Archives: Reports
Friday saw the ASX200 unceremoniously smacked to the bottom of the last 6-months trading range as the fallout from rising inflation / bond yields continued to gather momentum. Only 6% of the ASX200 managed to close up on the day as the unrelenting selling washed through all 11-sectors, the best group on ground still fell by over 1% illustrating the broad based nature of the market capitulation. Aside from the sheer weight of selling a couple things did catch our attention:
Local equities traded to their lowest intraday level since the 29th of September during today’s broad-based selling. Following the overnight moves and compounded by further weakness in US futures today, Aussie equities finished the week with a straight sets smacking. Energy & materials felt the worst of it but all sectors were weaker on the day. Inflation concerns was the main issue on traders’ minds today, a flight to cash ahead of the weekend was on the agenda for most.
The ASX200 put in a solid result yesterday managing to close slightly higher even after a torrid session on Wall Street, only 30% of the index closed positive but the gains in the resources names were enough to tip the balance. Gold stocks were the undoubted standouts across the board with even the relatively conservative play Newcrest Mining (NCM) managing to surge over 6.5% while our other specific exposure to the sector in MM’s Growth Portfolio, Northern Star Resources (NST), was the main boards top…
A fairly lacklustre session at the index level today with the market only marginally higher, however there were some big moves at the stock level. Gold the standout with a number of names up more than 10% as the precious metal traded up to US$1840, some IT stocks bounced well while there was also some strong moves in the broader resources & energy sectors, Copper & Iron Ore particularly upbeat while Crude Oil also traded higher. Today certainly…
Yesterday felt like “15-love” to bond yields as the ASX200 was clobbered 76-points following a bad session on Wall Street which was then compounded by further weakness in the S&P500 futures during our day session. However 25% of stocks did still manage to close up on Wednesday with the gains feeling far more stock specific as opposed to…
A tough day at the office for the Australian market today with the ASX down over 1% led lower by the IT and healthcare sectors. Financials were also weak however there were some offsets, with Energy strong and Utilities living up to their defensive qualities, while at the corporate level we actually saw some positive updates from stocks, and they rallied! As we’ve written a few times of late, stock picking in 2022 will be very important.
Tuesday saw the Australian market slip just -0.1% after steadily surrendering the mornings gains through the afternoon, this morning we see another example of the ASX’s uncanny knack of picking major moves on overseas bourses. Yesterday saw only the Healthcare Sector move by over 1% and it was on the downside with losses pretty evenly spread throughout most stocks. At 4pm yesterday afternoon it felt like the regularly mentioned 7400 magnet was restraining local stocks but a few hours later as the US tech futures plunged 2% and bond yields surged to fresh 2-year highs the reason lurking beneath the surface became far more apparent.
The Match Out: ASX gives up early gains, Healthcare struggles, JB Hi-Fi (JBH) see strong 2nd Quarter
The local market started on the front foot today, trading as much as +28pts/+0.38% to 7445 around midday before selling off into the afternoon. The slide seemed to coincide with the Bank of Japan (BOJ) talking to inflation risks, increasing their CPI expectations for the next 12 months to 1.1%. Healthcare was weak today, and while the Tech sector finished marginally better, it was the standout earlier in the session and felt the brunt of the afternoon’s weakness.
The ASX200 continues to dance around the 7400 area, it’s now been well over 6-months of passing the performance baton between different stocks & sectors with the only constant being whenever the market looked ready to enter a trend it would reverse. Monday saw relatively broad based gains but an average day for a number of the major miners saw the markets final gain limited to 0.3% on a day which saw China appearing forced to cut rates as Omicron threatens their economic growth. The move by the PBOC…
A positive session for local stocks to kick off the week with a muted start before the market pushed higher into the afternoon session – a bounce back in the retailers after a period of weakness led the market today while Energy was again supportive.
