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The ASX200 took a breather on Thursday after an explosive few days, the market ultimately closed down 0.3% after some late selling in the SPI futures dragged the index into the red but overall it felt like a nothing day with only 54% of stocks closing down. We saw some mixed news towards the Omicron variant but it really felt like investors simply just took a rest after advancing all week:
A fairly quiet session for the local market today with stocks consolidating yesterdays strong advance. There was very little in terms of company news flow nor was there any tier 1 economic data aside from Chinese inflation which came in a tad below expectations. Utilities led the line up +0.40% while Energy stocks finished 1.09% lower. Overall, a fairly lacklustre session and a fairly lacklustre afternoon note as a consequence!
The ASX200 roared higher on Wednesday, “hump day” to many but traders often refer to it as “drive day” as the market finally decides where it’s headed, this time the market enjoyed broad based buying with over 80% of stocks closing in positive territory, the index scaled fresh 3-week highs as Omicron fears seemed to vanish almost as fast as they arrived. The 1.25% gain took the local market within 3% of its all-time high only a few weeks after the doom and gloom merchants were focusing on either bond yields or Omicron. I feel…
A bullish session for the Australian market today enjoying another positive night overseas, although we took a while to get going initially. The SPI Futures only pointing up +22pts this morning which seemed underdone and that proved on the money as the local index kicked into gear from lunchtime onwards before a late 35pt sell-off took some of the shine off what still proved to be a very good day out – all sectors finishing in the green.
We are selling Lynas (LYC) & Pilbara (PLS) and buying Aussie Broadband (ABB), Nitro (NTO) & Bapcor (BAP) in the Emerging Companies Portfolio.
Tuesday saw the ASX200 rally strongly finally closing up just shy of 1% on broad based buying with strong gains enjoyed by most pockets of the market, however the standout performances largely came from stocks who were whacked in previous sessions around Omicron fears, as we’ve said over recent days the new variant emanating from South Africa doesn’t appear to be an economic or health game changer, the RBA concurs with our feeling here believing the Omicron variant is a source of uncertainty but no major risk to our economy. Overall the Australian central…
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:
