A choppy but mildly positive session with exactly half the stocks in the ASX 200 up, while half fell, the retailers attracted some buying into recent weakness while the material stocks remained on the nose despite a recent bounce in Chinese equities- BHP is back testing the bottom of its trading range ~$42.
A far more stable session today after yesterday’s fireworks, the local market looked to recoup some of the pain of Monday’s trade early on. The bounce didn’t last long though, up +32pts/+0.4% at its best early only on close just marginally higher – much of the headwind came from BHP which hit its lowest level since May last year.
A few cracks appeared in equities today, the index giving back all of the gains banked from last week and peeling back from all-time highs. It was a broad sell-off for the market, with all sectors closing lower in the ASX200’s biggest drop since 10 March 2023, a year ago almost to the day.
Another new all-time high on a very bullish Friday, the ASX 200 trading above 7800 for the first time, as the banks continue to drive gains at the index level. CY24 to date, the ASX is now up 3.4% excluding dividends as the ‘Goldilocks’ scenario for stocks seems to be playing out.
The highest-ever close for the ASX200 today at 7763, particularly impressive with BHP and Woodside trading ex-dividend! Strength was broad-based, more than 150 stocks in the 200 closed higher as we continue to bask in the glory of a supportive economic and monetary policy scenario, for now at least!
A solid effort from the ASX today given weakness in the US overnight (Dow -404pts) however SPI Futures had implied we’d do better, with the ASX finishing in the green and ~30pts above the early lows. The direction of least resistance is still up with the missing piece just the miners…
A choppy session for the ASX although it traded in a tight ~30pt trading range overall with Lithium stocks giving back some recent gains on two pieces of negative news, while Gold equities enjoyed the breakout in bullion prices.
The ASX hit record highs early on before some profit-taking kicked in mid-morning. Selling was pretty benign with the index falling around -0.4% from highs to the close driven by softer Business conditions data which showed a larger than expected fall in inventories in Q4, likely to weigh on GDP growth. Small caps continued their push higher though, the Small Ords closing at a new 52-week high today.
A strong session to end a strong week at new record highs, the 6th weekly gain from the last 7 with investors happy to buy stocks after a good reporting period where beats outnumbered misses, and earnings in most parts held up well. At an aggregate level, earnings estimates have been revised lower, however, the driver is resources on weaker commodity prices, a backward-looking indicator in MM’s view, and the broader market has been resilient.
A strong session eventually played out today, with the index +70pts from the morning (11 am) lows, trading to all-time highs in the process (7703.8), and closing the month just 5pts below the milestone (7698), a good outcome and as we’ve been suggesting, it seems the market is priming itself for an ultimate breakout, we just need the support of the influential materials sector!
A far more stable session today after yesterday’s fireworks, the local market looked to recoup some of the pain of Monday’s trade early on. The bounce didn’t last long though, up +32pts/+0.4% at its best early only on close just marginally higher – much of the headwind came from BHP which hit its lowest level since May last year.
A few cracks appeared in equities today, the index giving back all of the gains banked from last week and peeling back from all-time highs. It was a broad sell-off for the market, with all sectors closing lower in the ASX200’s biggest drop since 10 March 2023, a year ago almost to the day.
Another new all-time high on a very bullish Friday, the ASX 200 trading above 7800 for the first time, as the banks continue to drive gains at the index level. CY24 to date, the ASX is now up 3.4% excluding dividends as the ‘Goldilocks’ scenario for stocks seems to be playing out.
The highest-ever close for the ASX200 today at 7763, particularly impressive with BHP and Woodside trading ex-dividend! Strength was broad-based, more than 150 stocks in the 200 closed higher as we continue to bask in the glory of a supportive economic and monetary policy scenario, for now at least!
A solid effort from the ASX today given weakness in the US overnight (Dow -404pts) however SPI Futures had implied we’d do better, with the ASX finishing in the green and ~30pts above the early lows. The direction of least resistance is still up with the missing piece just the miners…
A choppy session for the ASX although it traded in a tight ~30pt trading range overall with Lithium stocks giving back some recent gains on two pieces of negative news, while Gold equities enjoyed the breakout in bullion prices.
The ASX hit record highs early on before some profit-taking kicked in mid-morning. Selling was pretty benign with the index falling around -0.4% from highs to the close driven by softer Business conditions data which showed a larger than expected fall in inventories in Q4, likely to weigh on GDP growth. Small caps continued their push higher though, the Small Ords closing at a new 52-week high today.
A strong session to end a strong week at new record highs, the 6th weekly gain from the last 7 with investors happy to buy stocks after a good reporting period where beats outnumbered misses, and earnings in most parts held up well. At an aggregate level, earnings estimates have been revised lower, however, the driver is resources on weaker commodity prices, a backward-looking indicator in MM’s view, and the broader market has been resilient.
A strong session eventually played out today, with the index +70pts from the morning (11 am) lows, trading to all-time highs in the process (7703.8), and closing the month just 5pts below the milestone (7698), a good outcome and as we’ve been suggesting, it seems the market is priming itself for an ultimate breakout, we just need the support of the influential materials sector!
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