The bullish sentiment returned to the market today, storming higher to levels not seen for 10 months. All sectors took part in the rally with the laggard, Staples, still up by more than 0.5%, though Utilities, Tech and Consumer Discretionary were the key winners. Energy was also a standout following attacks in the Red Sea overnight, disturbing supply routes.
Shares finally snapped a 6 session-winning streak today as the ASX took a breather from the impressive December run. Real Estate was the key laggard as exuberance over expectations of rate cuts settled. There remains some strong support for local equities, shares finished well ahead of the -1% drop implied by futures ahead of the market open this morning.
The strong momentum continued today, though this time led by the resources sectors as commodity prices found their feet. Shares finished ~0.3% off their highs with some profit taking through the afternoon but today’s rally makes it the 6th consecutive positive day for the ASX200 which is now up ~10% since the late November low of 6751. This week alone the index was up +247pts/+3.44%, higher for the third consecutive week
The market opened with a bang this morning, up ~100pts and held onto the gains for the day after the US Federal Reserve left interest rates on hold and pivoted towards rate cuts in 2024 – huge news, arguably as good as it gets for equities, the perfect backdrop for a blow-off high into 2024. The rate-sensitive sectors did best, but it was a day in the sun for nearly all ASX stocks with 85% of the ASX200 finishing higher.
The ASX200 added to December’s gains today, taking it up more than 2.4% for the month, and we still have more than half of the month left. As we’ve said a few times of late, as we head into the seasonally strong fortnight for stocks, the index is looking good for at least a retest of the 7400-7450 area, now only two good sessions away.
Another session where a lack of selling was obvious across the market as 10/11 sectors made gains headlined by technology stocks as they sprang back to life led by heavyweight Xero (XRO) +3.79%, a classic illiquid stock squeezing up into Christmas. Not a lot to cover this afternoon, so a short & sharp missive for a Tuesday….
The ASX 200 broke out this morning, up through 7200 to hit a morning peak of 7226, but the gains were forfeited as the session wore on - the market closed flat on the day, coming off the back of a strong week. Not a lot on the docket to drive stocks, some bits and pieces on the corporate front but a fairly muted session on low volumes.
The market opened on the backfoot, down early, before rallying ~50pts into the close to finish at session highs, clearly a bullish tone to end the week with the solid intra-day move. The lack of selling as December wears on is the theme we’ve been highlighting in recent reports with a few examples taking shape in recent sessions.
There wasn’t much on offer for the ASX today, a much calmer session after the fireworks of yesterday. Shares traded in a tight ~30pts range with a strong rally through the afternoon seeing it close marginally lower.
Stocks enjoyed the best one-day jump in over a year today as peak rates met solid but not spectacular growth numbers supporting the ‘goldilocks’ economic scenario, which is very bullish equities if it comes off. The ASX recouped all of yesterday’s losses and some as we experienced a bottom left, top right sort of day, sessions like this are what equity investing is all about!
Shares finally snapped a 6 session-winning streak today as the ASX took a breather from the impressive December run. Real Estate was the key laggard as exuberance over expectations of rate cuts settled. There remains some strong support for local equities, shares finished well ahead of the -1% drop implied by futures ahead of the market open this morning.
The strong momentum continued today, though this time led by the resources sectors as commodity prices found their feet. Shares finished ~0.3% off their highs with some profit taking through the afternoon but today’s rally makes it the 6th consecutive positive day for the ASX200 which is now up ~10% since the late November low of 6751. This week alone the index was up +247pts/+3.44%, higher for the third consecutive week
The market opened with a bang this morning, up ~100pts and held onto the gains for the day after the US Federal Reserve left interest rates on hold and pivoted towards rate cuts in 2024 – huge news, arguably as good as it gets for equities, the perfect backdrop for a blow-off high into 2024. The rate-sensitive sectors did best, but it was a day in the sun for nearly all ASX stocks with 85% of the ASX200 finishing higher.
The ASX200 added to December’s gains today, taking it up more than 2.4% for the month, and we still have more than half of the month left. As we’ve said a few times of late, as we head into the seasonally strong fortnight for stocks, the index is looking good for at least a retest of the 7400-7450 area, now only two good sessions away.
Another session where a lack of selling was obvious across the market as 10/11 sectors made gains headlined by technology stocks as they sprang back to life led by heavyweight Xero (XRO) +3.79%, a classic illiquid stock squeezing up into Christmas. Not a lot to cover this afternoon, so a short & sharp missive for a Tuesday….
The ASX 200 broke out this morning, up through 7200 to hit a morning peak of 7226, but the gains were forfeited as the session wore on - the market closed flat on the day, coming off the back of a strong week. Not a lot on the docket to drive stocks, some bits and pieces on the corporate front but a fairly muted session on low volumes.
The market opened on the backfoot, down early, before rallying ~50pts into the close to finish at session highs, clearly a bullish tone to end the week with the solid intra-day move. The lack of selling as December wears on is the theme we’ve been highlighting in recent reports with a few examples taking shape in recent sessions.
There wasn’t much on offer for the ASX today, a much calmer session after the fireworks of yesterday. Shares traded in a tight ~30pts range with a strong rally through the afternoon seeing it close marginally lower.
Stocks enjoyed the best one-day jump in over a year today as peak rates met solid but not spectacular growth numbers supporting the ‘goldilocks’ economic scenario, which is very bullish equities if it comes off. The ASX recouped all of yesterday’s losses and some as we experienced a bottom left, top right sort of day, sessions like this are what equity investing is all about!
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