Archives: Reports
Another choppy but overall positive session for the ASX today as some parts of Sydney enter a week’s lockdown.
The ASX200 finished a choppy session slightly lower yesterday dragged into the red predominantly by some weakness in the banks and healthcare stocks but considering the escalating Sydney COVID outbreak it was a fairly lacklustre affair.
The ASX chopped around today struggling for direction as the Sydney Covid cluster ticked (rather than surged) higher.
The ASX200 appeared to fall under the weight of the worsening COVID news with NSW restrictions increased as the Bondi cluster continues to grow.
A softer session for the ASX today with the market down early however when higher case counts in Sydney came through and Gladys introduced harsher restrictions there was very little reasons for the market to shake off the sellers.
Join Portfolio Manager James Gerrish & Analyst Michael Clark as they take a deep dive into Uranium Company Paladin (PDN) in the final episode of this series doing a deep dive into 6 stocks MM likes.
We start by looking at Uranium more broadly, the difficult past and optimistic future for a commodity that will be important in a decarbonized world.
The ASX200 reminded us again on Tuesday that there’s a lot of life left in this post GFC bull market as it recovered over 100-points of Mondays plunge to close only marginally down for the week after 2 very volatile sessions. Tuesday saw over 80% of stocks rally with most areas of standout strength almost mirroring where the selling was focused on Monday.
A bullish session overall for the ASX today keying off a positive night in US markets where optimism quickly returned as US Fed Chair Jerome Powell reiterated the central banks view that inflation is transitory which the market interprets as rates lower for longer.
The ASX200 followed Fridays weak lead from global indices finally closing down -1.8% with the heavyweight Banking Sector surrendering some of their recent impressive gains, it felt like a session of aggressive profit taking with the stronger performers over the last 3-months suffering the most e.g. Commonwealth Bank (CBA) fell -5.4% after rallying over +15% over the last 3-months.
A tough way to start the week with the ASX off -133pts, a ~5% fall in CBA the biggest weight as the broader financial space led the declines.
