The shackles have been broken on the ASX this week and today was no different. There were a few stumbles early, but the afternoon was dominated by the bulls with 7300 in their sights.
A bullish session for the ASX today thanks largely to a stronger than expected local GDP print which showed the Australian economy accelerating out of the Covid induced hangover with considerable momentum, and is now bigger than pre-pandemic levels.
A quiet trading day for the local market ahead of the US Memorial Day holiday. Shares cracked the 7200 barrier for the first time ever before giving up the small gains, closing marginally lower on the session.
With just one trading day left in May the local index continues to find buyers with local shares ripping into the weekend – setting a new record to close at 7179 thanks to a broad that rally saw tech as the only sector lower on the day.
A similar session to yesterday played out today with strength once again being sold into at the index level as the market petered out into the close, finishing around par. Melbourne entering a 7 day lockdown didn’t help although I doubt that was the reason for the softening in the market. IT stocks again were the standout although we also saw the Materials recover from recent weakness to play a supporting roll.
A choppy session played out today with early weakness bought before a midday top was put into place, the afternoon was a soggy one with weakness across the commodity complex weighing on the broader market.
A strong session saw the ASX trade above where it started the month as it looks to buck the “sell in May and go away” trend. The star of the show was Hub24 (HUB), which we own in the Flagship Growth Portfolio, rallying +8.89% without any news.
The Australian market was swung around like a ragdoll in a whipsawing start to the week with the lead changing hands 5 times before calm set in late in the day.
A bullish session for the ASX today thanks largely to a stronger than expected local GDP print which showed the Australian economy accelerating out of the Covid induced hangover with considerable momentum, and is now bigger than pre-pandemic levels.
A quiet trading day for the local market ahead of the US Memorial Day holiday. Shares cracked the 7200 barrier for the first time ever before giving up the small gains, closing marginally lower on the session.
With just one trading day left in May the local index continues to find buyers with local shares ripping into the weekend – setting a new record to close at 7179 thanks to a broad that rally saw tech as the only sector lower on the day.
A similar session to yesterday played out today with strength once again being sold into at the index level as the market petered out into the close, finishing around par. Melbourne entering a 7 day lockdown didn’t help although I doubt that was the reason for the softening in the market. IT stocks again were the standout although we also saw the Materials recover from recent weakness to play a supporting roll.
A choppy session played out today with early weakness bought before a midday top was put into place, the afternoon was a soggy one with weakness across the commodity complex weighing on the broader market.
A strong session saw the ASX trade above where it started the month as it looks to buck the “sell in May and go away” trend. The star of the show was Hub24 (HUB), which we own in the Flagship Growth Portfolio, rallying +8.89% without any news.
The Australian market was swung around like a ragdoll in a whipsawing start to the week with the lead changing hands 5 times before calm set in late in the day.
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