Another example today of the market looking wobbly only to see buyers step up into the slightest of dips as the ASX bounced back after yesterday’s decline.
A big turnaround for the market today with the ASX200 up to a morning high or 7346 around 10.30am ahead of the RBA rates decision at 2.30pm with the associated commentary around their economic outlook nudging the sellers into action - an 85pt reversal from the day’s high played out.
The market was strong on open this morning buoyed by the left field takeover offer lobbed for Sydney Airports (SYD) by a consortium of institutional investors.
The ASX finished higher in a fairly quiet session today with around 65% of stocks in the green led by the Energy sector thanks to a rally in Oil prices overnight. This is a sector we have very little exposure to however we are looking for opportunities.
A positive session to end a positive FY21 today with the ASX adding 11pts, although it was up more than ~50pts in early trade before sellers took hold and sold the market off into the close – the match out seeing a further ~10pts ripped from the market as end of FY year book-squaring took hold.
A decent fight back for the ASX today after a weak open – the IT sector was strong after a poor session yesterday, the volatility in some parts of that sector is incredible and speaks to the level of short term trading that happens there, particularly in BNPL stocks.
A weaker open for the ASX today however after the initial lockdown shock the market was bid up and closed unchanged. Lockdowns are obviously a headwind for the economy however they do push back the chance of rate hikes which is a key focus of markets right now.
A big turnaround for the market today with the ASX200 up to a morning high or 7346 around 10.30am ahead of the RBA rates decision at 2.30pm with the associated commentary around their economic outlook nudging the sellers into action - an 85pt reversal from the day’s high played out.
The market was strong on open this morning buoyed by the left field takeover offer lobbed for Sydney Airports (SYD) by a consortium of institutional investors.
The ASX finished higher in a fairly quiet session today with around 65% of stocks in the green led by the Energy sector thanks to a rally in Oil prices overnight. This is a sector we have very little exposure to however we are looking for opportunities.
A positive session to end a positive FY21 today with the ASX adding 11pts, although it was up more than ~50pts in early trade before sellers took hold and sold the market off into the close – the match out seeing a further ~10pts ripped from the market as end of FY year book-squaring took hold.
A decent fight back for the ASX today after a weak open – the IT sector was strong after a poor session yesterday, the volatility in some parts of that sector is incredible and speaks to the level of short term trading that happens there, particularly in BNPL stocks.
A weaker open for the ASX today however after the initial lockdown shock the market was bid up and closed unchanged. Lockdowns are obviously a headwind for the economy however they do push back the chance of rate hikes which is a key focus of markets right now.
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