Archives: Reports
The ASX punched new 8-month highs for the 5th consecutive session today with the bulls outlasting some lunchtime wobbles to trade higher into the close. It was the commodity sectors of energy and materials leading the charge, and impressively carrying the index as less than half of the shares in the ASX200 closed higher on the day. Telcos were the main drag on the index, but most surprising was a fall in the Financials despite the green session. The ASX climbed more than 1% for the week for the third consecutive time, adding 124pts / +1.69%.
The ASX200 put in an extremely impressive performance yesterday rallying +0.57% posting its highest level since May in the process, all after the Dow had tumbled more than 600 points following weak economic data (Retail Sales & Producer Price Index). On Thursday we saw Australian unemployment unexpectedly nudge higher to 3.5% while the participation rate dropped 0.2% following a surprise drop in employment, as would be expected bond yields fell as investors hoped for the end to rate hikes sooner rather than later. Under the hood the story remains a touch clouded:
Local shares shrugged weakness seen in international markets today to storm to a new 8-month high. The market eased slightly on the open, however, once employment data hit at 11.30am, buyers stepped up to the plate. Despite the strength in the index, only half of the ASX200 managed a gain today- clearly the heavyweights doing the heavy lifting. The influential sectors of Materials and Financials were the top performers while Tech and Energy both struggled.
The ASX200 edged up +0.1% yesterday helped by further gains by the Tech Sector while losses in Real Estate & Utilities dragged on the index although it was overall a quiet day illustrated by only two stocks on the main board moving by more than 5%. The Bank of Japan (BOJ) produced the most fireworks during the lacklustre session when they surprised many pundits ignoring market speculation/expectations for policy tweaks sending the Yen tumbling in the process. There were some major moves at 2 pm on the announcement albeit fleeting in some cases:
Another quiet session from an index perspective with the ASX trading in a tight band of fewer than 20 points on either side of yesterday’s close before settling marginally higher. Tech was the standout sector today with Healthcare a strong second place, both helped by falling bond yields. Real Estate was the main laggard, while the utilities continued its recent slide. The big news today was the Bank of Japan holding rates at -0.1%, some economists were predicting the first move from the BOJ in 7 years.
MM is reducing SFR in the Flagship Growth Portfolio.
MM is reducing SFR in the Flagship Growth Portfolio.
The $US has fallen over 11% since late September spiking life back into the likes of gold, silver and copper taking the Australian Resources Sector along for the ride e.g. this week even saw the “Big Australian” BHP Group (BHP) hit $50 for the first time. However, as Shawn discussed on AusBiz yesterday MM doesn’t believe it’s going to be a one-directional journey for this influential sector which could provide an excellent platform for investors’ portfolios over the coming years if navigated correctly. Our view is basically split into 2 parts:
The ASX snapped a 4-day winning streak today, though only ending marginally lower after a directionless session given US markets were closed overnight. Surprisingly, more than half of the sectors in the index closed higher today, lead by a strong +1.8% gain in the Consumer Staples sector, while Real Estate was also better than 1% higher. On the flip side, Utilities were the worst performer for the second straight session falling -1.25%, while…
The ASX200 rallied another +0.8% yesterday on broad-based buying reaching levels not enjoyed since June of last year, over 75% of the index advanced, and all 11 sectors advanced while in the loser’s corner lithium and iron ore names were the market’s weakest pockets. As we head into what most pundits believe is an almost certain recession the local market is now only 3.2% below its pinnacle posted last August – investors might be bearish but the stock market is not listening.
