It’s been another solid week for stocks as we head into a blissful long weekend, the ASX 200 closing at a new all-time high with the IT stocks offering most of the support today.
A positive session for the ASX with the property stocks grabbing the performance batten today and running with it while the IT stocks also joined the fray - Energy the only sector that struggled after a solid recent run.
A new intra-day high was set for the 5th consecutive day today, however early strength was sold into and the index eventually closed lower. Staples were the main drag on the index, closing almost 1.5% lower on softness in heavyweights Woolies and Coles. Materials found some form with strong base metals and iron ore prices, though gold names lagged the sector.
An positive day overall for the market with the index edging higher, although we are starting to see some transition from the ‘reflation’ trade back into the technology and healthcare stocks that are starting to enjoy consolidation in global bond yields, a theme we’ve been flagging in recent reports.
The ASX ended lower today, although it did trade up to a new intra-session high on the ASX 200 hitting 7309 in early trade. The IT stocks bounced back today with the sector topping the charts (+2.8%) thanks largely to a 39% gain from Altium (ALU). Chinese trade data came out mid-morning that was a little light and that prompted some tentative selling in the market, although I suspect it’s more a case of the market becoming tired around all-time highs.
The shackles have been broken on the ASX this week and today was no different. There were a few stumbles early, but the afternoon was dominated by the bulls with 7300 in their sights.
A bullish session for the ASX today thanks largely to a stronger than expected local GDP print which showed the Australian economy accelerating out of the Covid induced hangover with considerable momentum, and is now bigger than pre-pandemic levels.
A quiet trading day for the local market ahead of the US Memorial Day holiday. Shares cracked the 7200 barrier for the first time ever before giving up the small gains, closing marginally lower on the session.
A positive session for the ASX with the property stocks grabbing the performance batten today and running with it while the IT stocks also joined the fray - Energy the only sector that struggled after a solid recent run.
A new intra-day high was set for the 5th consecutive day today, however early strength was sold into and the index eventually closed lower. Staples were the main drag on the index, closing almost 1.5% lower on softness in heavyweights Woolies and Coles. Materials found some form with strong base metals and iron ore prices, though gold names lagged the sector.
An positive day overall for the market with the index edging higher, although we are starting to see some transition from the ‘reflation’ trade back into the technology and healthcare stocks that are starting to enjoy consolidation in global bond yields, a theme we’ve been flagging in recent reports.
The ASX ended lower today, although it did trade up to a new intra-session high on the ASX 200 hitting 7309 in early trade. The IT stocks bounced back today with the sector topping the charts (+2.8%) thanks largely to a 39% gain from Altium (ALU). Chinese trade data came out mid-morning that was a little light and that prompted some tentative selling in the market, although I suspect it’s more a case of the market becoming tired around all-time highs.
The shackles have been broken on the ASX this week and today was no different. There were a few stumbles early, but the afternoon was dominated by the bulls with 7300 in their sights.
A bullish session for the ASX today thanks largely to a stronger than expected local GDP print which showed the Australian economy accelerating out of the Covid induced hangover with considerable momentum, and is now bigger than pre-pandemic levels.
A quiet trading day for the local market ahead of the US Memorial Day holiday. Shares cracked the 7200 barrier for the first time ever before giving up the small gains, closing marginally lower on the session.
Check your email for an email from [email protected]
Subject: Your OTP for Account Access
This email will have a code you can use as your One Time Password for instant access
Verication email sent.
Check your email for an email from [email protected]
Subject: Your OTP for Account Access
This email will have a code you can use as your One Time Password for instant access
!
Invalid One Time Password
Please check you entered the correct info, please also note there is a 10minute time limit on the One Time Passcode
To reset your password, enter your email address
A link to create a new password will be sent to the email address you have registered to your account.
Market Matters members receive daily market reports, real-time trade alerts, full access to 5 portfolios and dynamic company data.
Choose how you'd like to proceed:
We have a range of membership options to suit your needs and budget, why not join today and get unlimited access to the premium Market Matters service.
