Portfolio Positioning: Rounding off report season as market volatility surges on oil price uncertainty

The ASX200 haemorrhaged on Tuesday, closing down 123-points or 1.3%, as weak US futures, and a cautious Michelle Bullock broke the market’s stubborn resistance – the local 3-year yield surged 0.15% during our day session following the RBA chiefs’ hawkish comments. We discussed the drop in bonds (yields higher) yesterday afternoon – Here. The move in bonds weighed on rate-sensitive stocks/sector, with the consumer discretionary, real estate and tech sectors all underperforming the main board, and closing down by more than 2% – more of the same is likely this morning after bonds fell further overnight, although they did bounce into the close. However, losses were broad-based on Tuesday, with almost 75% of the market closing down on the day.

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Alerts 22/04/2026 10:23

Trade Alert – Emerging Companies Portfolio

We are making a change to the Emerging Companies Portfolio.

Morning report 22/04/2026 09:39

Portfolio Positioning: Is the next chapter about to unfold for the banks?

The ASX200 finished a choppy session little changed on Tuesday, for a third straight session, amid a looming US-Iran ceasefire deadline and continued tensions over control of the Strait of Hormuz. Overall, it was a quiet session on both the stock and sector front with only the consumer staples (+0.76%) and energy sector (-0.9%) moving by more than 0.5%, with the index remaining range-bound between 8890 and 9020 for the 10th consecutive session.

Afternoon report 21/04/2026 17:16

The Match Out: ASX treads water, HUB misses on flows

The ASX traded in a choppy, rotational session today with the market remaining in limbo, waiting for more news on a deal between the US and Iran. Rather than a broad risk-off move, the local bourse largely shuffled capital between sectors as traders repositioned portfolios for what a “post-conflict” environment might look like, with some recent winners - financials and energy seeing profit-taking, while technology attracted renewed buying.

Morning report 21/04/2026 09:27

What Matters Today: NextDC Raises $1.1 Billion — Why are ASX Data Centre Stocks soft as demand surges?

The ASX200 clawed back early losses to finish marginally higher on Monday, up just 0.1%, after the Strait of Hormuz was effectively shut again almost as quickly as it had reopened. Another session where the market held its ground despite the weekend's escalation in Gulf tensions, and another reminder that investors have largely stopped reacting to each new headline with fresh conviction. The net result was more of the same: headline fatigue is well and truly setting in.

Afternoon report 20/04/2026 16:43

The Match Out: Bad news, flat close — the ASX refuses to flinch

SPI Futures were pricing a rise today of +82pts following strength in the US on Friday night, however the weekend news flow was anything but positive, with the Strait of Hormuz closing just as quickly as it opened. Oil prices spiked ~8% first up this morning, Gold fell ~$US40, US Futures traded down ~0.7% and Australian equities opened flat – which is where they closed – not a bad effort considering.

Morning report 20/04/2026 08:58

Macro Monday: The Bulls are back in Control of global stocks

Friday delivered a textbook geopolitical whipsaw. The S&P 500 and Nasdaq 100 surged to fresh record highs, and crude oil sold off sharply after Iran's Foreign Minister declared the Strait of Hormuz fully open for commercial traffic — markets breathed, algos bought, and risk was back on.

Weekend report 18/04/2026 10:36

Weekend Q&A: US stocks punch to new all-time highs as the Strait of Hormuz opens

The ASX200 finished the week down -0.2%, snapping a 3-week winning streak as it failed to embrace the strength across global indices. A +13% surge by the tech sector wasn't enough to offset losses by the influential banks, with the financial sector ending the week down -2.1%. Westpac set the tone early in the week, flagging that interest-rate volatility tied to the Iran conflict had hit its market’s income and prompted higher credit provisions. While not unexpected given rising rates, cost-of-living pressures and higher fuel prices, the update reinforced a cautious “if in doubt, get out” stance from investors ahead of May results from ANZ, NAB and Westpac

Afternoon report 17/04/2026 16:58

The Match Out: ASX drifts as ZIP surges and banks stay under pressure

The ASX 200 slipped today, ending the session lower, awaiting further clarity on negotiations around the US-Iran ceasefire and the reopening of the Strait of Hormuz. The market snapped a three-week winning streak after the sharp rebound seen earlier in the month, though the pullback looks more like a period of consolidation rather than a meaningful shift in the broader trend.

Morning report 17/04/2026 09:36

ETF Friday: As the War Premium Unwinds, Four Energy ETFs Back In Focus

For a third consecutive session, the ASX 200 opened strongly above 9000 before falling away throughout the day, dragged lower by the influential banks - it must be reading the MM report this week! Such is the hefty influence of the banks that, although over 60% of the main board closed higher on Thursday, an average drop by the “Big Four Banks” of over 2% was enough to drag the index down by 0.3%. Under the hood, the markets following the MM script so far this week.

Afternoon report 17/04/2026 09:37

The Match Out: Tech roars but banks drag as the ASX slips

The ASX wavered today as investors balanced improving global risk sentiment against fresh domestic data. The local market initially opened higher following record closes on Wall Street, but struggled to hold early gains as traders digested Australia’s latest labour market report.