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The market bounced back today after the short lived sell-off yesterday led stoically by the IT sector which rallied by ~2.5%. The concern around Chinese regulation took a back seat in Asia with Hong Kong stocks rallying ~3% and the likes of Tencent (700 HK) up by over 10%, clearly not an area for the faint hearted! Locally, production numbers from the miners continued to dominate the docket however we also had a couple of equity raises in stocks that interest us, more on these below.
The ASX200 struggled yesterday in the face of broad based selling which ended with 70% of stocks closing lower by the end of the session. On the sector level the unusual combination of IT & Energy stocks bore the brunt of the selling although the big 3 of CBA, CSL and BHP falling an average of -1.3% had the largest impact on the underlying index. If recent history repeats itself we will be making fresh all-time highs by the start of August but Wednesdays weakness…
The defensive Real-Estate stocks were the only sector to trade higher today in what was a broad based day of selling led by IT. The market opened lower however when NSW extended the lockdown plus inflation data was a touch higher than expected, sellers got the upper hand and the market dropped back below 7400.
The ASX200 powered to fresh all-time highs yesterday even while China regulators hammered certain pockets of the market and the COVID numbers out of Sydney continue to worsen by the day. Overnight the Australian Financial Review (AFR) was flagging another month of lockdown for Sydney but equities are just shrugging off the speculation as old news. More stocks actually fell on Tuesday but when heavyweights Commonwealth Bank (CBA) and BHP Group (BHP) rally strongly…
Another decent session for the ASX today with the market printing a new all-time closing high thanks to a strong run in the materials sector led by Oz Minerals (OZL) & Bluescope (BSL) which both rallied more than 6% while heavy weight BHP closed above $53 for the first time ever. The market did close off the session highs however it’s hard to argue with the trajectory of this market.
The ASX200 closed unchanged on Monday after registering new all-time highs early in the morning only to drift lower throughout the day to ultimately close around the day’s low with almost 60% of stocks closing in the red. Volumes were reasonably low as the local market followed Asian indices and US futures down throughout the session but with no sector moving…
The market opened higher this morning and quickly ticked off a new milestone with the ASX 200 hitting a new all-time high of 7417 only to reverse and close back within the trading range. Chinese equities were sharply lower today thanks to another round of regulation from Beijing and that saw both Hong Kong & mainland Chinese stocks off more than 3% while US futures also gave up early gains.
The ASX200 is poised to make fresh all-time highs this morning with good old fashioned corporate performance dictating the markets trend as opposed to short-term panic around COVID-19 and the subsequent deteriorating sentiment towards the global economic recovery. When we stand back and look at the local market since this impressive post GFC bull market started way back in March 2009 the rally by equities has been steady with a few interesting characteristics catching our eye:
Last week saw the ASX200 shrug off a rapidly deteriorating COVID picture particularly in Sydney finally managing an impressive positive close up +0.6%, the week was distinctly one of 2 halves. Firstly we plummeted lower on fears of a double dip recession only to recover strongly as the market appeared to weigh up a potential ramp up in Federal & State economic stimulus & / or a largely vaccinated country…
A quieter way to end a busy week, lockdowns, some market volatility bubbling away and a few swings and round abouts across some of MM’s holdings. Overall, a reasonable week for both the market and portfolio’s generally as the ASX again knocks on the door of all-time highs. Today it was the Healthcare sector that took the performance batten while the Energy stocks pulled back after a solid day yesterday.
