The ASX opened firmly on the backfoot and selling intensified post a hotter than expected monthly inflation read at 11.30am, down ~60pts at the lows before a consistent/impressive grind back up to par by the close – the buy the dip mentality remains in play!
A big day of reporting across Market Matters Portfolios with some hits and a few misses, particularly amongst the smaller companies. Overall, it felt like the market lost some steam after a squeeze higher in early trade. While calling tops is fraught with danger, we wouldn’t be surprised to see some consolidation from here.
The first fall in 11 trading days for the ASX, though it was only marginal on a day that saw far fewer companies report results, and certainly less influential names from an index perspective.
The ASX extended its longest winning streak in almost a decade, notching up its 10th consecutive positive day. There is nothing not to like at the moment, with rate cuts around the corner and earnings season delivering more beats than misses.
A big turnaround from lunchtime onwards saw a ~40pt decline in the market early turn into a modest gain, underpinned at the index level at least, by a resurgence from resources, while strong results from Wisetech (WTC) had a significant influence on the IT sector’s performance.
The ASX chalked up its longest winning streak since January with an eighth day of gains today underpinned by technology shares, though it was a rare day where resources chimed in with a positive move offsetting some profit taking in the banks.
A mildly positive session to start the week, though the gains at the index level were all down to the banks following a positive quarterly update from Westpac, which offset weakness elsewhere; ~55% of the main board ended lower despite a positive session overall.
It was a very strong end to the week, with the local market spending most of the session showing triple-digit gains before ending the day 105 points, or +1.3%. The impressive session in the US, following strong economic data, provided the initial bullish catalyst for the ASX, and selling was noticeably absent throughout the day as broad-based buying saw almost 85% of the index close higher.
It was a reasonable day for the ASX, which rewarded investors with five consecutive positive sessions; the mood was buoyed by relative calm in Asia. The Nikkei in Japan was up 0.8% while US Futures also improved during our time zone to be ~0.2% higher around our close. Buying was tentative, with only 63% of the main board closing higher, led by the companies which have reported well over the last 48-hours, conversely, the losers enclosure was dominated by stocks that disappointed investors today, e.g. Nufarm (NUF) -9.8% and Origin (ORG) -9.4%.
A big day of reporting across Market Matters Portfolios with some hits and a few misses, particularly amongst the smaller companies. Overall, it felt like the market lost some steam after a squeeze higher in early trade. While calling tops is fraught with danger, we wouldn’t be surprised to see some consolidation from here.
The first fall in 11 trading days for the ASX, though it was only marginal on a day that saw far fewer companies report results, and certainly less influential names from an index perspective.
The ASX extended its longest winning streak in almost a decade, notching up its 10th consecutive positive day. There is nothing not to like at the moment, with rate cuts around the corner and earnings season delivering more beats than misses.
A big turnaround from lunchtime onwards saw a ~40pt decline in the market early turn into a modest gain, underpinned at the index level at least, by a resurgence from resources, while strong results from Wisetech (WTC) had a significant influence on the IT sector’s performance.
The ASX chalked up its longest winning streak since January with an eighth day of gains today underpinned by technology shares, though it was a rare day where resources chimed in with a positive move offsetting some profit taking in the banks.
A mildly positive session to start the week, though the gains at the index level were all down to the banks following a positive quarterly update from Westpac, which offset weakness elsewhere; ~55% of the main board ended lower despite a positive session overall.
It was a very strong end to the week, with the local market spending most of the session showing triple-digit gains before ending the day 105 points, or +1.3%. The impressive session in the US, following strong economic data, provided the initial bullish catalyst for the ASX, and selling was noticeably absent throughout the day as broad-based buying saw almost 85% of the index close higher.
It was a reasonable day for the ASX, which rewarded investors with five consecutive positive sessions; the mood was buoyed by relative calm in Asia. The Nikkei in Japan was up 0.8% while US Futures also improved during our time zone to be ~0.2% higher around our close. Buying was tentative, with only 63% of the main board closing higher, led by the companies which have reported well over the last 48-hours, conversely, the losers enclosure was dominated by stocks that disappointed investors today, e.g. Nufarm (NUF) -9.8% and Origin (ORG) -9.4%.
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