Archives: Reports
A very bullish session for the market breaking out through all-time highs and closing just below the 7500 handle for the ASX 200. The range bound market we’ve experienced since early June has been broken, the catalyst being more M & A, this time in the technology space as large US tech / payments company Square makes a play for Afterpay (APT) – more on that below. That move propelled the IT sector 6% higher on the session however the buying was broad based with all sectors enjoying a positive day.
The ASX200 waved goodbye to July in lacklustre fashion on Friday, the first month of FY21/22 only managed to travel a meagre 79-pints / 1.1% to ultimately close down just 2-points, it felt like a quiet choppy almost “nothing like” month and ultimately that’s exactly what it was on the index level although there were a view interestingly developments unfolding beneath the hood:
The ASX200 ended last week unchanged after an early assault on fresh all-time highs, the large cap miners supported the index while most other stocks & sectors closed in the red for the week on Friday. Interestingly the migration from growth to value stocks is currently unfolding in earnest while bond yields continue to plumb multi-month lows as the escalating Sydney lockdown threaten…
A softer session to end the week and month for Australian stocks with the IT sector back in the cross hairs of the selling, particularly the BNPL names with Afterpay (APT) & Zip Co (Z1P) down ~5% a piece. For the month, the ASX has added 1.09% led by the Material sector which rallied 7.13% versus the IT sector which was down 6.88%. For the week, the market was little changed however it is finding some clear resistance…
The ASX200 performed another 180 degree pirouette yesterday, one which was almost good enough for the Tokyo Games! The market continues to remind me of a washing machine spinning stocks and sectors in almost random direction with the underlying upside bias the only constant. The Tech stocks were best on ground yesterday after struggling on Wednesday, every stock in the sector…
The market bounced back today after the short lived sell-off yesterday led stoically by the IT sector which rallied by ~2.5%. The concern around Chinese regulation took a back seat in Asia with Hong Kong stocks rallying ~3% and the likes of Tencent (700 HK) up by over 10%, clearly not an area for the faint hearted! Locally, production numbers from the miners continued to dominate the docket however we also had a couple of equity raises in stocks that interest us, more on these below.
The ASX200 struggled yesterday in the face of broad based selling which ended with 70% of stocks closing lower by the end of the session. On the sector level the unusual combination of IT & Energy stocks bore the brunt of the selling although the big 3 of CBA, CSL and BHP falling an average of -1.3% had the largest impact on the underlying index. If recent history repeats itself we will be making fresh all-time highs by the start of August but Wednesdays weakness…
The defensive Real-Estate stocks were the only sector to trade higher today in what was a broad based day of selling led by IT. The market opened lower however when NSW extended the lockdown plus inflation data was a touch higher than expected, sellers got the upper hand and the market dropped back below 7400.
The ASX200 powered to fresh all-time highs yesterday even while China regulators hammered certain pockets of the market and the COVID numbers out of Sydney continue to worsen by the day. Overnight the Australian Financial Review (AFR) was flagging another month of lockdown for Sydney but equities are just shrugging off the speculation as old news. More stocks actually fell on Tuesday but when heavyweights Commonwealth Bank (CBA) and BHP Group (BHP) rally strongly…
Another decent session for the ASX today with the market printing a new all-time closing high thanks to a strong run in the materials sector led by Oz Minerals (OZL) & Bluescope (BSL) which both rallied more than 6% while heavy weight BHP closed above $53 for the first time ever. The market did close off the session highs however it’s hard to argue with the trajectory of this market.
