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A day of aggressive sector rotation played out to end a solid week for the ASX, a good session overall for the MM portfolios with our tilt from resources into technology bearing fruit today as the local technology sector rallied ~3.5% led by a ~9% move in Zip Co (Z1P) while the materials / resources drifted lower.
The ASX200 initially ignored a weak lead from US indices yesterday following the Feds announcement that it now expects 2 rate hikes by the end of 2023 – a very logical view in our opinion considering the extremely strong economic recovery over the last year.
Strength across the financials & IT stocks was not enough to offset weakness amongst the Telcos, Materials & Energy stocks as 138 companies in the ASX 200 closed lower on the day.
The ASX200 continues to grind higher and although it only closed up 6-points yesterday it was the first time we broke above the psychological 7400 barrier as the banks, and especially CBA, continue to rally strongly.
After punching up to another all-time high this morning above 7400, the market lost steam during the afternoon session to close largely flat on the day.
We are tweaking the Flagship Growth, Active Income & the International Equities Portfolio’s today
Join Portfolio Manager James Gerrish & Analyst Jono Higgins as they do a deep dive into buy now pay later company Z1p Co (Z1P). The stock has been under some pressure in recent times, however both James & Jono believe it’s good buying around $7 for investors that can handle some volatility & have a growth mindset.
The ASX200 continues to rally steadily with the index challenging the psychological 7400 area in the early afternoon as the +0.9% gain took Junes advance to +218-points / 3%, and we’re still only half way through the month, although I would caution the bulls that we’ve reached MM’s target for June assuming the markets going to maintain the same momentum of the last 4-months.
A strong session to kick off the shortened week as the RBA poured cold water on any fears around premature tightening of policy despite the recovery being stronger than they expected, minutes from their last meeting showed today.
The ASX200 again posted all-time highs last week as a little profit taking in the banks was more than offset by broad based buying across the market led by the IT Sector as bond yields slipped lower removing the headwind which has been suppressing the growth stocks through most of 2021 – our focus today will be on these very same bond yields which have dictated the sector rotation over the last 6-months.
