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The ASX200 felt like a “one trick pony” on Wednesday, following CBA’s strong result, as the index’s largest company led the “Big Four Banks” to an average gain of +1.5% as NAB and WBC joined CBA in making fresh all-time highs, contributing well over half of the day 51-point advance.
The ASX traded lower in the first hour of trade as sellers initially pushed CBA into the red, it was all one-way traffic from 10.30am onwards as both CBA and the market rallied, the former trading to new all-time highs on slightly better than expected results.
The ASX200 surrendered early gains on Tuesday to end the session up just 1 point, with CSL the primary weight on the index and healthcare sector. The biotech’s 5% fall took almost 22 points off the index, offsetting gains elsewhere helped by several positive earnings results across the market.
The best of it seen early this morning with the market up ~30pts before tapering off to finish largely flat on the session, weakness in CSL took ~20pts off the index and was the major drag while the other index heavy weights did okay, with Comm Bank (CBA) down a touch ahead of results tomorrow.
We are making changes to the International Equities Portfolio overnight.
We are making several changes to the Emerging Companies Portfolio today
The ASX200 slipped -0.3% on Monday, a solid performance considering the weakness on overseas bourses on Friday night. The defensive end of town supported the local index, with the consumer staples, utilities and healthcare sectors the only three to advance, while tech spent a rare day in the naughty corner, falling 1.4%.
The market opened on the back foot early, down ~70pts at the lows before recovering over half of the early decline to finish only ~100pts below the all-time high. Results season now kicks into gear and today is indicative of what we’ll see from now on; i.e. stocks that have run into results will need to deliver for the half and also in terms of guidance.
The US jobs data released on Friday showed that the US labour market remains strong, increasing the odds that the Fed will remain patient on interest rate cuts. The more President Donald Trump threatens tariffs on the US’s trading partners, the more worry another inflation wave troubles global economists.
The ASX200 slipped slightly in the first week of February ending down -0.24% with the healthcare and utilities sectors weighing on the market while the tech and materials stocks helped limit losses. It was an overall turbulent week for stocks as earnings season kicks into gear. The prospect of lower interest rates, trade war jitters and resilient consumer spending added to the day-to-day volatility. Local shares closed out the week flat with a negative tilt as traders remained cautious ahead of the US Payrolls report, which will influence the Fed’s decision on interest rate cuts.
