The magnet at 6800 continues to attract the ASX today with early weakness bought into with particular focus on Healthcare and consumer names. The market closed ~20pts off its highs but still managed a 0.5% gain. Of particular note was the variation in performance across some of the banking names – CBA stood out with a gain of more than 1% while WBC was off 0.98% today.
Not a lot to hang ones hat on today other than a cracking IPO by Airtasker (ART) which rallied 61% to close at $1.05 v the 65c listing (more about that tomorrow morning) plus a positive update from Katmandu (KMD) which pushed the stock up 9% - clearly retail continues to kick goals. More broadly, the market did okay early however it tapered off into the afternoon, closing a few ticks lower.
The market was more upbeat than the weather today as stocks opened near the lows and made headway throughout the session to close near enough the highs. An $8bn private equity bid for Crown Resorts (CWN) seemed to buoy confidence in the broader market while 3 sectors put on more than 2% a piece, namely Energy, Utilities and Healthcare. The index would have done a lot more if the influential Materials & Financials joined the party, however they were the two weakest sectors, the materials ending down 0.47% the only sectors actually closing lower thanks to a 7% decline in the Iron Ore price as more environment controls in China are tipped to hurt Steel production and therefore demand for Iron Ore.
A soft session for local stocks although we did see a reasonable recovery from 11am onwards as buyers emerged into the early weakness. As we’ve written about recently, we’ve become more cautious on the market and because of that we’ve started to raise some cash in small but important steps. The international portfolios increased cash levels during the week while the emerging companies sits at 16%, however the Flagship Growth was pretty much fully committed to equities. Today we took 5% out of Alumina (AWC), largely a call around portfolio construction rather than a reflection on the stock itself and we may trim more depending how things transpire over the coming sessions.
A few cracks started to appear in the market today following March expiry this morning which corresponded with the high for the session around 10.30am, from then on it was all one way traffic with the index closing on its lows. Healthcare & Real-Estate gave back recent gains as 60% of the market closed in the red. The only bright spot being Gold with some of the smaller miners topping the boards, Silverlake Resources (SLR) the best of them up by 8% while Newcrest Mining (NCM) added +3.68% and now looks bullish, reiterating our view that we view Gold as having decent upside from current levels and are bullish the metal, the ETFs and the equities as shown through recent purchases.
A weak start to trade before buyers emerged into weakness, although a fairly lacklustre session overall. An upgrade of Telstra (TLS) saw that stock up 2% supporting the broader communications sector while Technology stocks also did okay in a relative sense. Materials and Energy the big drags on the market today as money continues to cycle out of the recently hot ‘reflation trade’, very much inline with our current views.
A strong (ish) session for stocks today with the ASX 200 finally breaking and holding above the 6800 level although it wasn’t that convincing. It took a couple of attempts this morning before sustained buying saw the market push through the key level which now sets up the technical picture at least for a quick ~200 point move on the upside, similar to the sort of pop higher that we mentioned this morning given short-term traders are probably sitting “short volatility” thinking the sideways ride will continue forever, the perfect backdrop for a squeeze, one if it does unfold subscribers know MM is keen to fade.
A fairly lacklustre day to start the week with the ASX ebbing in and out of positive territory within a fairly broad 66 point trading range. Property stocks the standout from a sector perspective followed closely by Healthcare with some decent buying in Fischer & Paykel (FPH) +3.78%, Healius (HLS) +3.34% and Ramsay Healthcare (RHC) which put on +3.21%. We’ve written a bit about Gold in recent notes and its struggling to rally by any meaningful margin, in Asian trade today spot gold was trading down $4 to $1723, Newcrest (NCM) the best of the large cap golds up +1.42%.
A strong session to round out the week, the ASX managed to hold on to early gains today after dropping the ball all other days this week. Tech was best as growth names get picked up off the floor. Resources were riding the coat tails of the risk on attitude from the market movers. The staples and financials lagged the market though still managed a small gain.
