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The ASX finished lower today with decent sessions from miners and energy stocks more than offset by weakness in technology and financials, as selling in CBA struck again, capping broader momentum.
The ASX200 started Tuesday in an encouraging fashion, up ~0.5%, as the US government neared a reopening deal, before the index reversed to close down 17 points, or 0.2%. The weakness was almost entirely down to CBA, even though winners outstripped losers by 2:1, when the ASX’s largest stock tumbles 6.6%, the local bourse is going to struggle to close higher.
The ASX200 wavered through Tuesday’s session, opening up strongly after steps toward a resolution for the U.S government shutdown saw U.S markets rip overnight.
The ASX 200 rallied strongly on Monday, closing up +0.8% with 70% of the main board finishing higher. The local bourse enjoyed a strong tailwind from US futures and commodity prices as risk markets bounced on the news of the imminent end to the US government shutdown.
A constructive start to the week underpinned by strength in US Futures on news the Govt shutdown is nearing an end – that supported the risk on trade with the ASX building on gains as the session progressed, fueled by good buying in tech, Gold and Uranium.
The stock market didn’t crash last week, but after 7-months of “risk-on” enthusiasm, cracks have started to emerge. Rich valuations and fresh doubts over the real-world payoff of AI dragged US tech stocks to their worst week since April.
The ASX 200 finished the week down -1.3%, sliding to new 9-week lows on Friday and marking 7 declines in the past 9 trading sessions. Only the energy sector provided meaningful support to the index, while technology, resources, and rate-sensitive areas such as consumer discretionary and real estate noticeably underperformed.
Lots of corporate news across the ticker today, most of it was negative. Weaker results from Macquarie, sluggish domestic travel volumes at Qantas, higher costs for Afterpay owner Block, a weaker 2H outlook for advertising business oOmedia, mid-single digit growth (only) for REA Group and a near halving of share price for Alliance Aviation – it’s easy to understand why the market traded lower to end another softer week for equities.
The ASX 200 bounced +0.3% on Thursday, helped by a strong session for the miners and energy names. Some stability in the likes of gold and iron ore was enough to push the sector higher, with all but a handful of names posting solid gains. The top-200 surged almost 70-points in early trade, but handed back more than half those gains as momentum waned in the afternoon, led by a couple of negative surprises on the stock level:
The ASX 200 edged higher snapping a multi-day slide as miners and gold stocks rebounded on firmer commodity prices. Sentiment spilled over from US markets following a buy-the-dip rally on Wall Street, though the push higher was muted by a weaker session for banks after a softer result from NAB and WBC trading ex-dividend.
