Archives: Reports
Yesterday saw stocks rally strongly early in the morning only to steadily decline from their mid-morning high as the value stocks reversed early gains to close down on the day – primarily the banks but the resources did close well below their intra-day highs. The bottom line is equities appear to becoming rattled by the worsening COVID picture both locally and overseas and whatever the path that the delta strain and others take – some important market points should be remembered:
A fairly muted session above the waterline today however lots happening beneath the surface headlined by a rally in Zip Co (Z1P) on reports in the AFR of a strategic buyer taking a 4% / ~$160m stake – more on that below while downtrodden Nuix (NXL) also saw some love with shares rallying today, albeit from very depressed levels.
Yesterday saw the local market rally +0.9% more than recovering the losses on Tuesday, the growth names led the line following US indices overnight who embraced the drift in US bond yields i.e. Tech & Healthcare. The stock and sector rotation continues while the ASX200 remains basically unchanged since the start of June, below are some of the names catching our eye for both good and bad reasons:
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
