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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.
Firstly and very importantly a happy and healthy new year to everyone, COVID may continue to test us all but lets hope our optimism is well founded and it will soon to be in the rear view mirror, definitely some lessons to be learnt here! Aside from the pandemic MM is extremely excited about the coming year on a number of fronts from the ongoing opportunities the markets look set to present to the continued growth and evolution of MM:
The ASX200 remains locked in on the 7400 area but its noticeable how much easier over recent weeks it can endure strong down days although lower volumes play a role as some lucky people enjoy extended holidays, this will probably return to normal next week and beyond. Overall the index finished the week down 60-points with strength in energy, resources and insurance stocks being unable to hold the market in positive territory amidst broad based selling.
Bond yields have dominated 2022 so far as they grind higher exerting pressure on growth names like tech while value stocks, which generally benefit from economic expansion, have commenced the year on the front foot, something the English cricket time feels unable to do. We believe there’s more fuel in this tank but the risk / reward is diminishing fast.
The ASX knocked for 6 today as the 5th Ashes Test gets underway in Hobart, the poms starting well with the ball taking 3 early wickets. On the market, utilities the only sector in the green while the IT stocks ended a tough week down another 3.92%, the tide has certainly turned.
The ASX200 enjoyed a solid Thursday courtesy of ongoing strength in banks and resources with heavyweights BHP Group (BHP) & RIO Tinto (RIO) both gaining around 4%. Losers marginally trumped the winners but when the indexes 2 largest sectors, which make up around 40% of the market rally the index tends to follow suit. Blackstone’s increased bid for Crown Resorts (CWN) also helped market sentiment as it demonstrated that M&A remains alive and well for undervalued assets arguably creating a bid into any decent sell-offs in risk assets.
A positive day for the ASX with another session where material stocks supported the market with the sector enjoying strong showings from Iron Ore, Lithium & Copper, while Blackstone have finally bid up for Crown (CWN) with a deal looking likely at $13.10.
The ASX200 sprang back to life on Wednesday finally closing up 0.7% as the Energy Sector led almost 70% of the market higher, we’re almost half way through January and the main Australian index is down just 5-points year-to-date as the lack of direction over the last 6-months continues unabated. The tech names finally took some notice from the recovery by US names producing the days 2nd best performance with Appen (APX) and Life360 (360) both advancing well over 5%.
The Match Out: ASX rallies, Energy stocks fly while IT bounces back, First video update for the year
A strong showing by Energy & Technology shares helped the ASX recover the majority of yesterdays losses today, although the best of the session was seen early on before the ‘sell the pop’ mentality became evident. Crude Oil rallied ~4% overnight to trade above $US80/bbl and remains bullish while lower yields helped a bounce back in tech.
We are making some amendments to portfolios:
Flagship Growth: Selling Fortescue Metals (FMG) & Buying Goodman Group (GMG)
Emerging Companies: Buying Whisper (WSP)
Macro ETF: Selling TBF and adding to Sprott Physical Uranium Trust (U-U CN)
