Archives: Reports
We are making changes across two portfolios today.
The ASX200 closed up +0.15% on Thursday in an ultimately lacklustre session, which promised more in the morning before surrendering two-thirds of its gains through the afternoon. Tech and consumer discretionary names advanced over 1% while real estate lagged, slipping -1.4%. On the commodities front, the story remains the same, and it’s starting to get a little bit monotonous as we head into Christmas, less than three weeks away.
While the market continues to edge up, it’s becoming very stock specific and we are seeing some obvious loss of momentum in to fresh all-time highs. Some profit taking in banks becoming obvious while resources by in large remain friendless.
Yesterday’s weak Australian GDP number was a shocker; there was no other way to describe it with bonds and the $A reacting accordingly.
On a day that started off with some major transactions led by Goodman Group and ProMedicus, GDP data released mid-morning added fuel to a mixed session. Investors showed signs of exhaustion after pushing to all-time highs over the last few days, with property and banks largely responsible for dragging the index lower.
After yesterday’s close, China Investment Corporation (CIC) launched a massive $1.9 billion selldown of market darling Goodman Group (GMG). Citi’s equities desk was looking to place 50.4 million GMG shares or about 2.6% of the company; to put things into perspective, only 3.7 million shares exchanged hands on Tuesday.
Another key milestone on two levels for the ASX 200 today with a new all-time high (8514) and the first time the benchmark has printed 8500, with 9/11 sectors making gains.
The ASX200 closed up +0.1% on Monday in a fairly lacklustre session, which again saw the local index unable to build on early gains. Over 50% of the main board closed higher, with interesting moves in the resources sector after Chinese manufacturing data beat estimates.
The market tried to break out again today with buying seen early only to falter as the day progressed, the index closing ~20pts below the highs and only mildly in the green, but still up and around all-time highs.
The ASX200 is set to test new highs early this week after US equities hit new milestones on Friday, even though it was only a half-day following Thanksgiving holiday. The path of least resistance remains on the upside, even on quiet days.
