A reasonably muted start to the week for equities which tracked higher through the morning before giving around a quarter of the gains throughout the afternoon. Buyers tried to see the index close through the key 7480 level we discussed in the morning report with buying on the close getting to within touching distance, just 10pts away. Still, a better than expected start to the week with futures initial pointing to a flat session.
A good way to end a volatile week with the ASX up ~0.80% and despite a few large swings and the feeling of a tough week, the market actually only ended at 7443, down 0.19% and just ~30pts below key resistance. Healthcare, Real-Estate & IT stocks were the 3 laggards which is understandable given the backdrop of higher rates although all sectors bar Materials finished in the red. Resources had a great week underpinned by a resurgence in Gold, a bounce in Iron Ore and continued strength in battery metals, the sector up nearly 5% which is encouraging given our large tilt towards this space.
A very volatile session today for local stocks as big volume through the futures market pushed the market down ~40 points in short order this morning ahead of a much weaker than expected employment print provided the catalyst for another leg lower – the ASX 200 down -94points at the lows, before a spirited fightback after lunch meant we closed +52pts up from the days nadir. Not one for the faint hearted today and the volatility was very much focussed locally.
The ASX was again looking optimistic early on as SPI Futures debunked overseas weakness but true to recent form, key resistance as detailed on the daily chart below provided an impenetrable wall that capped the markets gains, and as US Futures tapered off we simply trickled lower throughout the afternoon.
Another session where the ASX was looking strong (ish) however hit the skids at key resistance and sold off into the afternoon. Sector rotation again to only real game with the batten changing daily, Yesterday Energy led the line on the upside while IT was weak, the opposite played out today plus the heavyweight financials also copped some selling.
A fairly lacklustre start to the week with the ASX chopping around par for most of the session as sellers seemed intent on defending the 7475 resistance level we’ve written about in our last few notes. SPI Futures were pricing a breakout to the upside today, but alas, that didn’t prove to be the case as weakness amongst the IT & Healthcare sectors weighed on the broader market, while only the energy stocks made any decent headway.
A choppy start to the week ended with 3 solid sessions of gains for the ASX, today it was the Communications sector leading the charge while the IT stocks lagged. For the week, the market added 1.17% with all sectors bar Energy & IT booking gains.
A 2nd day of gains for the ASX as the market edged another ~0.5% higher thanks largely to a bounce-back in the IT stocks that never seem to stay down for too long, while weakness in Oil prices and the prospect of higher output saw the energy sector sold off.
The ASX bounced back today with the heavyweight Materials & Financials leading the line after a tough start to the week, IT the only sector to finish lower. Buying was fairly broad based, ~75% of the ASX200 finishing higher and as we touched on this morning, some recovery started to play out amongst the beaten up bulk miners even though the underlying commodity prices remained on the nose.
While the short odds favourite failed to get up in the cup today, the decision by the RBA at 2.30pm this afternoon to scrap yield targets and remove guidance for 2024 rate hikes was expected and that saw both bond yields and the AUD tick lower post the announcement.
The ASX was soft during early trade today, it bounced as the RBA took some uncertainty away but that didn’t last long and we sold off into the close, the material stocks providing the biggest drag as China facing commodities took a beating, Iron Ore limit down and Coal prices continued to slide. Don’t fight the PBOC the clear message at the moment!
A good way to end a volatile week with the ASX up ~0.80% and despite a few large swings and the feeling of a tough week, the market actually only ended at 7443, down 0.19% and just ~30pts below key resistance. Healthcare, Real-Estate & IT stocks were the 3 laggards which is understandable given the backdrop of higher rates although all sectors bar Materials finished in the red. Resources had a great week underpinned by a resurgence in Gold, a bounce in Iron Ore and continued strength in battery metals, the sector up nearly 5% which is encouraging given our large tilt towards this space.
A very volatile session today for local stocks as big volume through the futures market pushed the market down ~40 points in short order this morning ahead of a much weaker than expected employment print provided the catalyst for another leg lower – the ASX 200 down -94points at the lows, before a spirited fightback after lunch meant we closed +52pts up from the days nadir. Not one for the faint hearted today and the volatility was very much focussed locally.
The ASX was again looking optimistic early on as SPI Futures debunked overseas weakness but true to recent form, key resistance as detailed on the daily chart below provided an impenetrable wall that capped the markets gains, and as US Futures tapered off we simply trickled lower throughout the afternoon.
Another session where the ASX was looking strong (ish) however hit the skids at key resistance and sold off into the afternoon. Sector rotation again to only real game with the batten changing daily, Yesterday Energy led the line on the upside while IT was weak, the opposite played out today plus the heavyweight financials also copped some selling.
A fairly lacklustre start to the week with the ASX chopping around par for most of the session as sellers seemed intent on defending the 7475 resistance level we’ve written about in our last few notes. SPI Futures were pricing a breakout to the upside today, but alas, that didn’t prove to be the case as weakness amongst the IT & Healthcare sectors weighed on the broader market, while only the energy stocks made any decent headway.
A choppy start to the week ended with 3 solid sessions of gains for the ASX, today it was the Communications sector leading the charge while the IT stocks lagged. For the week, the market added 1.17% with all sectors bar Energy & IT booking gains.
A 2nd day of gains for the ASX as the market edged another ~0.5% higher thanks largely to a bounce-back in the IT stocks that never seem to stay down for too long, while weakness in Oil prices and the prospect of higher output saw the energy sector sold off.
The ASX bounced back today with the heavyweight Materials & Financials leading the line after a tough start to the week, IT the only sector to finish lower. Buying was fairly broad based, ~75% of the ASX200 finishing higher and as we touched on this morning, some recovery started to play out amongst the beaten up bulk miners even though the underlying commodity prices remained on the nose.
While the short odds favourite failed to get up in the cup today, the decision by the RBA at 2.30pm this afternoon to scrap yield targets and remove guidance for 2024 rate hikes was expected and that saw both bond yields and the AUD tick lower post the announcement.
The ASX was soft during early trade today, it bounced as the RBA took some uncertainty away but that didn’t last long and we sold off into the close, the material stocks providing the biggest drag as China facing commodities took a beating, Iron Ore limit down and Coal prices continued to slide. Don’t fight the PBOC the clear message at the moment!
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