A classic risk-on day for local equities, with investors embracing the dual engine of bank strength and a relentless gold bid. Materials were the clear standout, but the breadth of today’s rally was also impressive, with most sectors participating as the new quarter seemed to attract new $$. Healthcare has been the real index laggard in recent periods but today saw an obvious change of trend with CSL having the biggest influence from an index perspective, up nearly 4%.
The ASX chopped around today, ultimately finishing down a few points with pundits blaming the U.S. government standoff, however we’ve been here before and it rarely creates a large volatility spike – never say never, but it’s generally more about political posturing.
The ASX opened firmer but reversed course after the RBA left rates unchanged at 3.6% and warned that near-term inflation may be stronger than expected, dampening hopes for easing in the short-term.
A bullish start to the week with the ASX outpacing gains seen in the US on Friday evening – the index getting the bit between its teeth from the opening bell, holding onto the gains as the day progressed.
The ASX clawed back early weakness on Friday down about ~25pts early but rebounded strongly with a +40pt rally, edging into positive territory as strength in miners and the big banks offset heavy losses across healthcare, though only four of eleven sectors ended in the green.
Copper stocks were the place to be today, with the sector rallying strongly following production issues at Freeport McMoran’s Indonesian operation, with no clear time frame for resumption. The move in Copper (+4%) highlights how tight the global market is for this critical input, highlighting why we remain bullish over the medium term. Stocks with exposure here from Sandfire (SFR) +7.6% to Aic Miners (A1M) +9.7%, Capstone (CSC) +10.8% and even BHP +3.6% led the line today, mirroring moves seen across copper companies globally. Elsewhere, banks were mildly better after a tough session yesterday, while the market recovered nicely from early morning weakness, the finish up 35 points from the morning lows.
A few cracks started appearing in the ASX today, with the recently buoyant banking sector in the cross hairs, the big 4 dropping an average of ~2.2% accounting for 50% of the main board’s ~80pt decline.
The ASX traded higher to start the week, supported by strength across the resource complex as iron ore, copper, lithium and gold all pushed up, although the rally was trimmed from early highs as energy and financial stocks lagged.
The ASX opened with a bang this morning but closed with more of a whimper after the Bank of Japan held rates steady at 0.5% as expected but surprised markets by announcing plans to sell down its massive ETF and REIT holdings, weighing on Japanese equities (Nikkei -0.9%), and dragging the ASX back from early highs.
It was a weak session for the Australian share market as energy stocks collapsed following the news that Abu Dhabi National Oil Co had walked away from its $36bn bid for Santos, while a weaker than expected jobs report out at 11.30am this morning saw a rotation out of equities into safer havens, such as bonds, pushing yields lower. All ASX sectors finished in the red, bar a small gain from tech.
The ASX chopped around today, ultimately finishing down a few points with pundits blaming the U.S. government standoff, however we’ve been here before and it rarely creates a large volatility spike – never say never, but it’s generally more about political posturing.
The ASX opened firmer but reversed course after the RBA left rates unchanged at 3.6% and warned that near-term inflation may be stronger than expected, dampening hopes for easing in the short-term.
A bullish start to the week with the ASX outpacing gains seen in the US on Friday evening – the index getting the bit between its teeth from the opening bell, holding onto the gains as the day progressed.
The ASX clawed back early weakness on Friday down about ~25pts early but rebounded strongly with a +40pt rally, edging into positive territory as strength in miners and the big banks offset heavy losses across healthcare, though only four of eleven sectors ended in the green.
Copper stocks were the place to be today, with the sector rallying strongly following production issues at Freeport McMoran’s Indonesian operation, with no clear time frame for resumption. The move in Copper (+4%) highlights how tight the global market is for this critical input, highlighting why we remain bullish over the medium term. Stocks with exposure here from Sandfire (SFR) +7.6% to Aic Miners (A1M) +9.7%, Capstone (CSC) +10.8% and even BHP +3.6% led the line today, mirroring moves seen across copper companies globally. Elsewhere, banks were mildly better after a tough session yesterday, while the market recovered nicely from early morning weakness, the finish up 35 points from the morning lows.
A few cracks started appearing in the ASX today, with the recently buoyant banking sector in the cross hairs, the big 4 dropping an average of ~2.2% accounting for 50% of the main board’s ~80pt decline.
The ASX traded higher to start the week, supported by strength across the resource complex as iron ore, copper, lithium and gold all pushed up, although the rally was trimmed from early highs as energy and financial stocks lagged.
The ASX opened with a bang this morning but closed with more of a whimper after the Bank of Japan held rates steady at 0.5% as expected but surprised markets by announcing plans to sell down its massive ETF and REIT holdings, weighing on Japanese equities (Nikkei -0.9%), and dragging the ASX back from early highs.
It was a weak session for the Australian share market as energy stocks collapsed following the news that Abu Dhabi National Oil Co had walked away from its $36bn bid for Santos, while a weaker than expected jobs report out at 11.30am this morning saw a rotation out of equities into safer havens, such as bonds, pushing yields lower. All ASX sectors finished in the red, bar a small gain from tech.
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