A fairly muted session above the waterline today however lots happening beneath the surface headlined by a rally in Zip Co (Z1P) on reports in the AFR of a strategic buyer taking a 4% / ~$160m stake - more on that below while downtrodden Nuix (NXL) also saw some love with shares rallying today, albeit from very depressed levels.
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.
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.
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