Another choppy open to trade this morning with the index jumping around at shadows and that really typified the rest of the day, the broader market finishing down -0.60% weighed by the IT & Energy stocks as the Christmas rally remains illusive for now.
The market finished marginally higher today although was down ~1% on the week thanks to weakness amongst the financials courtesy of CBA’s disappointing update. Over the course of the week, the Financial sector was off -3.6% while the materials fell by -1.62% making it a tough ask for the broader market, IT +2% & Healthcare +1.71% did an admirable job.
A choppy session for the ASX with the market trading in a reasonable ~60pt trading range, the worst of it was seen just after open with the mkt down ~30pts before a morning rally saw the market hit an 11.30am high up ~30pts before a choppy / weak afternoon played out. AGM season remains front and centre, today there was some hits and some misses while from a sector perspective, strength was seen primarily amongst the...
Another softer session for the market today thanks largely to a weaker than expected quarterly update from index heavyweight CBA which weighed heavily on the financial sector, plus for good measure the other barbell of the market - materials - also finished lower.
A poor session today for Aussie stocks with the market selling off throughout the session, again hitting its head on this stubborn wall of resistance ~7480 as weakness amongst the commodity stocks weighed on the broader market, although only one sector (IT) finishing in the green shows how broad based the decline was.
A reasonably muted start to the week for equities which tracked higher through the morning before giving around a quarter of the gains throughout the afternoon. Buyers tried to see the index close through the key 7480 level we discussed in the morning report with buying on the close getting to within touching distance, just 10pts away. Still, a better than expected start to the week with futures initial pointing to a flat session.
A good way to end a volatile week with the ASX up ~0.80% and despite a few large swings and the feeling of a tough week, the market actually only ended at 7443, down 0.19% and just ~30pts below key resistance. Healthcare, Real-Estate & IT stocks were the 3 laggards which is understandable given the backdrop of higher rates although all sectors bar Materials finished in the red. Resources had a great week underpinned by a resurgence in Gold, a bounce in Iron Ore and continued strength in battery metals, the sector up nearly 5% which is encouraging given our large tilt towards this space.
A very volatile session today for local stocks as big volume through the futures market pushed the market down ~40 points in short order this morning ahead of a much weaker than expected employment print provided the catalyst for another leg lower – the ASX 200 down -94points at the lows, before a spirited fightback after lunch meant we closed +52pts up from the days nadir. Not one for the faint hearted today and the volatility was very much focussed locally.
The ASX was again looking optimistic early on as SPI Futures debunked overseas weakness but true to recent form, key resistance as detailed on the daily chart below provided an impenetrable wall that capped the markets gains, and as US Futures tapered off we simply trickled lower throughout the afternoon.
Another session where the ASX was looking strong (ish) however hit the skids at key resistance and sold off into the afternoon. Sector rotation again to only real game with the batten changing daily, Yesterday Energy led the line on the upside while IT was weak, the opposite played out today plus the heavyweight financials also copped some selling.
The market finished marginally higher today although was down ~1% on the week thanks to weakness amongst the financials courtesy of CBA’s disappointing update. Over the course of the week, the Financial sector was off -3.6% while the materials fell by -1.62% making it a tough ask for the broader market, IT +2% & Healthcare +1.71% did an admirable job.
A choppy session for the ASX with the market trading in a reasonable ~60pt trading range, the worst of it was seen just after open with the mkt down ~30pts before a morning rally saw the market hit an 11.30am high up ~30pts before a choppy / weak afternoon played out. AGM season remains front and centre, today there was some hits and some misses while from a sector perspective, strength was seen primarily amongst the...
Another softer session for the market today thanks largely to a weaker than expected quarterly update from index heavyweight CBA which weighed heavily on the financial sector, plus for good measure the other barbell of the market - materials - also finished lower.
A poor session today for Aussie stocks with the market selling off throughout the session, again hitting its head on this stubborn wall of resistance ~7480 as weakness amongst the commodity stocks weighed on the broader market, although only one sector (IT) finishing in the green shows how broad based the decline was.
A reasonably muted start to the week for equities which tracked higher through the morning before giving around a quarter of the gains throughout the afternoon. Buyers tried to see the index close through the key 7480 level we discussed in the morning report with buying on the close getting to within touching distance, just 10pts away. Still, a better than expected start to the week with futures initial pointing to a flat session.
A good way to end a volatile week with the ASX up ~0.80% and despite a few large swings and the feeling of a tough week, the market actually only ended at 7443, down 0.19% and just ~30pts below key resistance. Healthcare, Real-Estate & IT stocks were the 3 laggards which is understandable given the backdrop of higher rates although all sectors bar Materials finished in the red. Resources had a great week underpinned by a resurgence in Gold, a bounce in Iron Ore and continued strength in battery metals, the sector up nearly 5% which is encouraging given our large tilt towards this space.
A very volatile session today for local stocks as big volume through the futures market pushed the market down ~40 points in short order this morning ahead of a much weaker than expected employment print provided the catalyst for another leg lower – the ASX 200 down -94points at the lows, before a spirited fightback after lunch meant we closed +52pts up from the days nadir. Not one for the faint hearted today and the volatility was very much focussed locally.
The ASX was again looking optimistic early on as SPI Futures debunked overseas weakness but true to recent form, key resistance as detailed on the daily chart below provided an impenetrable wall that capped the markets gains, and as US Futures tapered off we simply trickled lower throughout the afternoon.
Another session where the ASX was looking strong (ish) however hit the skids at key resistance and sold off into the afternoon. Sector rotation again to only real game with the batten changing daily, Yesterday Energy led the line on the upside while IT was weak, the opposite played out today plus the heavyweight financials also copped some selling.
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