Stocks fell today slipping back from record highs weighed by the Energy, Financial & Material sectors, while the defensive supermarkets did best. The Covid situation has clearly deteriorated locally however it’s also the case internationally with case counts globally ratcheting up. We also had weaker than expected data from China today with industrial production & retail sales missing the mark while local earnings saw more hits than misses, although...
A positive session to end a positive week for the ASX with the first full week of reporting now under our belt. Overall, it’s been generally good, particularly amongst the financials (banks & insurers) which has propelled the ASX to new all time highs, outpacing the gains across the region.
The market was once again strongest early with the daily high set soon after open before sellers faded the move. While the market is grinding higher, it is losing some momentum and while this is a very micro interpretation, a lower intra-day high today is a sign we could drift lower in the short term, easy to comprehend given our short term view of the banks has now become a more neutral one and we’re seeing selling creep into the high valuation growth areas of the market.
This morning’s note was titled Fade the ‘pop’ but BUY the dip and on que the market had a couple of ‘looks’ above 7600 this morning only to close below it, around ~30 points from the intra session high of 7615 that was set at 11.23am. A great FY21 result from CBA saw the shares trade to a new all-time high this morning at $109.03 and that along with some decent buying in the large cap resources had the market on the fly early, however by the close, things were a little more subdued.
A choppy but ultimately positive session for the ASX today with the IT stocks offering most support while the Industrials lagged. The key Materials & Financials sectors were more muted today ahead of some key results tomorrow, including Commonwealth Bank (CBA).
The ASX gave back early gains to finish flat today, the financials followed their US counterparts higher to be best on ground while the materials suffered at the hands of a rising $US. Earnings season heats up this week with FY21 results coming through thick and fast – I love this time of year!
A very quiet day for the index, trading in a tight ~25pt range for the most part before a lunge higher on the close. The sector level was a different story though with tech continuing to be dragged higher by Afterpay (APT) while materials offset strong gains elsewhere, finishing 1.2% lower on weak iron ore prices. The index was up almost 2% this week – on a tear.
The ASX quickly shrugged early weakness to trade above 7500 for much of the day – setting a new record for highest close in consecutive sessions now despite major sectors of materials and energy both more than 1% lower. For now equity markets seem to have little concern around lockdowns and case numbers instead buying the vaccine take up along with the government support narrative despite Victoria now facing another lockdown.
The market pushed up and closed above the 7500 handle today making a new all-time closing high in the process and is now up ~70% from the panic low (4402) on the 23rd March 2020. While it’s easy to conclude that the market has run too hot, earnings have been the driver of the move rather than just an expansion of multiples, or in other words, the rise is justified. Index earnings per share (EPS) peaked pre-COVID at 345, dropped to 250 and is now sitting at 375...
The ASX 200 slipped 0.2% from yesterday’s all-time high today although the technology sector was strong thanks to more buying amongst the BNPL stocks offset by weakness in the Energy & Materials sectors. Central bank chief Philip Lowe surprised the market this afternoon by pushing on with a reduction in their weekly bond buying program (i.e. easing back support) despite the economic impact of lockdowns. The market thought this...
A positive session to end a positive week for the ASX with the first full week of reporting now under our belt. Overall, it’s been generally good, particularly amongst the financials (banks & insurers) which has propelled the ASX to new all time highs, outpacing the gains across the region.
The market was once again strongest early with the daily high set soon after open before sellers faded the move. While the market is grinding higher, it is losing some momentum and while this is a very micro interpretation, a lower intra-day high today is a sign we could drift lower in the short term, easy to comprehend given our short term view of the banks has now become a more neutral one and we’re seeing selling creep into the high valuation growth areas of the market.
This morning’s note was titled Fade the ‘pop’ but BUY the dip and on que the market had a couple of ‘looks’ above 7600 this morning only to close below it, around ~30 points from the intra session high of 7615 that was set at 11.23am. A great FY21 result from CBA saw the shares trade to a new all-time high this morning at $109.03 and that along with some decent buying in the large cap resources had the market on the fly early, however by the close, things were a little more subdued.
A choppy but ultimately positive session for the ASX today with the IT stocks offering most support while the Industrials lagged. The key Materials & Financials sectors were more muted today ahead of some key results tomorrow, including Commonwealth Bank (CBA).
The ASX gave back early gains to finish flat today, the financials followed their US counterparts higher to be best on ground while the materials suffered at the hands of a rising $US. Earnings season heats up this week with FY21 results coming through thick and fast – I love this time of year!
A very quiet day for the index, trading in a tight ~25pt range for the most part before a lunge higher on the close. The sector level was a different story though with tech continuing to be dragged higher by Afterpay (APT) while materials offset strong gains elsewhere, finishing 1.2% lower on weak iron ore prices. The index was up almost 2% this week – on a tear.
The ASX quickly shrugged early weakness to trade above 7500 for much of the day – setting a new record for highest close in consecutive sessions now despite major sectors of materials and energy both more than 1% lower. For now equity markets seem to have little concern around lockdowns and case numbers instead buying the vaccine take up along with the government support narrative despite Victoria now facing another lockdown.
The market pushed up and closed above the 7500 handle today making a new all-time closing high in the process and is now up ~70% from the panic low (4402) on the 23rd March 2020. While it’s easy to conclude that the market has run too hot, earnings have been the driver of the move rather than just an expansion of multiples, or in other words, the rise is justified. Index earnings per share (EPS) peaked pre-COVID at 345, dropped to 250 and is now sitting at 375...
The ASX 200 slipped 0.2% from yesterday’s all-time high today although the technology sector was strong thanks to more buying amongst the BNPL stocks offset by weakness in the Energy & Materials sectors. Central bank chief Philip Lowe surprised the market this afternoon by pushing on with a reduction in their weekly bond buying program (i.e. easing back support) despite the economic impact of lockdowns. The market thought this...
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