Archives: Reports
Last week was a strong one for global equity markets and it was particularly pleasing to see some slight local out performance with the ASX 200 adding 3.01% to settle just shy of 7000. The broad S&P 500 ended the week up 2.71% while the technology stocks pushed the Nasdaq 3.12% higher. European stocks were also strong, the UK based FTSE 100 also adding 3.01% ahead of lock downs being eased this week.
A very quiet end to a strong week for stocks with the market oscillating in a very tight ~30pt trading range. Information Technology stocks finished the week as they started, top of the leader board, while Woolies & Metcash dragged the Staples sector lower as Coles brings back the red finger….prices down down down signifies an escalation in the competitive landscape as they look to claw back lost market share. Not a lot else to get excited about today.
It was an impressive session by the ASX yesterday given the tepid leads from overseas markets and although Asian stocks were higher, it felt like the local index was the dominate force.
The ASX 200 hit a new 52 week and post pandemic high today, finally cracking above the 7000 handle to hit an intra-session peak of 7012.
The ASX200 got it’s mojo back this week and yesterday closed at it’s highest level since the pandemic broke late in the first quarter of 2020. It seems the shackles tying the index to the 6800 handle have now been cast off and thankfully we have some clear air ahead of us.
A choppy session for the ASX today with a fairly deep sell-off into a lunchtime low before the market moved higher throughout the afternoon, closing at new post COVID highs. Ultimately the market looks primed to breakout on the upside with the ASX 200 now only ~1% below the 7000 milestone.
As discussed in the AM note this morning, we are making some amendments across the Flagship Growth Portfolio and the two International Portfolios today / tonight.
The ASX200 rallied yesterday up through the 6900 level only to falter in late trade to close marginally below the fairly insignificant milestone. Not surprising really given we’ve had a handful of attempts at a breakout only for it to fail and the market to fall back into the trading range that has held firm for more than 5 months now.
The ASX 200 saw the best of the days gains in the morning with a high of 6915, the highest level in six weeks however sellers emerged and we ended around 30points below the session high.
Following the longest break of the year for the ASX, we’re tipped to open higher this morning as global markets break to new highs with a confluence of better economic data and news of further stimulus in the US last week creating a strong tailwind for risk assets. Last week saw the resumption of the trends that played out in 2020, namely outperformance by the growth / technology stocks and underperformance of value.
