It was a mixed session with no definitive direction as fears around a weakening Chinese economy after tariff talk and softer iron ore saw the materials space sink though this was cushioned by the almost predictable rebound in the big four banks.
A softer day for the ASX though once again, we saw some buying into weakness, certainly not as pronounced as yesterday, but we’re certainly not seeing any panic selling at the index level, that’s being reserved for stocks that miss earnings or provide lacklustre guidance.
A stoic performance from the ASX today, underpinned by a recovery in the banking sector. The main board was down ~85pts at the lows, before being aggressively bought to close up on the day – there is money in them hills!
All 5 sessions ended lower this week with the ASX pulling back sharply from all-time highs above 8600. The main board fell ~3% weighed down by a 7.5% pullback in the financials – a big move for a sector like that.
The market opened lower this morning and the selling fed on itself as several results underwhelmed on the busiest day of the reporting period. While there were some solid updates, Whitehaven, Telstra, Megaport and others, more underwhelmed, amplified by ongoing weakness in the banks, the majority trading ~3% lower.
A tough day at the office with more misses than hits on the earnings front and some big negative share price reactions to boot. While CBA traded ex-dividend ($2.25 FF) falling $3.66, the sector was under pressure courtesy of a weak quarterly update from NAB with the big banks accounting for 52 of 61point decline on the main board.
The most anticipated RBA meeting in recent memory delivered as expected today, with RBA Governor Michelle Bullock cutting rates, but said future cuts are far from assured. In other words, the market has gotten ahead of itself pricing in multiple cuts this side of Christmas. Stocks were lower after the announcement and the AUD moved higher.
While the ASX closed in the red, it was a big turnaround from early weakness with a large sell-off in the banks, headlined by Bendigo (BEN) & supported by Westpac (WBC) weighing on the market early, however, from 1pm onwards the buyers stepped up pushing the main board more than +60 points above the session lows as reporting season continues to deliver a mixed bag, with a positive bias.
The ASX broke through the 8600 mark for the first time and surged in the first hour of trade, hitting a new intra-day all time high of 8615 with concerns over U.S reciprocal tariffs overnight. The market couldn’t hold the high though, dropping 60 points from mid-morning through the afternoon as profit-taking in Commonwealth Bank and a reversal of a strong move in BHP signaled selling and dragged the index back down.
The ASX traded to a new all-time high this morning, printing a new milestone @ 8575, before losing steam, closing 35pts below the high. A bumpier ride today on the reporting front with larger moves on the downside, the Insurance stocks under the pump following IAG’s result while the Iron Ore stocks found some form.
A softer day for the ASX though once again, we saw some buying into weakness, certainly not as pronounced as yesterday, but we’re certainly not seeing any panic selling at the index level, that’s being reserved for stocks that miss earnings or provide lacklustre guidance.
A stoic performance from the ASX today, underpinned by a recovery in the banking sector. The main board was down ~85pts at the lows, before being aggressively bought to close up on the day – there is money in them hills!
All 5 sessions ended lower this week with the ASX pulling back sharply from all-time highs above 8600. The main board fell ~3% weighed down by a 7.5% pullback in the financials – a big move for a sector like that.
The market opened lower this morning and the selling fed on itself as several results underwhelmed on the busiest day of the reporting period. While there were some solid updates, Whitehaven, Telstra, Megaport and others, more underwhelmed, amplified by ongoing weakness in the banks, the majority trading ~3% lower.
A tough day at the office with more misses than hits on the earnings front and some big negative share price reactions to boot. While CBA traded ex-dividend ($2.25 FF) falling $3.66, the sector was under pressure courtesy of a weak quarterly update from NAB with the big banks accounting for 52 of 61point decline on the main board.
The most anticipated RBA meeting in recent memory delivered as expected today, with RBA Governor Michelle Bullock cutting rates, but said future cuts are far from assured. In other words, the market has gotten ahead of itself pricing in multiple cuts this side of Christmas. Stocks were lower after the announcement and the AUD moved higher.
While the ASX closed in the red, it was a big turnaround from early weakness with a large sell-off in the banks, headlined by Bendigo (BEN) & supported by Westpac (WBC) weighing on the market early, however, from 1pm onwards the buyers stepped up pushing the main board more than +60 points above the session lows as reporting season continues to deliver a mixed bag, with a positive bias.
The ASX broke through the 8600 mark for the first time and surged in the first hour of trade, hitting a new intra-day all time high of 8615 with concerns over U.S reciprocal tariffs overnight. The market couldn’t hold the high though, dropping 60 points from mid-morning through the afternoon as profit-taking in Commonwealth Bank and a reversal of a strong move in BHP signaled selling and dragged the index back down.
The ASX traded to a new all-time high this morning, printing a new milestone @ 8575, before losing steam, closing 35pts below the high. A bumpier ride today on the reporting front with larger moves on the downside, the Insurance stocks under the pump following IAG’s result while the Iron Ore stocks found some form.
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