The ASX moved higher today as strength in Materials and strong results from Tabcorp and Siteminder more than offset heavy losses in Woolworths with its worst single session on record after revealing a profit slump in their full-year result.
The ASX lost some steam today and as we penned this morning, we believe the market is starting to feel tired after its 25% advance from the April lows.
The ASX opened with a bang this morning hitting a high of 9054 before sellers got engaged, pushing the index down ~70pts from the early high. While the structure of the market still remains clearly bullish, we stick with our more neutral bias on stocks around all-time highs, and today's selling into strength, supports that view.
The market tapered off as the day progressed with the ASX giving back half of yesterday's strong move – as reporting season roles on. More misses than hits today with some big moves playing out as a consequence.
The ASX opened strongly and surged past the 9000 mark for the first time around midday, rallying on the back of broad-based gains as all 11 sectors finished in positive territory. Solid results from Super Retail and Brambles kicked off proceedings with broker upgrades on stocks that have already come through providing more firepower.
The ASX opened weaker but staged a sharp 77-point rally through midday, before easing back in the afternoon as US futures turned lower. Heavy selling in James Hardie and ongoing pressure on CSL weighed on materials and healthcare though strength in the Big Four banks, all up 1-4% more than offset weakness.
Rocks and diamonds for the ASX today on the reporting front, with some very strong updates from the majority of companies, then came CSL, finishing down 16.9% and taking 65 points off the market i.e. excluding CSL from the equation, the market would have finished flat.
The ASX whipsawed between positive and negative territory today with another strong move from the banks providing some stability, pushing the index higher into the close. Results continue to stream in and were mixed today, though only 16% of the top 200 companies have reported - so still plenty more to come.
Another strong session to end a positive week for stocks, with the ASX defying a flat session overseas to chalk up a new all-time closing high, above 8900 for the first time.
The ASX hit new intra day highs today, driven by strong gains in Financials and Utilities after upbeat earnings results from Westpac and Origin. Bank stocks followed the WBC result up with CBA the weakest link for a second straight session. Employment data this morning eased concerns of a weakening job market and took some fuel off the fire for a rate cut at next month’s RBA meeting.
The ASX lost some steam today and as we penned this morning, we believe the market is starting to feel tired after its 25% advance from the April lows.
The ASX opened with a bang this morning hitting a high of 9054 before sellers got engaged, pushing the index down ~70pts from the early high. While the structure of the market still remains clearly bullish, we stick with our more neutral bias on stocks around all-time highs, and today's selling into strength, supports that view.
The market tapered off as the day progressed with the ASX giving back half of yesterday's strong move – as reporting season roles on. More misses than hits today with some big moves playing out as a consequence.
The ASX opened strongly and surged past the 9000 mark for the first time around midday, rallying on the back of broad-based gains as all 11 sectors finished in positive territory. Solid results from Super Retail and Brambles kicked off proceedings with broker upgrades on stocks that have already come through providing more firepower.
The ASX opened weaker but staged a sharp 77-point rally through midday, before easing back in the afternoon as US futures turned lower. Heavy selling in James Hardie and ongoing pressure on CSL weighed on materials and healthcare though strength in the Big Four banks, all up 1-4% more than offset weakness.
Rocks and diamonds for the ASX today on the reporting front, with some very strong updates from the majority of companies, then came CSL, finishing down 16.9% and taking 65 points off the market i.e. excluding CSL from the equation, the market would have finished flat.
The ASX whipsawed between positive and negative territory today with another strong move from the banks providing some stability, pushing the index higher into the close. Results continue to stream in and were mixed today, though only 16% of the top 200 companies have reported - so still plenty more to come.
Another strong session to end a positive week for stocks, with the ASX defying a flat session overseas to chalk up a new all-time closing high, above 8900 for the first time.
The ASX hit new intra day highs today, driven by strong gains in Financials and Utilities after upbeat earnings results from Westpac and Origin. Bank stocks followed the WBC result up with CBA the weakest link for a second straight session. Employment data this morning eased concerns of a weakening job market and took some fuel off the fire for a rate cut at next month’s RBA meeting.
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