Archives: Reports
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.
The local market struggled to hold onto early gains yesterday as profit taking hit Commonwealth Bank (CBA) and the IT Sector, it felt like a weak day although we still managed to close marginally higher. Stock rotation was prevalent within the ASX200 yesterday as 15 stocks rallied by 3% or more, while 6 companies fell by the same degree, as we’ve flagged in a number of reports MM believes this will be opus operandi into Christmas, and probably well into 2022. Elsewhere across Asia, equities were on the back foot illustrating…
The market was once again strongest early with the daily high set soon after open before sellers faded the move. While the market is grinding higher, it is losing some momentum and while this is a very micro interpretation, a lower intra-day high today is a sign we could drift lower in the short term, easy to comprehend given our short term view of the banks has now become a more neutral one and we’re seeing selling creep into the high valuation growth areas of the market.
MM are making some amendments to the Flagship Growth & Emerging Companies Portfolios
The ASX200 continues to grind higher, we might often be closing well under the intra-day high but before we know it the index has again pushed through to post new all-time highs. On a day to day perspective this rally feels slow and steady, almost like 3 steps forward and 2 back, but when you stand back and look at the monthly chart of the local market its resembling a vertical line which could easily defy the bears and test 8,000 in the next 6-months…
This morning’s note was titled Fade the ‘pop’ but BUY the dip and on que the market had a couple of ‘looks’ above 7600 this morning only to close below it, around ~30 points from the intra session high of 7615 that was set at 11.23am. A great FY21 result from CBA saw the shares trade to a new all-time high this morning at $109.03 and that along with some decent buying in the large cap resources had the market on the fly early, however by the close, things were a little more subdued.
The ASX200 again posted new all-time highs yesterday, local stocks continue to march ever higher with IT and Banking the backbone of the Tuesdays +0.3% gain. The local market continues to follow the rhythm of the rally which commenced back in February, we’ve now seen the local market appreciate over 1000-points / 16% in just 7-months with our target for this August ~7650 but until further notice the most important…
