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The ASX200 has kicked off May in similar manner to much of April as it grinds higher with stock and sector rotation dominating proceedings. There were a number of interesting swings under the hood with the following catching my eye or though both lists could easily have been much longer with plenty of volatility in a number of pockets of the index :
Winners : Commonwealth Bank (CBA) +5.5%, Westpac (WBC) +4.4%, QBE Insurance (QBE) +7.8%, BHP Group (BHP) +5% and OZ Minerals (OZL) +7.4%.
Losers : ANZ Bank (ANZ) -3.4%, Ramsay Healthcare (RHC) -6.5%, Netwealth Group (WL) -9.8%, Afterpay (APT) -19% and Altium (ALU) -15%
A reasonable end to another solid week for stocks with the ASX trading up 0.78% for the first week of May.
In the words of Led Zeppelin “the song remains the same” as yet again when the ASX200 threatens to test its all-time high the selling emerges – it’s only been 4-weeks of rotation between 7000 and 7100 but it certainly feels longer.
Shares closed lower today with fears of an economic backlash from China following months of heightened tensions. Early strength was quickly swallowed up by the selling and the index traded 30-40points lower for the most of the session.
The ASX200 marched ever higher on Wednesday closing less than 1.5% below its all-time high, the heavy lifting was performed by the big 3 of the local index – Commonwealth Bank (CBA), CSL Ltd (CSL) and BHP Group (BHP). Again, gains weren’t broad based with under 50% of the market closing positive but its hard to argue with “higher highs” even if the advance is relatively subdued from a momentum perspective.
The market continued higher today despite weakness generally in overseas leads, with the ASX 200 hitting another post pandemic high of 7122 with strength in CSL underpinning the healthcare sector, while Materials & Financials were also strong.
Today we’re tweaking 3 MM Portfolios inline with comments made in the Morning Note today.
The ASX200 continues to oscillate between 7000 and 7100 as ongoing stock & sector rotation maintains the market equilibrium – yesterday saw only 55% of the index rally but when the resources rally strongly plus CBA / CSL post gains the index is almost guaranteed to be well supported.
A solid day for the ASX building on smallish overnight gains to rally from midday onwards.
The ASX200 closed marginally higher yesterday as stock & sector rotation remained the main game in town, yesterday was all about the banks and although only 30% of the index closed positive enthusiastic bank buying was enough to keep the indexes head above water.
