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 gave back ground today after opening only a touch softer; selling quickly set in as traders sat on their hands amid a general risk off feel ahead of the Fed’s rate call tonight. The sharp selloff was met some buying at the ~8800 level, bouncing midmorning but tracked sideways into the afternoon.
The market managed to grind out a gain today, helped along by the miners, with particularly strong showings from gold, iron ore and uranium as all three surged on different drivers – we’re taking a breather on gold and took a profit on our Evolution Mining position. Not a lot happening on the macro side to move markets today as all eyes await the Fed rate decision on Thursday, though bits and pieces on the stock front kept things interesting across the retail and resources space.
The local market kicked things off on the backfoot down ~60pts before it flipped the switch straight after the open and reversed most of the losses though couldn’t claw its way back to positive territory. Profit-taking in gold stocks and weakness in healthcare kept the ASX in the red despite strength across lithium names.
The ASX had a solid end to the week, with a broad-based rally following on from Wall Street’s record-setting session overnight. Expectations that the Fed will move on rate cuts as soon as next week helped fuel gains in financials and miners, while gold continued its charge toward fresh highs, offsetting weakness across the energy names.
The market gave back some ground today on weakness in banks and healthcare, despite strength across gold and stabilisation for lithium stocks that took a bath yesterday. There was also a host of defense wins across various companies, driving gains in most.
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 gave back ground today after opening only a touch softer; selling quickly set in as traders sat on their hands amid a general risk off feel ahead of the Fed’s rate call tonight. The sharp selloff was met some buying at the ~8800 level, bouncing midmorning but tracked sideways into the afternoon.
The market managed to grind out a gain today, helped along by the miners, with particularly strong showings from gold, iron ore and uranium as all three surged on different drivers – we’re taking a breather on gold and took a profit on our Evolution Mining position. Not a lot happening on the macro side to move markets today as all eyes await the Fed rate decision on Thursday, though bits and pieces on the stock front kept things interesting across the retail and resources space.
The local market kicked things off on the backfoot down ~60pts before it flipped the switch straight after the open and reversed most of the losses though couldn’t claw its way back to positive territory. Profit-taking in gold stocks and weakness in healthcare kept the ASX in the red despite strength across lithium names.
The ASX had a solid end to the week, with a broad-based rally following on from Wall Street’s record-setting session overnight. Expectations that the Fed will move on rate cuts as soon as next week helped fuel gains in financials and miners, while gold continued its charge toward fresh highs, offsetting weakness across the energy names.
The market gave back some ground today on weakness in banks and healthcare, despite strength across gold and stabilisation for lithium stocks that took a bath yesterday. There was also a host of defense wins across various companies, driving gains in most.
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