The market opened lower this morning and the selling fed on itself as several results underwhelmed on the busiest day of the reporting period. While there were some solid updates, Whitehaven, Telstra, Megaport and others, more underwhelmed, amplified by ongoing weakness in the banks, the majority trading ~3% lower.
A tough day at the office with more misses than hits on the earnings front and some big negative share price reactions to boot. While CBA traded ex-dividend ($2.25 FF) falling $3.66, the sector was under pressure courtesy of a weak quarterly update from NAB with the big banks accounting for 52 of 61point decline on the main board.
The most anticipated RBA meeting in recent memory delivered as expected today, with RBA Governor Michelle Bullock cutting rates, but said future cuts are far from assured. In other words, the market has gotten ahead of itself pricing in multiple cuts this side of Christmas. Stocks were lower after the announcement and the AUD moved higher.
While the ASX closed in the red, it was a big turnaround from early weakness with a large sell-off in the banks, headlined by Bendigo (BEN) & supported by Westpac (WBC) weighing on the market early, however, from 1pm onwards the buyers stepped up pushing the main board more than +60 points above the session lows as reporting season continues to deliver a mixed bag, with a positive bias.
The ASX broke through the 8600 mark for the first time and surged in the first hour of trade, hitting a new intra-day all time high of 8615 with concerns over U.S reciprocal tariffs overnight. The market couldn’t hold the high though, dropping 60 points from mid-morning through the afternoon as profit-taking in Commonwealth Bank and a reversal of a strong move in BHP signaled selling and dragged the index back down.
The ASX traded to a new all-time high this morning, printing a new milestone @ 8575, before losing steam, closing 35pts below the high. A bumpier ride today on the reporting front with larger moves on the downside, the Insurance stocks under the pump following IAG’s result while the Iron Ore stocks found some form.
The ASX traded lower in the first hour of trade as sellers initially pushed CBA into the red, it was all one-way traffic from 10.30am onwards as both CBA and the market rallied, the former trading to new all-time highs on slightly better than expected results.
The best of it seen early this morning with the market up ~30pts before tapering off to finish largely flat on the session, weakness in CSL took ~20pts off the index and was the major drag while the other index heavy weights did okay, with Comm Bank (CBA) down a touch ahead of results tomorrow.
The market opened on the back foot early, down ~70pts at the lows before recovering over half of the early decline to finish only ~100pts below the all-time high. Results season now kicks into gear and today is indicative of what we’ll see from now on; i.e. stocks that have run into results will need to deliver for the half and also in terms of guidance.
A mildly softer end to a volatile week for equities that started on Monday with a ~2% decline on tariff concerns before recovering to knock-off on Friday afternoon only mildly lower – not a bad effort.
A tough day at the office with more misses than hits on the earnings front and some big negative share price reactions to boot. While CBA traded ex-dividend ($2.25 FF) falling $3.66, the sector was under pressure courtesy of a weak quarterly update from NAB with the big banks accounting for 52 of 61point decline on the main board.
The most anticipated RBA meeting in recent memory delivered as expected today, with RBA Governor Michelle Bullock cutting rates, but said future cuts are far from assured. In other words, the market has gotten ahead of itself pricing in multiple cuts this side of Christmas. Stocks were lower after the announcement and the AUD moved higher.
While the ASX closed in the red, it was a big turnaround from early weakness with a large sell-off in the banks, headlined by Bendigo (BEN) & supported by Westpac (WBC) weighing on the market early, however, from 1pm onwards the buyers stepped up pushing the main board more than +60 points above the session lows as reporting season continues to deliver a mixed bag, with a positive bias.
The ASX broke through the 8600 mark for the first time and surged in the first hour of trade, hitting a new intra-day all time high of 8615 with concerns over U.S reciprocal tariffs overnight. The market couldn’t hold the high though, dropping 60 points from mid-morning through the afternoon as profit-taking in Commonwealth Bank and a reversal of a strong move in BHP signaled selling and dragged the index back down.
The ASX traded to a new all-time high this morning, printing a new milestone @ 8575, before losing steam, closing 35pts below the high. A bumpier ride today on the reporting front with larger moves on the downside, the Insurance stocks under the pump following IAG’s result while the Iron Ore stocks found some form.
The ASX traded lower in the first hour of trade as sellers initially pushed CBA into the red, it was all one-way traffic from 10.30am onwards as both CBA and the market rallied, the former trading to new all-time highs on slightly better than expected results.
The best of it seen early this morning with the market up ~30pts before tapering off to finish largely flat on the session, weakness in CSL took ~20pts off the index and was the major drag while the other index heavy weights did okay, with Comm Bank (CBA) down a touch ahead of results tomorrow.
The market opened on the back foot early, down ~70pts at the lows before recovering over half of the early decline to finish only ~100pts below the all-time high. Results season now kicks into gear and today is indicative of what we’ll see from now on; i.e. stocks that have run into results will need to deliver for the half and also in terms of guidance.
A mildly softer end to a volatile week for equities that started on Monday with a ~2% decline on tariff concerns before recovering to knock-off on Friday afternoon only mildly lower – not a bad effort.
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