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The ASX200 continues to grind higher posting new all-time highs on an almost weekly basis, Wednesdays 75-point rally was a strong broad based performance with over 70% of stocks closing higher led by the energy names while being well supported by the miners and banks.
A bullish session for the ASX today thanks largely to a stronger than expected local GDP print which showed the Australian economy accelerating out of the Covid induced hangover with considerable momentum, and is now bigger than pre-pandemic levels.
On Monday the ASX200 again enjoyed decent buying surface into early weakness, the index ultimately recovered well over 50% of its mid-morning losses, even though over 60% of stocks still closed down on the day.
The ASX felt a little bit lost today given both the US and UK markets were closed overnight, providing little direction for our equities to follow.
Portfolio Manager James Gerrish & Senior Analyst Aiden Bradley take a deep dive into ship builder Austal (ASB) in the 3rd Installment of a 6 part series discussing 6 stocks James & the Market Matters team like
The ASX200 had a fairly quiet end to May as yet again it failed to push through its trend line resistance which has contained the markets advance since November of 2020. Ultimately local stocks reversed early gains to close down -0.25% with only the Healthcare & Gold sectors contributing any noticeable support. Even Commonwealth Bank (CBA) closed lower after posting a fresh all-time high at $101.50 – I’ll go out on a small limb here and call CBA to retrace ~5% from yesterday’s high, a point of interest no more as we remain bullish.
A quiet trading day for the local market ahead of the US Memorial Day holiday. Shares cracked the 7200 barrier for the first time ever before giving up the small gains, closing marginally lower on the session.
May has just one day remaining and barring any calamity its going to be another solid performance for the ASX200 with a gain of over 1%, the banks have led advance with Commonwealth Bank (CBA) surging almost +13% while the recovery stocks have played a solid supporting role
The ASX200 threatened a classic seasonal May pullback mid-month but a 3.5% pullback was all we got and Friday saw the bears toss in their towels pushing the index up to within 10-points of its pre-COVID all-time high. Under the hood we saw 75% of the market rally with the banks and resources contributing to bulk of the gains while the tech stocks were the only sector to close in the red. The mix of CBA rallying over +11% for the month to its fresh all-time high and the resources appearing to have found a near term low after their ~10% pullback all bodes well for the start of June.
With just one trading day left in May the local index continues to find buyers with local shares ripping into the weekend – setting a new record to close at 7179 thanks to a broad that rally saw tech as the only sector lower on the day.
