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The ASX200 retreated -0.7% on Tuesday on broad-based selling, which saw less than 40% of the main board close higher. The defensive names dominated the “winners enclosure,” with the utilities, consumer staples, and healthcare sectors occupying three of the winner’s spots that managed to eke out gains.
A softer day for the ASX though once again, we saw some buying into weakness, certainly not as pronounced as yesterday, but we’re certainly not seeing any panic selling at the index level, that’s being reserved for stocks that miss earnings or provide lacklustre guidance.
The ASX200 recovered from early steep losses on Monday to finish up +0.1% as the banks enjoyed some bargain hunting after last week’s aggressive sell-off. The “Big Four” finished an average of +2.2% higher, led by heavyweight CBA, which finished the day up +3%.
A stoic performance from the ASX today, underpinned by a recovery in the banking sector. The main board was down ~85pts at the lows, before being aggressively bought to close up on the day – there is money in them hills!
The ASX200 retreated over 3% last week, with the driving force behind the sell-off being the previously high-flying and influential Banks. In a rare show of weakness, the “Big Four” retreated more than 10% on average as sentiment soured towards the sector.
Last week saw the ASX200 post its worst week since September 2022, falling over 3%, as soft earnings in key areas, such as the influential banking sector, more than offset an improvement in the mining sector. Friday’s 0.3% fall was the market’s fifth consecutive losing day, its largest five-day point and percentage decline since early August.
All 5 sessions ended lower this week with the ASX pulling back sharply from all-time highs above 8600. The main board fell ~3% weighed down by a 7.5% pullback in the financials – a big move for a sector like that.
MM are making several changes to the Active Growth Portfolio today
The ASX200 fell to a 5-week low on Thursday, ultimately closing down 1.1%, extending the current pullback to 328 points / 3.8%. Losses were focused in the big end of town, with the banks again suffering after failing to satisfy lofty expectations moving into earnings season.
The market opened lower this morning and the selling fed on itself as several results underwhelmed on the busiest day of the reporting period. While there were some solid updates, Whitehaven, Telstra, Megaport and others, more underwhelmed, amplified by ongoing weakness in the banks, the majority trading ~3% lower.
