A great session for the ASX keying off strong leads from overseas as Russia took a tentative step backwards while strength on the domestic earnings front also buoyed the market, the Healthcare index +6.22% higher the standout thanks to our 3rd largest listed company (CSL) beating expectations and rallying more than 8%.
As Chris on the Insto Desk just over my shoulder said today, it felt like the market was down a hundred with some big moves on the stock level playing out and some decent divergence between sectors. By the close, the market held above 7200, not a bad effort considering that Iron Ore prices melted ~10% in Asia.
There was some nervousness this morning following a big weekend of negative news around the potential Ukraine invasion, no doubt amplified by many of us forgetting Valentine’s Day, however after a weaker open, stocks were well bid led by Gold & Energy shares while the banks were also well supported. Overall, a solid, somewhat surprising session on a day where the LA Rams won the Super Bowl.
The market gave up ground, though still managed to post a +97pt/1.36% gain for the week. A soft lead from the US driven by higher than expected inflation prints caused early weakness. Selling picked up throughout the morning thanks to a more aggressive tone from RBA Governor Lowe who said a rate rise this year was plausible, sending the market back below 7200 before some support kicked in. The ASX eventually closed 26pts off the intraday lows.
A strong start to the day with buyers picking up where they left off yesterday afternoon. The ASX was carried back over 7300 for the first time in 3-weeks but ultimately failed to hold that level closing 48pts off the intraday highs. Tech was once again the winner, carried by strength in the larger index weights of the sector. Market heavy weights of Financials and Materials were also well bid, helping to ensure a green day for the index.
A tepid start to trade this morning however the buyers stepped out of the shadows around 11.30am and pushed the market up +80pts from the lows, the IT stocks leading the charge with some impressive gains from the ‘on the nose’ sector while a strong result from Commonwealth Bank (CBA) underpinned a rally amongst the financials. All in all, the bulls won on the day with the ASX 200 now up +510 points / +7.5% from the low set on the 27th January.
A bullish day for local stocks with the market supported by the dominate sectors, when Materials +2.2% & Financials +1.36% take spots 1&2 on the leader board it’s hard for the market to do anything but rally. The laggards were again the IT stocks while the Staples are continuing to lag. Overall though, a much more bullish session than overseas + local futures implied.
A very volatile Monday for the ASX with the market down sharply (-74pts) early on only to claw back the bulk of the decline by the close to finish only a few points into the red. The financials were soft following ANZ’s update while the travel stocks enjoyed clarity around boarder opening with Australia set to open up to fully vaccinated travelers on 21st February.
Pre-market futures were indicating a difficult end to the week however some better than expected results after the US market closed meant early selling was subdued. Buyers won the rest of the session and a demand in the match helped the index finish on the intra-day high. Today’s gain helped the index post it’s best week since August last year, snapping 3 weeks of losses.
Portfolio’s exposed to technology had a tough session today with the sector hit nearly 6% following some big moves lower in large cap US tech stocks that missed earnings expectations overnight, while Healthcare also fell. Partially countering that was strength in Utilities., buying amongst the Miners and a solid day for the banks headlined by a decent update from Westpac (WBC) – a few other interesting companies reported which we cover below.
As Chris on the Insto Desk just over my shoulder said today, it felt like the market was down a hundred with some big moves on the stock level playing out and some decent divergence between sectors. By the close, the market held above 7200, not a bad effort considering that Iron Ore prices melted ~10% in Asia.
There was some nervousness this morning following a big weekend of negative news around the potential Ukraine invasion, no doubt amplified by many of us forgetting Valentine’s Day, however after a weaker open, stocks were well bid led by Gold & Energy shares while the banks were also well supported. Overall, a solid, somewhat surprising session on a day where the LA Rams won the Super Bowl.
The market gave up ground, though still managed to post a +97pt/1.36% gain for the week. A soft lead from the US driven by higher than expected inflation prints caused early weakness. Selling picked up throughout the morning thanks to a more aggressive tone from RBA Governor Lowe who said a rate rise this year was plausible, sending the market back below 7200 before some support kicked in. The ASX eventually closed 26pts off the intraday lows.
A strong start to the day with buyers picking up where they left off yesterday afternoon. The ASX was carried back over 7300 for the first time in 3-weeks but ultimately failed to hold that level closing 48pts off the intraday highs. Tech was once again the winner, carried by strength in the larger index weights of the sector. Market heavy weights of Financials and Materials were also well bid, helping to ensure a green day for the index.
A tepid start to trade this morning however the buyers stepped out of the shadows around 11.30am and pushed the market up +80pts from the lows, the IT stocks leading the charge with some impressive gains from the ‘on the nose’ sector while a strong result from Commonwealth Bank (CBA) underpinned a rally amongst the financials. All in all, the bulls won on the day with the ASX 200 now up +510 points / +7.5% from the low set on the 27th January.
A bullish day for local stocks with the market supported by the dominate sectors, when Materials +2.2% & Financials +1.36% take spots 1&2 on the leader board it’s hard for the market to do anything but rally. The laggards were again the IT stocks while the Staples are continuing to lag. Overall though, a much more bullish session than overseas + local futures implied.
A very volatile Monday for the ASX with the market down sharply (-74pts) early on only to claw back the bulk of the decline by the close to finish only a few points into the red. The financials were soft following ANZ’s update while the travel stocks enjoyed clarity around boarder opening with Australia set to open up to fully vaccinated travelers on 21st February.
Pre-market futures were indicating a difficult end to the week however some better than expected results after the US market closed meant early selling was subdued. Buyers won the rest of the session and a demand in the match helped the index finish on the intra-day high. Today’s gain helped the index post it’s best week since August last year, snapping 3 weeks of losses.
Portfolio’s exposed to technology had a tough session today with the sector hit nearly 6% following some big moves lower in large cap US tech stocks that missed earnings expectations overnight, while Healthcare also fell. Partially countering that was strength in Utilities., buying amongst the Miners and a solid day for the banks headlined by a decent update from Westpac (WBC) – a few other interesting companies reported which we cover below.
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