A positive session to round out the month and quarter for Aussie stocks, although there was a massive MOC (market on close) order that saw the ASX 200 fall 30 points in the match (between 4pm & 4.10pm).
News that Brisbane is likely to go into a longer lockdown as the UK variant of the virus claims cases in the sunshine state has seen stocks sold off today as consistent selling from the open pushed the local market down nearly 100pts from the early session highs. A Byron Bay hens party seems to be the catalyst with the entertainment bringing more than was bargained for just as support from Job Keeper rolls off. Australia was a clear under performer from a regional perspective today as the material sector provided the biggest weight on the market overall.
The ASX lost ground today, selling off from early strength. The Brisbane lockdown kept the bulls at bay with rising case numbers coinciding with job keeper support rolling off.
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.
News that Brisbane is likely to go into a longer lockdown as the UK variant of the virus claims cases in the sunshine state has seen stocks sold off today as consistent selling from the open pushed the local market down nearly 100pts from the early session highs. A Byron Bay hens party seems to be the catalyst with the entertainment bringing more than was bargained for just as support from Job Keeper rolls off. Australia was a clear under performer from a regional perspective today as the material sector provided the biggest weight on the market overall.
The ASX lost ground today, selling off from early strength. The Brisbane lockdown kept the bulls at bay with rising case numbers coinciding with job keeper support rolling off.
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.
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