A day of aggressive sector rotation played out to end a solid week for the ASX, a good session overall for the MM portfolios with our tilt from resources into technology bearing fruit today as the local technology sector rallied ~3.5% led by a ~9% move in Zip Co (Z1P) while the materials / resources drifted lower.
Strength across the financials & IT stocks was not enough to offset weakness amongst the Telcos, Materials & Energy stocks as 138 companies in the ASX 200 closed lower on the day.
After punching up to another all-time high this morning above 7400, the market lost steam during the afternoon session to close largely flat on the day.
A strong session to kick off the shortened week as the RBA poured cold water on any fears around premature tightening of policy despite the recovery being stronger than they expected, minutes from their last meeting showed today.
It’s been another solid week for stocks as we head into a blissful long weekend, the ASX 200 closing at a new all-time high with the IT stocks offering most of the support today.
A positive session for the ASX with the property stocks grabbing the performance batten today and running with it while the IT stocks also joined the fray - Energy the only sector that struggled after a solid recent run.
A new intra-day high was set for the 5th consecutive day today, however early strength was sold into and the index eventually closed lower. Staples were the main drag on the index, closing almost 1.5% lower on softness in heavyweights Woolies and Coles. Materials found some form with strong base metals and iron ore prices, though gold names lagged the sector.
An positive day overall for the market with the index edging higher, although we are starting to see some transition from the ‘reflation’ trade back into the technology and healthcare stocks that are starting to enjoy consolidation in global bond yields, a theme we’ve been flagging in recent reports.
The ASX ended lower today, although it did trade up to a new intra-session high on the ASX 200 hitting 7309 in early trade. The IT stocks bounced back today with the sector topping the charts (+2.8%) thanks largely to a 39% gain from Altium (ALU). Chinese trade data came out mid-morning that was a little light and that prompted some tentative selling in the market, although I suspect it’s more a case of the market becoming tired around all-time highs.
A day of aggressive sector rotation played out to end a solid week for the ASX, a good session overall for the MM portfolios with our tilt from resources into technology bearing fruit today as the local technology sector rallied ~3.5% led by a ~9% move in Zip Co (Z1P) while the materials / resources drifted lower.
Strength across the financials & IT stocks was not enough to offset weakness amongst the Telcos, Materials & Energy stocks as 138 companies in the ASX 200 closed lower on the day.
After punching up to another all-time high this morning above 7400, the market lost steam during the afternoon session to close largely flat on the day.
A strong session to kick off the shortened week as the RBA poured cold water on any fears around premature tightening of policy despite the recovery being stronger than they expected, minutes from their last meeting showed today.
It’s been another solid week for stocks as we head into a blissful long weekend, the ASX 200 closing at a new all-time high with the IT stocks offering most of the support today.
A positive session for the ASX with the property stocks grabbing the performance batten today and running with it while the IT stocks also joined the fray - Energy the only sector that struggled after a solid recent run.
A new intra-day high was set for the 5th consecutive day today, however early strength was sold into and the index eventually closed lower. Staples were the main drag on the index, closing almost 1.5% lower on softness in heavyweights Woolies and Coles. Materials found some form with strong base metals and iron ore prices, though gold names lagged the sector.
An positive day overall for the market with the index edging higher, although we are starting to see some transition from the ‘reflation’ trade back into the technology and healthcare stocks that are starting to enjoy consolidation in global bond yields, a theme we’ve been flagging in recent reports.
The ASX ended lower today, although it did trade up to a new intra-session high on the ASX 200 hitting 7309 in early trade. The IT stocks bounced back today with the sector topping the charts (+2.8%) thanks largely to a 39% gain from Altium (ALU). Chinese trade data came out mid-morning that was a little light and that prompted some tentative selling in the market, although I suspect it’s more a case of the market becoming tired around all-time highs.
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