Archives: Reports
The ASX fell for its fourth-straight day weighed down by losses in the mining and financial sectors, the former hurt by further declines in BHP (-6.35%) while Fortescue (FMG) & Rio Tinto (RIO) were also down a similar amount thanks to a 6% decline in Iron Ore Futures during Asian trade today. FMG now a whisker from our $20 target while RIO at $107.17 this afternoon is below the $108 we flagged this morning.
The ASX200 opened lower yesterday but the “buy the dip” phenomenon that’s been prevalent post the initial coronavirus breakout played out through the morning, early losses turned into gains before the index drifted into 4pm, we ultimately closed down just 0.1% – its hard to argue with the bulls when they cite a mass of liquidity (money) sitting on the sidelines looking to accumulate / buy stocks into weakness. Wednesdays strength was broad based with well over 60% of stocks rallying and if it hadn’t been for a -7% drop in BHP, wiping 33-points from the index, we would have recovered half of Tuesdays aggressive down day.
A more muted session at the index level today with the ASX weak on open before recovering to trade around par for most of the session. Reporting dominated the news flow, some big hits but more incremental misses overall however it was BHP falling ~7% that attracted most attention with the move taking a massive 33 index points from the ASX 200…I haven’t seen that in a long time. A lot to play out here however there is now an arbitrage…
The ASX200 experienced it’s worst day in 2 months yesterday finally closing down 71-points as the banks and resources again fell as confidence continues to wane towards the global economy. The RBA echoed the markets concern that the Delta Variant might push Australia back into a recession as they considered further stimulus during their August board meeting– “The board would be prepared…
Stocks posted a second day of declines led lower by financials as CBA & IAG traded ex-dividend while weakness in metals markets overnight flowed to weakness amongst our miners today, BHP down ~1.42% ahead of its FY21 results due out shortly. The ~1% sell-off was the biggest in 2 months which shows the lack of volatility we’ve become accustomed to of late. Still, most focus was on a busy day of results with bigger declines booked by the ‘misses’ than rallies by the ‘beats’.
The ASX200 struggled yesterday as the two most influential sectors fell in tandem, Bendigo Bank (BEN) -9.9% led the Banking Sector lower while OZ Minerals (OZL) -3.9% took line honours for the major miners. The index itself fell only -0.6% although the selling felt more aggressive with 11 companies falling by over 4% while only one rallied by the same degree. . A couple of stocks which we hold in our Growth Portfolio and are hoping to add into weakness were on the …
Stocks fell today slipping back from record highs weighed by the Energy, Financial & Material sectors, while the defensive supermarkets did best. The Covid situation has clearly deteriorated locally however it’s also the case internationally with case counts globally ratcheting up. We also had weaker than expected data from China today with industrial production & retail sales missing the mark while local earnings saw more hits than misses, although…
The ASX200 continues to rise on a wave of strong corporate earnings, record low interest rates plus of course an almost tsunami of cash looking for some semblance of a decent return in todays challenging world. There are clear signs that investors are migrating up the risk curve looking to add value / alpha but it definitely doesn’t feel like panic buying leading to a classic “blow-off top”. I would describe the markets “look & feel” more that of a simple absence of sellers, which by definition forms…
Another week and almost another 100-points as the ASX200 rallies ever higher posting new all-time highs along its merry way. Reporting season maintained its bullish tailwind for equities with the hugely influential Financial Sector the main beneficiary over the week – a huge positive impact on the local index which is currently made up…
A positive session to end a positive week for the ASX with the first full week of reporting now under our belt. Overall, it’s been generally good, particularly amongst the financials (banks & insurers) which has propelled the ASX to new all time highs, outpacing the gains across the region.
