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We are buying Fortescue (FMG) & taking profit on Independence Group (IGO) in the Flagship Growth Portfolio
The ASX200 tumbled 0.6% yesterday as the banks led the broad market lower, there were a few bright pockets amongst the 30% of stocks which managed to close higher with the lithium and nickel names the standouts for me. Iron ore names are slowly getting up from the canvas on news of China easing but the tourism stocks came under distinct pressure as a number of European countries languish under an ever worsening COVID 4th wave plus yesterday evening saw Air New Zealand being been forced to cancel 1000 trans-Tasman flights due to border restrictions…
Another choppy open to trade this morning with the index jumping around at shadows and that really typified the rest of the day, the broader market finishing down -0.60% weighed by the IT & Energy stocks as the Christmas rally remains illusive for now.
Many global stocks continue to hover just below recently posted all-time highs e.g. S&P500 0.4%, UK FTSE 2.4%, German DAX 0.8% while the ASX200 is set to open this morning 3.7% below its August high. You have to cast your eyes across Asia before you find markets that make us look good from a comparative performance perspective but when you look under the hood of the ASX200 its easy to comprehend why we’ve struggled against some of our western peers i.e. over the last few months we’ve seen market heavyweights BHP Group (BHP), Westpac (WBC)…
A small bounce on Friday saw the ASX200 close out the week down 0.6%, a pretty good effort considering Commonwealth Bank (CBA) plunged over $10 taking the influential Banking Sector along for the ride – it doesn’t matter how big or powerful you are the markets not tolerating mediocrity when companies report. With ongoing weakness by a number of resources stocks it was left to the growth sector, primarily IT and healthcare to provide some backbone to the local index – this was almost a mirror image of last week’s sector performance which probably helps explain why the ASX200 has gone nowhere for many weeks.
The market finished marginally higher today although was down ~1% on the week thanks to weakness amongst the financials courtesy of CBA’s disappointing update. Over the course of the week, the Financial sector was off -3.6% while the materials fell by -1.62% making it a tough ask for the broader market, IT +2% & Healthcare +1.71% did an admirable job.
The ASX200 managed to bounce yesterday even after a negative lead from Wall Street and ongoing weakness from the local Banking Sector with CBA already 11.5% below last weeks high, another 5% and it will become interesting to MM. There were no particular standouts on the sector front and only 3 stocks moved by over 5%, the market still remains comfortable in its 7300 – 7480 trading range and while our preference is a breakout to the upside it has been a touch frustrating how the ASX has ignored…
A choppy session for the ASX with the market trading in a reasonable ~60pt trading range, the worst of it was seen just after open with the mkt down ~30pts before a morning rally saw the market hit an 11.30am high up ~30pts before a choppy / weak afternoon played out. AGM season remains front and centre, today there was some hits and some misses while from a sector perspective, strength was seen primarily amongst the…
We are buying Appen (APX) in the Flagship Growth Portfolio
The ASX200 was clobbered 50-points yesterday courtesy of a disappointing result from CBA which plunged over 8% taking a whopping 45-points off the index all on its own – more on this later. The impact of a weak Banking Sector on the ASX was illustrated perfectly by the markets 0.68% decline even when 65% of stocks closed up on the day.
