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The ASX200 shrugged off some initial morning jitters to commence the week on the front foot rising +0.2% with strength in the banking sector more than offsetting losses in the heavyweight miners e.g. Commonwealth Bank (CBA) and National Australia Bank (NAB) each rallied +0.7%, while OZ Minerals (OZL) and Fortescue Metals (FMG) both fell by over -4%.
The Australian market was swung around like a ragdoll in a whipsawing start to the week with the lead changing hands 5 times before calm set in late in the day.
After over 3-weeks, May has delivered very little on the index level with the ASX200 up just 5-points month to-date, coincidentally the exact amount the SPI futures are calling the index to fall on the open this morning.
This week saw the ASX200 initially test the upside, then the downside with some gusto, only to close out the week marginally higher courtesy of a strong close on Friday. Under the hood we saw solid gains from the IT and banking stocks while the resources sector experienced some profit taking as all the major names retreated by over 2%
The week ended on a choppy note with shares finishing more or less unchanged despite being more than 20pts either side of the equation at least once today. The two supermarket stocks rallied today though healthcare edged out the staples sector as the best on ground today.
Thursday saw the ASX200 recover over 60% of the previous sessions losses with the banks, real estate and tech stocks leading the broad advance, 80% of the index rallied with only the resources weighing on the gains.
The market bounced back strongly today led by strength across the technology stocks with a few broker upgrades sparking interest.
Yesterday saw the ASX200 tumble almost 2% as the “buy the dip” early morning attempt was thumped back into place by fairly aggressive selling across the board, 90% of stocks fell while the futures saw their volume double as worries clearly surfaced through investors’ minds.
179 companies in the ASX 200 closed lower today in a broad based sell-off that saw some of the recently hot sectors (materials for example) hit hard with profit taking. Last nights trading action was not particularly bearish however SPI futures pre-empted todays move pretty well.
The ASX200 bounced strongly yesterday gaining +0.6% as the choppy rotation continues, Tuesday was all about the resources from energy to gold and of course iron ore which continues to swing around with almost as much volatility as Bitcoin!
