While the market was lower overall today, there was some big moves in individual stocks and unfortunately we were on the wrong side of a few – more on that below. At the sector level, financials grinded higher following FY results from ANZ that showed a 72% rise in profit while the energy sector was the biggest drag, hit by weakness overnight in Oil + China’s move this morning to cap thermal coal prices.
A lot happening on the corporate front today as AGMs and trading updates dominated news flow, while we also saw higher than expected local inflation data push bond yields higher and knock equities lower, although stocks staged a recovery in the afternoon.
The ASX opened higher this morning however the best of it was seen early and the market tracked lower throughout the day. Positive trends in the tech pace overnight flowed through into our market today with the tech stocks +1.34% while the utilities sector was the biggest drag. Overall, a weak session and the market does look tired in the short term as we approach the end of October.
A choppy but positive session overall to kick off the trading week with the Energy sector returning to the winners circle and rallying 2.6% while the IT sector was the biggest detractor.
The market limped into the weekend with a distinct lack of conviction, Energy and Materials were weak today, Energy was actually down ~4% on the week after a strong period of outperformance however as China ratchets up the rhetoric around high prices, some have been shaken out of a trade that MM believes has further legs.
A lot going on from a corporate perspective today with a bunch of AGM’s & trading updates which seemed to attract most off the attention. Property stocks best on ground while Energy fell again, however at the index level it was very quiet indeed. From a seasonal perspective, the end of October, November and the start of December are generally flat at best before the Christmas rally kicks into gear towards the end of December. While there’s no guarantee that will play out, we do take seasonal influences into account.
The ASX rallied today although it did finish ~35pts below the morning high and there was a big market on close (MOC) order that sent the index ~15 points lower in the match, still the market continues to climb the wall of worry no doubt frustrating the bears in the process. IT stocks led the line again today up more than 1% while Energy stocks fell by a similar margin.
The ASX knocked it’s head at the 7400 resistance level today as weakness amongst the materials was offset by strength in the IT space, overall, a day that saw no real net gain/loss at the index level but again there was plenty happening under the hood as the RBA once again poured cold water on rate hikes.
The ASX managed to start the week in the black despite a shaky start today thanks to ~1% gains in both financials and materials. Bond yields were climbing throughout our session however it didn’t have an impact on the broader market with value stocks holding up well. There was plenty of corporate news coming through with a number of takeover offers in play.
It’s been a very good second half of the week for the ASX as some positive company announcements drove 8 stocks in the ASX 200 up more than 10% on the week, fortunately for MM we hold 4 of them across portfolios and that’s led to a good pocket of outperformance. Today saw a carbon copy of yesterday in terms of both the IT & Materials sectors underpinning the rally while Utilities were the only area to finish the day lower.
A lot happening on the corporate front today as AGMs and trading updates dominated news flow, while we also saw higher than expected local inflation data push bond yields higher and knock equities lower, although stocks staged a recovery in the afternoon.
The ASX opened higher this morning however the best of it was seen early and the market tracked lower throughout the day. Positive trends in the tech pace overnight flowed through into our market today with the tech stocks +1.34% while the utilities sector was the biggest drag. Overall, a weak session and the market does look tired in the short term as we approach the end of October.
A choppy but positive session overall to kick off the trading week with the Energy sector returning to the winners circle and rallying 2.6% while the IT sector was the biggest detractor.
The market limped into the weekend with a distinct lack of conviction, Energy and Materials were weak today, Energy was actually down ~4% on the week after a strong period of outperformance however as China ratchets up the rhetoric around high prices, some have been shaken out of a trade that MM believes has further legs.
A lot going on from a corporate perspective today with a bunch of AGM’s & trading updates which seemed to attract most off the attention. Property stocks best on ground while Energy fell again, however at the index level it was very quiet indeed. From a seasonal perspective, the end of October, November and the start of December are generally flat at best before the Christmas rally kicks into gear towards the end of December. While there’s no guarantee that will play out, we do take seasonal influences into account.
The ASX rallied today although it did finish ~35pts below the morning high and there was a big market on close (MOC) order that sent the index ~15 points lower in the match, still the market continues to climb the wall of worry no doubt frustrating the bears in the process. IT stocks led the line again today up more than 1% while Energy stocks fell by a similar margin.
The ASX knocked it’s head at the 7400 resistance level today as weakness amongst the materials was offset by strength in the IT space, overall, a day that saw no real net gain/loss at the index level but again there was plenty happening under the hood as the RBA once again poured cold water on rate hikes.
The ASX managed to start the week in the black despite a shaky start today thanks to ~1% gains in both financials and materials. Bond yields were climbing throughout our session however it didn’t have an impact on the broader market with value stocks holding up well. There was plenty of corporate news coming through with a number of takeover offers in play.
It’s been a very good second half of the week for the ASX as some positive company announcements drove 8 stocks in the ASX 200 up more than 10% on the week, fortunately for MM we hold 4 of them across portfolios and that’s led to a good pocket of outperformance. Today saw a carbon copy of yesterday in terms of both the IT & Materials sectors underpinning the rally while Utilities were the only area to finish the day lower.
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