Archives: Reports
Equities were higher throughout the day, but it was the RBA that lit a fuse under the market into the afternoon with their comments lifting the market more than 50pts from 2 PM before easing at the final bell. RBA was more accommodative than many feared and confirmed the market has central bank support through until at least February when they next meet. Surprisingly the Aussie Dollar was also reasonably well supported after the…
The ASX200 fought hard yesterday to close marginally higher in the face of some aggressive selling across the tech space, it felt like many investors / traders who were long high valuation growth names decided to take a hint from Bitcoins 25% plunge over the weekend i.e. if in doubt get out! The were a number of prominent losers in these high Beta names including Zip (Z1P) -10.1%, HUB24 (HUB) -4.4%, Allkem (AKE) -7.2% (which is the old Orecobre), Kogan.com (KGN) -6.6%, Appen (APX) -5.4% and Afterpay…
A very tough day for some parts of the Australian market today despite the ASX 200 closing a few ticks higher, the IT stocks hit more than 2% while the defensive utilities & consumer staples rallied by almost the same degree. The Small Caps were a tough place to be with the Small Ords down ~1.5% and looking at our Emerging Companies Portfolio there was plenty of stocks in that space down more than 5%. It was actually a strange day…
Omicrons impact on equities has been fairly muted since it arrived on the scene a few weeks ago, a 2% pullback by the ASX200 can only be described as a little more than noise, especially when compared to the last 2-years. Obviously we have seen a few roller coaster sessions on Wall Street but in our opinion stocks don’t feel too concerned around how the new variant is going to impact economic growth:
The ASX200 experienced an extremely choppy week which saw it eventually close down 0.5%, it felt worse most of the time as the market demonstrated a penchant to fall on the whiff of bad virus news whereas a solid night on Wall Street only led to relatively muted local gains. Under the hood the Financials & Resources Sectors were the only 2 sectors to deliver positive returns by Friday as economic optimism slowly returned to money markets as opposed to the broad equity market which clearly remembers the impact of the original COVID & Delta breakouts all too well.
US stocks bounced fairly aggressively overnight with the Dow Jones +617pts so a move of +16 points locally could be seen as a touch disappointing, however worth remembering that we had rallied strongly from Thursday mornings low and US Futures were pricing a large part of the overnight move in our market yesterday. That said, a solid end to a week that saw a decent spike in volatility as concerns permeated around the new strain of Covid. Today saw the energy sector bounce back strongly after a tough week & month while news that CSL was considering a large…
The ASX200 continues to find buying support into decent dips but it’s not yet got the stamina / belief to make any headway on the upside, yesterday saw the local market bounce over 50-points from a weak open, following an aggressive late downturn by US markets, but once it returned to unchanged the buying almost instantly became far more passive. Currently markets are transfixed on any fresh news around the Omicron variant and until we see the market hold firm on bad news the likelihood is we haven’t yet seen the end…
A soft session in the US saw the local market face to face with a ~100+pt fall with futures dropping like a stone, however the worst of it was seen even before our equity market had even opened. The local index was soft on the open to trade a much more palatable -67pts/-0.9% before a swift recovery kicked in and by the afternoon it was making an effort to close higher on the day. In the end it wasn’t to be, though strong buying out of the day’s low…
The ASX200 proved very resilient on Wednesday managing to largely ignore loses on overseas bourses , we finally closed down less than 0.3% although only 20% of stocks managed to close in positive territory. The influential Banking & Resources Sectors are finding some support into the recent weakness and these are 2 areas of the market which will need to perform if the bulls like ourselves are to be rewarded with a classic Christmas Rally. If we consider how far some of these big names have fallen in recent months it’s not…
I was up last night around 3am with a dog that didn’t want to sleep (don’t ask) as the US market (and our futures) recovered from the whack they copped yesterday afternoon our time on question marks over the efficacy of current vaccines to the new variant, only for the Fed Chair Jerome Powell to cast another shadow by suggesting that the term ‘transitory’ was no longer appropriate when it came to inflation. That was a fairly big call…
