The ASX opened higher this morning however the best of it was seen early and the market tracked lower throughout the day. Positive trends in the tech pace overnight flowed through into our market today with the tech stocks +1.34% while the utilities sector was the biggest drag. Overall, a weak session and the market does look tired in the short term as we approach the end of October.
A choppy but positive session overall to kick off the trading week with the Energy sector returning to the winners circle and rallying 2.6% while the IT sector was the biggest detractor.
The market limped into the weekend with a distinct lack of conviction, Energy and Materials were weak today, Energy was actually down ~4% on the week after a strong period of outperformance however as China ratchets up the rhetoric around high prices, some have been shaken out of a trade that MM believes has further legs.
A lot going on from a corporate perspective today with a bunch of AGM’s & trading updates which seemed to attract most off the attention. Property stocks best on ground while Energy fell again, however at the index level it was very quiet indeed. From a seasonal perspective, the end of October, November and the start of December are generally flat at best before the Christmas rally kicks into gear towards the end of December. While there’s no guarantee that will play out, we do take seasonal influences into account.
The ASX rallied today although it did finish ~35pts below the morning high and there was a big market on close (MOC) order that sent the index ~15 points lower in the match, still the market continues to climb the wall of worry no doubt frustrating the bears in the process. IT stocks led the line again today up more than 1% while Energy stocks fell by a similar margin.
The ASX knocked it’s head at the 7400 resistance level today as weakness amongst the materials was offset by strength in the IT space, overall, a day that saw no real net gain/loss at the index level but again there was plenty happening under the hood as the RBA once again poured cold water on rate hikes.
The ASX managed to start the week in the black despite a shaky start today thanks to ~1% gains in both financials and materials. Bond yields were climbing throughout our session however it didn’t have an impact on the broader market with value stocks holding up well. There was plenty of corporate news coming through with a number of takeover offers in play.
It’s been a very good second half of the week for the ASX as some positive company announcements drove 8 stocks in the ASX 200 up more than 10% on the week, fortunately for MM we hold 4 of them across portfolios and that’s led to a good pocket of outperformance. Today saw a carbon copy of yesterday in terms of both the IT & Materials sectors underpinning the rally while Utilities were the only area to finish the day lower.
A positive session for the ASX today underpinned by strong gains in the IT and Material sectors – higher commodity prices and lower bond yields a catalyst however we also saw stock specific updates that were generally very positive. Overall, a solid session, particularly for how Market Matters portfolios are positioned.
Another session that closed in the red for the ASX, it’s 3rd straight but again it was more about the influence of the sectors that fell. Given financials & materials which account for ~40% of the market ended down, it was actually positive to see the market off only 8 points implying that a greater volume of stocks finished the session in the green. As we’ve been writing in recent notes, the market is taking a plethora of bad news largely in its stride & a market that holds up in the face of negative news flow generally has underlying strength.
A choppy but positive session overall to kick off the trading week with the Energy sector returning to the winners circle and rallying 2.6% while the IT sector was the biggest detractor.
The market limped into the weekend with a distinct lack of conviction, Energy and Materials were weak today, Energy was actually down ~4% on the week after a strong period of outperformance however as China ratchets up the rhetoric around high prices, some have been shaken out of a trade that MM believes has further legs.
A lot going on from a corporate perspective today with a bunch of AGM’s & trading updates which seemed to attract most off the attention. Property stocks best on ground while Energy fell again, however at the index level it was very quiet indeed. From a seasonal perspective, the end of October, November and the start of December are generally flat at best before the Christmas rally kicks into gear towards the end of December. While there’s no guarantee that will play out, we do take seasonal influences into account.
The ASX rallied today although it did finish ~35pts below the morning high and there was a big market on close (MOC) order that sent the index ~15 points lower in the match, still the market continues to climb the wall of worry no doubt frustrating the bears in the process. IT stocks led the line again today up more than 1% while Energy stocks fell by a similar margin.
The ASX knocked it’s head at the 7400 resistance level today as weakness amongst the materials was offset by strength in the IT space, overall, a day that saw no real net gain/loss at the index level but again there was plenty happening under the hood as the RBA once again poured cold water on rate hikes.
The ASX managed to start the week in the black despite a shaky start today thanks to ~1% gains in both financials and materials. Bond yields were climbing throughout our session however it didn’t have an impact on the broader market with value stocks holding up well. There was plenty of corporate news coming through with a number of takeover offers in play.
It’s been a very good second half of the week for the ASX as some positive company announcements drove 8 stocks in the ASX 200 up more than 10% on the week, fortunately for MM we hold 4 of them across portfolios and that’s led to a good pocket of outperformance. Today saw a carbon copy of yesterday in terms of both the IT & Materials sectors underpinning the rally while Utilities were the only area to finish the day lower.
A positive session for the ASX today underpinned by strong gains in the IT and Material sectors – higher commodity prices and lower bond yields a catalyst however we also saw stock specific updates that were generally very positive. Overall, a solid session, particularly for how Market Matters portfolios are positioned.
Another session that closed in the red for the ASX, it’s 3rd straight but again it was more about the influence of the sectors that fell. Given financials & materials which account for ~40% of the market ended down, it was actually positive to see the market off only 8 points implying that a greater volume of stocks finished the session in the green. As we’ve been writing in recent notes, the market is taking a plethora of bad news largely in its stride & a market that holds up in the face of negative news flow generally has underlying strength.
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