The ASX put in a weaker session seeing sustained selling through the day, as softer iron ore prices weighed on the materials space. With heavyweight resources and the big banks down, the index was fighting a losing battle from start to finish, though we still managed to close higher for the week.
A softer session across the ASX today despite the positive session in the US overnight, and US Futures remained solid during our time zone, inline with other Asian markets bar our own. We were a bit of an anomaly today.
The index climbed steadily higher throughout the day with the resources rally continuing and banks rebounding after two days of moving in opposite directions. With CBA closing ~10% off its recent highs yesterday, it was a matter of time until buyers returned, though ANZ was the pick of the bunch in the Big Four.
While it was quiet session from an index perspective, we saw further sector rotation sweep through the ASX with Materials outperforming Financials by ~4%, and if we look at the last 5 trading sessions, that divergence extends to ~7%. Resources are running as the market consolidates its recent breakout above 8600.
We’ve written about sector rotation a lot in recent notes and today was another clear example of the theme playing out, with banks underperforming resources by a significant ~2.5%. News that Warren Buffett was selling down bank holdings was sighted as a catalyst, and it probably played a part.
Bang! The ASX broke out of its recent tight trading range today, trading above 8700 for the first time, buoyed by coordinated buying across the material and healthcare sectors, with technology also having a good crack. Softer employment data yesterday brings into play 3 rate cuts this side of Christmas, which is a bullish catalyst, however, today looked more momentum driven, with a clean break above a 6-week trading range, dovetailing in with low school holiday volumes – a quick trip into the city this am and a strong market – a win/win
A positive open this morning, but the buyers really kicked into gear following softer employment data out at 11.30am which opens the door for a rate cut at the next meeting, they should have cut last week! Rate sensitive sectors faired best, though the love was broadly spread with 80% of the main board ending higher.
The ASX had its worst day since 5th May today, which implies we’ve had a pretty good run in stocks despite ongoing trade uncertainty. The market was hit on the open, with all sectors trading in the red before recent trends emerged; banks experiencing ongoing selling while resources bounced from their intra-day nadir.
A new all-time closing high for the ASX today, with the index pushing comfortably above 8600 driven by broad based buying with 75% of the main board closing higher – only one sector failed the make gains.
Energy & Resources led the charge today with BHP back knocking on the door of $40, and is now up more than 8% in FY26 relative to Comm Bank (CBA) which has fallen ~3%.
A softer session across the ASX today despite the positive session in the US overnight, and US Futures remained solid during our time zone, inline with other Asian markets bar our own. We were a bit of an anomaly today.
The index climbed steadily higher throughout the day with the resources rally continuing and banks rebounding after two days of moving in opposite directions. With CBA closing ~10% off its recent highs yesterday, it was a matter of time until buyers returned, though ANZ was the pick of the bunch in the Big Four.
While it was quiet session from an index perspective, we saw further sector rotation sweep through the ASX with Materials outperforming Financials by ~4%, and if we look at the last 5 trading sessions, that divergence extends to ~7%. Resources are running as the market consolidates its recent breakout above 8600.
We’ve written about sector rotation a lot in recent notes and today was another clear example of the theme playing out, with banks underperforming resources by a significant ~2.5%. News that Warren Buffett was selling down bank holdings was sighted as a catalyst, and it probably played a part.
Bang! The ASX broke out of its recent tight trading range today, trading above 8700 for the first time, buoyed by coordinated buying across the material and healthcare sectors, with technology also having a good crack. Softer employment data yesterday brings into play 3 rate cuts this side of Christmas, which is a bullish catalyst, however, today looked more momentum driven, with a clean break above a 6-week trading range, dovetailing in with low school holiday volumes – a quick trip into the city this am and a strong market – a win/win
A positive open this morning, but the buyers really kicked into gear following softer employment data out at 11.30am which opens the door for a rate cut at the next meeting, they should have cut last week! Rate sensitive sectors faired best, though the love was broadly spread with 80% of the main board ending higher.
The ASX had its worst day since 5th May today, which implies we’ve had a pretty good run in stocks despite ongoing trade uncertainty. The market was hit on the open, with all sectors trading in the red before recent trends emerged; banks experiencing ongoing selling while resources bounced from their intra-day nadir.
A new all-time closing high for the ASX today, with the index pushing comfortably above 8600 driven by broad based buying with 75% of the main board closing higher – only one sector failed the make gains.
Energy & Resources led the charge today with BHP back knocking on the door of $40, and is now up more than 8% in FY26 relative to Comm Bank (CBA) which has fallen ~3%.
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