Another choppy day for the ASX with one way traffic on the sell side for the morning before a midday low and a reasonable rally into the close before finishing flat. The ASX sell-off early was an anomaly from a regional perspective with Asian markets remaining flat as did US Futures however that didn’t last long and we saw some reasonable buying in the second-half of the day.
Not a lot to hang ones hat on today other than a cracking IPO by Airtasker (ART) which rallied 61% to close at $1.05 v the 65c listing (more about that tomorrow morning) plus a positive update from Katmandu (KMD) which pushed the stock up 9% - clearly retail continues to kick goals. More broadly, the market did okay early however it tapered off into the afternoon, closing a few ticks lower.
The market was more upbeat than the weather today as stocks opened near the lows and made headway throughout the session to close near enough the highs. An $8bn private equity bid for Crown Resorts (CWN) seemed to buoy confidence in the broader market while 3 sectors put on more than 2% a piece, namely Energy, Utilities and Healthcare. The index would have done a lot more if the influential Materials & Financials joined the party, however they were the two weakest sectors, the materials ending down 0.47% the only sectors actually closing lower thanks to a 7% decline in the Iron Ore price as more environment controls in China are tipped to hurt Steel production and therefore demand for Iron Ore.
A soft session for local stocks although we did see a reasonable recovery from 11am onwards as buyers emerged into the early weakness. As we’ve written about recently, we’ve become more cautious on the market and because of that we’ve started to raise some cash in small but important steps. The international portfolios increased cash levels during the week while the emerging companies sits at 16%, however the Flagship Growth was pretty much fully committed to equities. Today we took 5% out of Alumina (AWC), largely a call around portfolio construction rather than a reflection on the stock itself and we may trim more depending how things transpire over the coming sessions.
A few cracks started to appear in the market today following March expiry this morning which corresponded with the high for the session around 10.30am, from then on it was all one way traffic with the index closing on its lows. Healthcare & Real-Estate gave back recent gains as 60% of the market closed in the red. The only bright spot being Gold with some of the smaller miners topping the boards, Silverlake Resources (SLR) the best of them up by 8% while Newcrest Mining (NCM) added +3.68% and now looks bullish, reiterating our view that we view Gold as having decent upside from current levels and are bullish the metal, the ETFs and the equities as shown through recent purchases.
A weak start to trade before buyers emerged into weakness, although a fairly lacklustre session overall. An upgrade of Telstra (TLS) saw that stock up 2% supporting the broader communications sector while Technology stocks also did okay in a relative sense. Materials and Energy the big drags on the market today as money continues to cycle out of the recently hot ‘reflation trade’, very much inline with our current views.
A strong (ish) session for stocks today with the ASX 200 finally breaking and holding above the 6800 level although it wasn’t that convincing. It took a couple of attempts this morning before sustained buying saw the market push through the key level which now sets up the technical picture at least for a quick ~200 point move on the upside, similar to the sort of pop higher that we mentioned this morning given short-term traders are probably sitting “short volatility” thinking the sideways ride will continue forever, the perfect backdrop for a squeeze, one if it does unfold subscribers know MM is keen to fade.
A fairly lacklustre day to start the week with the ASX ebbing in and out of positive territory within a fairly broad 66 point trading range. Property stocks the standout from a sector perspective followed closely by Healthcare with some decent buying in Fischer & Paykel (FPH) +3.78%, Healius (HLS) +3.34% and Ramsay Healthcare (RHC) which put on +3.21%. We’ve written a bit about Gold in recent notes and its struggling to rally by any meaningful margin, in Asian trade today spot gold was trading down $4 to $1723, Newcrest (NCM) the best of the large cap golds up +1.42%.
A strong session to round out the week, the ASX managed to hold on to early gains today after dropping the ball all other days this week. Tech was best as growth names get picked up off the floor. Resources were riding the coat tails of the risk on attitude from the market movers. The staples and financials lagged the market though still managed a small gain.
Another choppy day for the ASX with one way traffic on the sell side for the morning before a midday low and a reasonable rally into the close before finishing flat. The ASX sell-off early was an anomaly from a regional perspective with Asian markets remaining flat as did US Futures however that didn’t last long and we saw some reasonable buying in the second-half of the day.
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