The market took a step back today, joining international markets in a pullback against recent gains. Tech continues to be in the firing line as growth expectations are curbed by interest rate forecasts.
Shares closed lower today with fears of an economic backlash from China following months of heightened tensions. Early strength was quickly swallowed up by the selling and the index traded 30-40points lower for the most of the session.
The market continued higher today despite weakness generally in overseas leads, with the ASX 200 hitting another post pandemic high of 7122 with strength in CSL underpinning the healthcare sector, while Materials & Financials were also strong.
If it wasn’t for the banks & Telstra today, it would have been a poor session on the ASX however when the average gain for the banks is over 2% and Telstra (TLS) rallies ~3% it provides a decent backbone for the broader market.
Another positive session for stocks today with the market grinding higher – it actually hit a new intra-day post pandemic high at 7096 supported by strong buying in the IT sector which added more than 2%. Some fire works amongst the supermarkets today as Coles aggressive sales plan got the thumbs up against Woolies as they released a trading update, the former up ~3%, the latter down ~4% - more on that below.
The market opened around par this morning however inflation data released at 11.30am was weaker than expected and saw the buyers emerge pushing the market ~30pts higher.
Shares closed lower today with fears of an economic backlash from China following months of heightened tensions. Early strength was quickly swallowed up by the selling and the index traded 30-40points lower for the most of the session.
The market continued higher today despite weakness generally in overseas leads, with the ASX 200 hitting another post pandemic high of 7122 with strength in CSL underpinning the healthcare sector, while Materials & Financials were also strong.
If it wasn’t for the banks & Telstra today, it would have been a poor session on the ASX however when the average gain for the banks is over 2% and Telstra (TLS) rallies ~3% it provides a decent backbone for the broader market.
Another positive session for stocks today with the market grinding higher – it actually hit a new intra-day post pandemic high at 7096 supported by strong buying in the IT sector which added more than 2%. Some fire works amongst the supermarkets today as Coles aggressive sales plan got the thumbs up against Woolies as they released a trading update, the former up ~3%, the latter down ~4% - more on that below.
The market opened around par this morning however inflation data released at 11.30am was weaker than expected and saw the buyers emerge pushing the market ~30pts higher.
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