The worst of it was seen in early trade today with the ASX off ~100pts at the lows, but some buyers emerged throughout the session, particularly amongst the recently weak Staples while Healthcare stocks also attracted some attention from early lows, Ramsay Healthcare (RHC) for example rallied 3% from the depth of despair this morning! It felt like a tough week, and given only 2 sectors finished in the black, the selling was fairly broad-based, however, it was far from aggressive (ASX -0.5% for the week) and there were plenty of stocks that did well.
A solid session for the ASX today, although some late selling again took some of the sheen off the day. IT stocks continued on a volatile week where ~5% swings have become commonplace, while the results today ensured some big moves under the hood, unfortunately for Market Matters, we were on the wrong side of a couple today!
Early weakness didn’t last long as resources helped support the index as it rallied throughout the morning. At its best, the ASX was up 0.75% with the bulls looking to regain the ascendancy following fresh 5-week lows set yesterday. Sellers did appear as the market was closing, shaving about half of the gains from the index in the last few hours. Another big day for reporting is in the books as the mixed fortunes of reporters continue.
The ASX 200 bounced today as generally better than expected earnings, particularly from some key technology stocks reinvigorated the bulls, despite BHP slightly underwhelming.
A soft start to the new trading week which sees the vortex of local company results with the next 3 days seeing a significant number of company updates. There was certainly volatility at the stock level today with Iress (IRE) -35% & A2 Milk (A2M) -13.56% on the wrong side of it, while strong updates from Premier Investments (PMV) +12.23% and Breville (BRG) showed there is life left in retail!
A flat end to a tough week for markets with a lot to digest: Better US data drove bond yields higher, China property concerns as news of defaults linger pushed miners lower, while local reporting underpinned rising volatility across the board. Phew, it’s Friday!
The ASX fell again today, although some obvious ‘dip buying’ came to pass as reporting season continued to build, while a higher unemployment rate provided further evidence to support a continued RBA pause.
Weakness across international equity markets bled into the ASX today with shares trading to a 4-week low. The US market struggled following better-than-expected retail sales prints leading to upwards pressure on rates. This compounded concerns around China’s property market and economic growth outlook which has weighed on equity markets across the region in recent weeks, yesterday’s rate cut from the PBOC only providing short-term relief. Reporting season is now well and truly in full swing while CBA went ex-div today adding to the red on the index.
The vibe so far in reporting is a net positive one with more beats than misses, and more companies rallying post results despite some festering concern around what’s to come in FY24. That’s not to say everything is positive, but by-in-large, we’re doing okay and this was supportive of the ASX today which snapped a 2-day losing streak. Weaker data out of China continues to put pressure on the PBOC to stimulate, and while it remains largely elusive, the local resource stocks seemed to find some support from intra-day lows on optimism around such a move.
The ASX was hit today, weighed by growing concerns around the Chinese property sector as another large developer teeters on default - while earnings continue to dominate news flow locally. As of Friday, around 20% of the market’s total capitalisation had reported results, so far, so good with earnings beats outnumbering earnings misses by a solid ratio of 3:1, although we have seen adjustments lower for FY24 on softer outlooks.
A solid session for the ASX today, although some late selling again took some of the sheen off the day. IT stocks continued on a volatile week where ~5% swings have become commonplace, while the results today ensured some big moves under the hood, unfortunately for Market Matters, we were on the wrong side of a couple today!
Early weakness didn’t last long as resources helped support the index as it rallied throughout the morning. At its best, the ASX was up 0.75% with the bulls looking to regain the ascendancy following fresh 5-week lows set yesterday. Sellers did appear as the market was closing, shaving about half of the gains from the index in the last few hours. Another big day for reporting is in the books as the mixed fortunes of reporters continue.
The ASX 200 bounced today as generally better than expected earnings, particularly from some key technology stocks reinvigorated the bulls, despite BHP slightly underwhelming.
A soft start to the new trading week which sees the vortex of local company results with the next 3 days seeing a significant number of company updates. There was certainly volatility at the stock level today with Iress (IRE) -35% & A2 Milk (A2M) -13.56% on the wrong side of it, while strong updates from Premier Investments (PMV) +12.23% and Breville (BRG) showed there is life left in retail!
A flat end to a tough week for markets with a lot to digest: Better US data drove bond yields higher, China property concerns as news of defaults linger pushed miners lower, while local reporting underpinned rising volatility across the board. Phew, it’s Friday!
The ASX fell again today, although some obvious ‘dip buying’ came to pass as reporting season continued to build, while a higher unemployment rate provided further evidence to support a continued RBA pause.
Weakness across international equity markets bled into the ASX today with shares trading to a 4-week low. The US market struggled following better-than-expected retail sales prints leading to upwards pressure on rates. This compounded concerns around China’s property market and economic growth outlook which has weighed on equity markets across the region in recent weeks, yesterday’s rate cut from the PBOC only providing short-term relief. Reporting season is now well and truly in full swing while CBA went ex-div today adding to the red on the index.
The vibe so far in reporting is a net positive one with more beats than misses, and more companies rallying post results despite some festering concern around what’s to come in FY24. That’s not to say everything is positive, but by-in-large, we’re doing okay and this was supportive of the ASX today which snapped a 2-day losing streak. Weaker data out of China continues to put pressure on the PBOC to stimulate, and while it remains largely elusive, the local resource stocks seemed to find some support from intra-day lows on optimism around such a move.
The ASX was hit today, weighed by growing concerns around the Chinese property sector as another large developer teeters on default - while earnings continue to dominate news flow locally. As of Friday, around 20% of the market’s total capitalisation had reported results, so far, so good with earnings beats outnumbering earnings misses by a solid ratio of 3:1, although we have seen adjustments lower for FY24 on softer outlooks.
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