Archives: Reports
The ASX200 again scaled fresh all-time highs on Monday but on a day when the banks struggled following regulator AUSTRAC’s investigation into money laundering at National Australia Bank (NAB) it was one step too far for the index to close above 7300.
The ASX ended lower today, although it did trade up to a new intra-session high on the ASX 200 hitting 7309 in early trade. The IT stocks bounced back today with the sector topping the charts (+2.8%) thanks largely to a 39% gain from Altium (ALU). Chinese trade data came out mid-morning that was a little light and that prompted some tentative selling in the market, although I suspect it’s more a case of the market becoming tired around all-time highs.
This morning the ASX200 appears poised to again test the 7300 area, if we assume the local index has already seen its low for June and the last couple of months have set the benchmark for the current breakout by Australian stocks investors should expect to see a test of 7400 in the coming weeks, a move that shouldn’t be hard to comprehend as the banks maintain their bullish charge, the average gain of the “Big 4” in 2021 is already over 28%, and that’s before we even consider their attractive dividends.
The ASX200 has kicked off June in similar fashion to the previous 3-months, its less than one week old and the index is already up almost +2%, the banks have maintained their upside momentum while being solidly supported by the broad market with the exception of the IT stocks which are still doing it tough. Bond yields and interest rates might have been treading water for the last 12-weeks but fund managers are clearly still rotating their portfolios towards a strong economy / higher interest rate environment
The shackles have been broken on the ASX this week and today was no different. There were a few stumbles early, but the afternoon was dominated by the bulls with 7300 in their sights.
The ASX200 keeps posting fresh all-time highs almost as often a day ends with a “y”, earlier this quarter MM was optimistically discussing the major Australian benchmark breaching 7000 but around midday on Thursday 7300 was feeling more likely.
Another solid session for the ASX today with the market storming out of the blocks early.
The ASX200 continues to grind higher posting new all-time highs on an almost weekly basis, Wednesdays 75-point rally was a strong broad based performance with over 70% of stocks closing higher led by the energy names while being well supported by the miners and banks.
A bullish session for the ASX today thanks largely to a stronger than expected local GDP print which showed the Australian economy accelerating out of the Covid induced hangover with considerable momentum, and is now bigger than pre-pandemic levels.
On Monday the ASX200 again enjoyed decent buying surface into early weakness, the index ultimately recovered well over 50% of its mid-morning losses, even though over 60% of stocks still closed down on the day.
