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Another example today of the market looking wobbly only to see buyers step up into the slightest of dips as the ASX bounced back after yesterday’s decline.
Yesterdays was all about the RBA with a little NSW COVID news thrown into the mix with neither feeling particularly bullish for stocks.
A big turnaround for the market today with the ASX200 up to a morning high or 7346 around 10.30am ahead of the RBA rates decision at 2.30pm with the associated commentary around their economic outlook nudging the sellers into action – an 85pt reversal from the day’s high played out.
Monday morning should have reminded us all that M&A is alive and well in 2021 as an infrastructure consortium bid $22.6bn for the embattled Sydney Airports (SYD), the 42% premium to Fridays close would have sent a sigh of relief through much of the local investment community who have been major supporters of this classic “yield play” stock since the GFC.
The market was strong on open this morning buoyed by the left field takeover offer lobbed for Sydney Airports (SYD) by a consortium of institutional investors.
Last week was the first time since May that the ASX200 failed to trade higher as the local market didn’t embrace solid gains across the US bourses.
The ASX200 ended the week in style rallying +0.6% as the index enjoyed broad based buying to end the fairly choppy EOFY week unchanged, literally to the point. As we commence the FY21/22 I can imagine a number of fund managers are thinking how do we match the performance of the last 6 & 12-months
The ASX finished higher in a fairly quiet session today with around 65% of stocks in the green led by the Energy sector thanks to a rally in Oil prices overnight. This is a sector we have very little exposure to however we are looking for opportunities.
We are tweaking the international equities portfolio, selling a mining stock and buying a global payments company.
It already feels like a long week and its only Friday morning, the combination of being in lockdown and EOFY has been exhausting, the market itself is only down -0.6% so it’s certainly not any wild gyrations in stocks draining our energy levels.
