiment dragged the chain
A subdued end to a positive week for the ASX with Energy & Material stocks the only real shining light while there were a few hits and misses from reporting, MM chalking up our first ‘landmine’ in TPG Telecom (TPG) which dampened what was an otherwise strong week across portfolios.
The ASX200 experienced broad-based selling on Thursday with less than 25% of the index up on the day but the market heavyweights helped avoid any meaningful weakness on the index level i.e. Commonwealth Bank (CBA) +1.4%, BHP Group (BHP) +0.7% and CSL Ltd (CSL) +2.3%. Thursdays -0.2% decline hardly made a dent in the market’s recent advance, again we saw the market rally well from its early lows reducing the losses by ~70% in the process as the path of least resistance is still clearly up!
A weaker session today for the ASX with some hits and misses from companies that reported. Energy stocks were strong, Coal names continuing their recent momentum while IT fell on higher bond yields and some weaker commentary from heavyweight Xero (XRO).
The ASX200 again made fresh 10-week highs yesterday helped by strength from the consumer-facing stocks but the buying was broad-based in nature with almost 70% of stocks on the main board advancing. The sector which stood out the most to MM were the retailers with all 8 in the ASX 200 Retailing Sector advancing. While we own discretionary retail stocks across three of Market Matters portfolios, our Flagship Growth portfolio doesn’t which feels like an omission given the better than feared outcomes being…
Following a stronger than expected result from retail goliath Walmart overnight, the retailers led the ASX higher today with both the consumer discretionary & consumer staples sectors leading the line, while a decline by CSL weighed on the healthcare sector. Overall, reporting continues to be better than expected, Aussie corporates showing resilience and guidance is holding up in a general sense, meaning that dips are being bought at the index level.
MM is making a number of changes across portfolios.
Yesterday we said that it was unlikely the ASX200 could breach the psychological 7100 area before CBA trades ex-dividend this morning but we didn’t count on BHP hitting the ball out of the park with its FY’22 result – Tuesday saw the index rally 41-points to close at 7105 with BHP contributing almost 60% of the market’s advance. However, Commonwealth Bank (CBA) will trade ex-dividend this morning, $2.10 fully franked, which if all else is equal is like to take the market back towards 7050 in a quick fashion.
A strong open to trade this morning with the market buoyed by a very positive update from BHP, however, the best of it was seen early before a few sellers crept out of the shadows mid-morning. Stepping back for a moment, the ASX 200 peaked at 7624 on the 20TH April, coincidentally on my 40th birthday, before falling 1217 points / 16% to 6407 on the 20th of June – hopefully not a broader omen on life! From that low, the market has rallied 724pts…
The ASX200 knocked on the door of its August high yesterday before finally closing up +0.45% on broad based buying which saw over 67% of the main board close in positive territory. If it hadn’t been for a disappointing report from Bendigo Bank (BEN) which fell over 8% dragging much of the sector down in sympathy we could have been testing 7100 but with Commonwealth Bank (CBA) trading ex-dividend $2 fully franked on Wednesday it may prove a touch too much to ask this week.
