The week ended on a choppy note with shares finishing more or less unchanged despite being more than 20pts either side of the equation at least once today. The two supermarket stocks rallied today though healthcare edged out the staples sector as the best on ground today.
179 companies in the ASX 200 closed lower today in a broad based sell-off that saw some of the recently hot sectors (materials for example) hit hard with profit taking. Last nights trading action was not particularly bearish however SPI futures pre-empted todays move pretty well.
Australian & Asian markets were strong today, stronger than overseas leads implied early on with the material stocks once again leading the charge as Copper & Iron Ore continue to rally plus Gold chimed in for good measure.
Equities kicked off the week in the green today with materials and offering reasonable support while Technology was also strong today thanks in part to a strong bounce back from Xero (XRO) which rallied ~6%.On the flipside, the financials were weaker today with Macquarie Group (MQG) weighing as they trade ex-dividend though CBA still managed a decent gain up 1.25% to close at $97.79.
A decent bounce into the weekend meant that the local index closed only 66pts lower on the week, less than 1% down on the close last week/ It felt like a far more painful 5 days though.
The profit taking continued today with the ASX pulling back from Tuesday’s peak. The index did manage to put on a few points from its mid-afternoon low with buyers stepping up as the index approached the 7000 level.
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.
179 companies in the ASX 200 closed lower today in a broad based sell-off that saw some of the recently hot sectors (materials for example) hit hard with profit taking. Last nights trading action was not particularly bearish however SPI futures pre-empted todays move pretty well.
Australian & Asian markets were strong today, stronger than overseas leads implied early on with the material stocks once again leading the charge as Copper & Iron Ore continue to rally plus Gold chimed in for good measure.
Equities kicked off the week in the green today with materials and offering reasonable support while Technology was also strong today thanks in part to a strong bounce back from Xero (XRO) which rallied ~6%.On the flipside, the financials were weaker today with Macquarie Group (MQG) weighing as they trade ex-dividend though CBA still managed a decent gain up 1.25% to close at $97.79.
A decent bounce into the weekend meant that the local index closed only 66pts lower on the week, less than 1% down on the close last week/ It felt like a far more painful 5 days though.
The profit taking continued today with the ASX pulling back from Tuesday’s peak. The index did manage to put on a few points from its mid-afternoon low with buyers stepping up as the index approached the 7000 level.
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.
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