With just one trading day left in May the local index continues to find buyers with local shares ripping into the weekend – setting a new record to close at 7179 thanks to a broad that rally saw tech as the only sector lower on the day.
A similar session to yesterday played out today with strength once again being sold into at the index level as the market petered out into the close, finishing around par. Melbourne entering a 7 day lockdown didn’t help although I doubt that was the reason for the softening in the market. IT stocks again were the standout although we also saw the Materials recover from recent weakness to play a supporting roll.
A choppy session played out today with early weakness bought before a midday top was put into place, the afternoon was a soggy one with weakness across the commodity complex weighing on the broader market.
A strong session saw the ASX trade above where it started the month as it looks to buck the “sell in May and go away” trend. The star of the show was Hub24 (HUB), which we own in the Flagship Growth Portfolio, rallying +8.89% without any news.
The Australian market was swung around like a ragdoll in a whipsawing start to the week with the lead changing hands 5 times before calm set in late in the day.
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 similar session to yesterday played out today with strength once again being sold into at the index level as the market petered out into the close, finishing around par. Melbourne entering a 7 day lockdown didn’t help although I doubt that was the reason for the softening in the market. IT stocks again were the standout although we also saw the Materials recover from recent weakness to play a supporting roll.
A choppy session played out today with early weakness bought before a midday top was put into place, the afternoon was a soggy one with weakness across the commodity complex weighing on the broader market.
A strong session saw the ASX trade above where it started the month as it looks to buck the “sell in May and go away” trend. The star of the show was Hub24 (HUB), which we own in the Flagship Growth Portfolio, rallying +8.89% without any news.
The Australian market was swung around like a ragdoll in a whipsawing start to the week with the lead changing hands 5 times before calm set in late in the day.
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.
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