A positive session by the end for the penultimate day of local reporting season, the Material stocks roaring back to life on stronger commodity prices, a weaker $US and a huge profit result from Fortescue Metals (FMG) which showed just how much money can be made when commodity companies get a commodity price tailwind particularly when it comes on the back of periods where efficiency & operational discipline have been important. The Material...
A quieter session to end a busy week of reporting with the market finishing little changed, a weak open before a more solid finish with the broader sectors of industrials & utilities doing most of the heavy lifting. Results from the bigger end of town today were generally solid however the volume of results is now declining into next week. Overall, reporting remained mixed although specific guidance has (probably rightly so) been scarce.
The ASX snapped a 3 day winning streak today and ended lower, the Telcos & Retailers the only sectors to end higher as 9 stocks in the Top 200 ended down more than 5%.
The ASX 200 finished down -40pts / -0.54% to 7491
NSW announced +1029 new COVID cases, VIC had +80 new cases
The travel stocks rallied today as both Qantas (QAN) +3.5% & Flight Centre (FLT) +4% reported earnings plus talked more favourably around re-opening. QAN laid out plans for re-opening international
A strong rally in the IT sector with support from the resources underpinned a solid day of trade for the ASX, Wisetech (WTC) +28% a standout although it was up ~50% at one stage, while money also found it’s way into the ‘re-opening trade’ with travel stocks doing pretty well. Another solid day of reporting, we cover some below while Harry & I talk about Monadelphous (MND), Bravura (BVS), HUB 24 (HUB) and Zip Co (Z1P) in our weekly video...
The market edged higher today it what was the biggest day of reporting thus far, Energy the standout sector following Crude’s rally overnight + a timely note from MM this morning while the Material sector also bounced back from recent weakness. It was rocks & diamonds today for MM is terms of results, the diamond in the Flagship Growth Portfolio being HUB 24 (HUB) up ~8% while Monadelphous (MND) was anything but, down ~14%.
A positive start to the trading week with IT, Real-Estate & Materials sectors offering most support to the broader market. Reporting was again dominate with one trend becoming more obvious the more companies report, that being very cautious / non-committal guidance. While it seems most have started off FY22 with good momentum, COVID resurgence globally plus of course lockdowns locally are having a big impact on company’s ability/desire to forecast.
The ASX came out of the blocks on the front foot this morning after a tough week, however the best of it was seen in the first hour before the market sold off for the rest of the day. The defensive sectors did best while continued weakness in commodity prices weighed on the Material stocks, although we are seeing signs of stabilization there. For the week, the ASX 200 fell -2.2% with Materials -9.6% & Energy -7.7% the two biggest drags while the Staples sector added ~3% to top the leader board.
The ASX fell for its fourth-straight day weighed down by losses in the mining and financial sectors, the former hurt by further declines in BHP (-6.35%) while Fortescue (FMG) & Rio Tinto (RIO) were also down a similar amount thanks to a 6% decline in Iron Ore Futures during Asian trade today. FMG now a whisker from our $20 target while RIO at $107.17 this afternoon is below the $108 we flagged this morning.
A more muted session at the index level today with the ASX weak on open before recovering to trade around par for most of the session. Reporting dominated the news flow, some big hits but more incremental misses overall however it was BHP falling ~7% that attracted most attention with the move taking a massive 33 index points from the ASX 200…I haven’t seen that in a long time. A lot to play out here however there is now an arbitrage...
Stocks posted a second day of declines led lower by financials as CBA & IAG traded ex-dividend while weakness in metals markets overnight flowed to weakness amongst our miners today, BHP down ~1.42% ahead of its FY21 results due out shortly. The ~1% sell-off was the biggest in 2 months which shows the lack of volatility we’ve become accustomed to of late. Still, most focus was on a busy day of results with bigger declines booked by the ‘misses’ than rallies by the ‘beats’.
A quieter session to end a busy week of reporting with the market finishing little changed, a weak open before a more solid finish with the broader sectors of industrials & utilities doing most of the heavy lifting. Results from the bigger end of town today were generally solid however the volume of results is now declining into next week. Overall, reporting remained mixed although specific guidance has (probably rightly so) been scarce.
The ASX snapped a 3 day winning streak today and ended lower, the Telcos & Retailers the only sectors to end higher as 9 stocks in the Top 200 ended down more than 5%.
The ASX 200 finished down -40pts / -0.54% to 7491
NSW announced +1029 new COVID cases, VIC had +80 new cases
The travel stocks rallied today as both Qantas (QAN) +3.5% & Flight Centre (FLT) +4% reported earnings plus talked more favourably around re-opening. QAN laid out plans for re-opening international
A strong rally in the IT sector with support from the resources underpinned a solid day of trade for the ASX, Wisetech (WTC) +28% a standout although it was up ~50% at one stage, while money also found it’s way into the ‘re-opening trade’ with travel stocks doing pretty well. Another solid day of reporting, we cover some below while Harry & I talk about Monadelphous (MND), Bravura (BVS), HUB 24 (HUB) and Zip Co (Z1P) in our weekly video...
The market edged higher today it what was the biggest day of reporting thus far, Energy the standout sector following Crude’s rally overnight + a timely note from MM this morning while the Material sector also bounced back from recent weakness. It was rocks & diamonds today for MM is terms of results, the diamond in the Flagship Growth Portfolio being HUB 24 (HUB) up ~8% while Monadelphous (MND) was anything but, down ~14%.
A positive start to the trading week with IT, Real-Estate & Materials sectors offering most support to the broader market. Reporting was again dominate with one trend becoming more obvious the more companies report, that being very cautious / non-committal guidance. While it seems most have started off FY22 with good momentum, COVID resurgence globally plus of course lockdowns locally are having a big impact on company’s ability/desire to forecast.
The ASX came out of the blocks on the front foot this morning after a tough week, however the best of it was seen in the first hour before the market sold off for the rest of the day. The defensive sectors did best while continued weakness in commodity prices weighed on the Material stocks, although we are seeing signs of stabilization there. For the week, the ASX 200 fell -2.2% with Materials -9.6% & Energy -7.7% the two biggest drags while the Staples sector added ~3% to top the leader board.
The ASX fell for its fourth-straight day weighed down by losses in the mining and financial sectors, the former hurt by further declines in BHP (-6.35%) while Fortescue (FMG) & Rio Tinto (RIO) were also down a similar amount thanks to a 6% decline in Iron Ore Futures during Asian trade today. FMG now a whisker from our $20 target while RIO at $107.17 this afternoon is below the $108 we flagged this morning.
A more muted session at the index level today with the ASX weak on open before recovering to trade around par for most of the session. Reporting dominated the news flow, some big hits but more incremental misses overall however it was BHP falling ~7% that attracted most attention with the move taking a massive 33 index points from the ASX 200…I haven’t seen that in a long time. A lot to play out here however there is now an arbitrage...
Stocks posted a second day of declines led lower by financials as CBA & IAG traded ex-dividend while weakness in metals markets overnight flowed to weakness amongst our miners today, BHP down ~1.42% ahead of its FY21 results due out shortly. The ~1% sell-off was the biggest in 2 months which shows the lack of volatility we’ve become accustomed to of late. Still, most focus was on a busy day of results with bigger declines booked by the ‘misses’ than rallies by the ‘beats’.
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