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The ASX200 ended a volatile session more than 100 points off its early morning low, down only 0.7%. Selling was fairly brutal on open, as was expected, but investors steadily bought the dip through the day, with over 40% of the main board managing to close positive.
The ASX finished lower, though it was much worse early on in the session. The war in the Middle East continues to dominate sentiment, with the market now down ~9% from the start of March, flirting with technical ‘correction’ territory.
We are making three changes to the Growth Portfolio today.
Global equities finished lower on Friday, pressured by escalating Middle East tensions, surging oil prices, and a renewed shift higher in rate expectations. For the week, the ASX200 fell 2.2%, the S&P 500 lost 1.9%, and the UK FTSE 3.3%.
The ASX200 ended a tough week down -2.2%, extending March’s retreat to -8.4% with more losses likely on Monday. Materials (-7.1%) and Tech stocks (-4.2%) continued to lead the decline, as fears around global growth and inflation escalated as the war dragged on with no end in sight, and oil prices looked increasingly comfortable above $US110. On Friday night, selling intensified into the U.S. afternoon session after Reuters reported Iraq had declared force majeure on oilfields operated by foreign companies, while President Trump said he was not seeking a ceasefire with Iran. Now entering its fourth week, roughly in line with Trump’s initial timeframe, the conflict is nonetheless unsettling Washington, as Iran’s ability to disrupt oil markets with relative ease continues to drive global angst.
The ASX 200 closed down in a session defined by continued selling across gold and materials, with the broader index unable to find meaningful support despite pockets of strength in healthcare, utilities and energy in particular.
The ASX 200 fell by more than 140 points on Thursday, with escalating concerns about the Middle East conflict weighing heavily on the market. The miners (-4.8%) were front and centre of the selling, while energy (+5.1%) was unsurprisingly best on the ground. As the oil price surged above $US110, inflation fears soared, weighing on rate-sensitive stocks, with the crowded gold sector enduring some aggressive liquidation while tech and real estate names were also heavy as futures markets priced in at least two more rate hikes before Christmas.
The ASX 200 fell sharply today, the damage felt heavily in the resources with gold miners hit hardest as bullion dropped overnight on stronger USD following the Fed’s interest rate hold, while rate-sensitive growth and property stocks continued to struggle in the higher-for-longer rate environment.
We are adding a new position to the Growth Portfolio.
The ASX 200 rose another 0.3% on Wednesday, with around 70% of the index finishing higher as oil prices eased slightly and buying interest returned to the miners – RIO (+1.2%) and BHP Group (+0.7%). However, it was a relatively quiet session as investors digested this week’s RBA’s split rate decision ahead of this morning’s Fed meeting, where no change was expected for a second consecutive meeting, and since the attacks on Iran, rate cuts are now not anticipated until late 2026.
