Archives: Reports
It’s great to be back on deck and a special welcome to our new subscribers who came on board over Christmas. As refresher to new and old, our report schedule is as follows:
A positive session for the final day of trade before Christmas, a shortened session and volume was a pittance of the norm however positive non-the-less as we all embark on the joys of a festive feast. Today it was the Retailers and the Real-Estate stocks vying it out on the leader board up 0.80% and 0.57% respectively, while on the flipside, the Utilities and Consumer Staples lagged, the latter being the only sector to finish in the red today.
Yesterday saw the ASX200 illustrate yet again that COVID was “old news” with regards to financial markets as it rallied 0.3%, to its highest close in 2-weeks even as new case numbers spiralled – as most people know NSW and Victoria are tightening restrictions from Christmas Eve as the Omicron strain sets new records. The local markets remains stuck to the 7400 level, only 3.2% below its all-time high, dismissing the surging case numbers as no more than a short-term irritant.
The usual Christmas lull has now taken hold of markets and while the ASX edged higher today following a positive night in the US, volumes were light and conviction was low. The Utilities sector +0.70% was best on ground today supported by the Industrial stocks which edged 0.63% higher, on the flipside, the IT stocks gave back some of yesterday’s gains down by -0.92% while the supermarkets also fell.
The ASX200 closed higher yesterday in subdued trading and with only 2-days remaining until Christmas Day it’s hard to imagine anything new after stocks have traded sideways for 6-months – we may have received a plethora of economic and humanitarian news since May but equities simply haven’t moved. Wednesday only saw 56% of the ASX200 rally but with a 2.6% advance by the Tech Sector it was enough to offset an intra-day reversal in the iron ore names as the bulk commodity backed off from fresh…
A choppy but marginally positive session for the ASX today as volumes peter out ahead of the Christmas break – actually having a full week of trade before Christmas doesn’t happen very often and it seems like some in the market have taken off early – if all the red dots on my Bloomberg are anything to go by. Today the IT stocks did best with another takeover approach for Link (LNK) while a bounce back in Afterpay (APT) also helped. APT has…
Tuesday saw the Australian market continue to perform resolutely even in the face of adversity with COVID numbers starting to scare even the most optimistic amongst us especially with only 3-days until Christmas – I hope everyone’s finished their shopping! However, while holidays and our Christmas / New Year celebrations hang by a thread clearly its not all doom and gloom for the ASX when it can rally 0.86% the day after US equities fall by over 1%. The buying was broad based with a few things catching our attention:
After a flat open the ASX found it’s mojo by mid-morning and while US Futures + Asian markets were positive today, it seemed more a case of the local market leading rather than following. Yesterday the ASX was resilient which is a sign of strength + we had US stocks down ~1.2% overnight while we rallied +0.85% today which shows some backbone coming into local stocks. A number of the recent downtrodden names…
The ASX200 fought valiantly on Monday to only slip 11-points considering Magellan (MFG) tumbled over 30% and US futures literally melted before our eyes on the combination of intensifying Omicron fears and diminishing confidence in Joe Bidens ability to drive US economic expansion. Interestingly while falls reverberated across major global equity markets Australia and New Zealand held firm with the later actually managing to rally 0.38%. Overall it was a confusing day where the more one tried to make rhyme or reason of the swings the more conflicting things became, the only consistent was…
A tough session for pockets of the ASX however overall it was a fairly resilient day with a bounce back in the Healthcare & Consumer Staples stocks (i.e. the defensives) while components of the material sector also did well, namely Gold & Iron Ore as the Energy stocks provided the biggest drag, down over 3%.
