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The ASX200 had the quiet Thursday we flagged in the morning report with it finally grinding out a meagre 2-point gain as just 51% of the market closed positive, on the sector level the banks drifted which was more than countered by another strong session from the IT names and a solid bounce by the Resources Sector.
A similar session to yesterday played out today with strength once again being sold into at the index level as the market petered out into the close, finishing around par. Melbourne entering a 7 day lockdown didn’t help although I doubt that was the reason for the softening in the market. IT stocks again were the standout although we also saw the Materials recover from recent weakness to play a supporting roll.
We are adding to A2M
The ASX200 followed Commonwealth Bank (CBA) higher into lunch as the markets largest company joined the $100 club, the stock listed back in 1991 at $5.40 illustrating the power of long-term compound investing when you back the correct business.
A choppy session played out today with early weakness bought before a midday top was put into place, the afternoon was a soggy one with weakness across the commodity complex weighing on the broader market.
MM is making some amendments to our Income, Emerging Companies & International Equities Portfolio’s. NB: SMS alerts are reserved for changes to our Flagship Growth Portfolio
the ASX200 appears to have quickly put last weeks “May jitters” behind it as the index rallies towards both its 2021 & all-time high. Another day of Commonwealth Bank (CBA) scaling fresh levels certainly helped but the buying was broad based with 75% of stocks closing positive although I did feel it was more a lack of sellers that was the main market driver but either way the result’s the same, the post GFC & COVID bull markets remain intact.
A strong session saw the ASX trade above where it started the month as it looks to buck the “sell in May and go away” trend. The star of the show was Hub24 (HUB), which we own in the Flagship Growth Portfolio, rallying +8.89% without any news.
Join Portfolio Manager James Gerrish & Senior Analyst Jules Copper as they do a deep dive into software business Altium (ALU). The stock has had a difficult time over the last 12 months, and now trades very close to it’s 12 month lows. The market remains split and somewhat skeptical of the companies current guidance and therein lies the opportunity.
MM are adding a new stock to the Flagship Growth Portfolio today
