Nice to get back to the desk after a break and re-engage with Market Matters members as we kick off what should be another exciting one, full of opportunities. As we suggested this morning, we will endeavour to steer you all in the right direction throughout the year! Today was a flat session at the index level, however, there were a few fire-works under the hood, the most obvious in the Uranium space after the world’s largest producer cut production forecasts highlighting just how tight the market currently is.
A quiet session as expected today, most of the country preparing for Christmas rather than concentrating on markets, the ASX trading is a tight ~20pt trading range ahead of the 4-day break. This will be the final note for 2023, with normal programming recommencing on Monday the 15th January.
A few in the market scratching their heads this morning about the 1.5% decline in the last few hours of trade overnight, multiple reasons at play, with a big put options position as one of them, along with strong US economic data, however, the market has run hot and some profit taking met low volumes and selling fed on itself. The ASX though did better than the 1% decline futures were implying, the low for the day set early on before fighting back to end mildly lower, still ~750 points/ 11% above the 6751 low set on the 30th October. With one trading session to go before Christmas, the ASX200 is up 6.6% before dividends.
The march continues with positive momentum remaining in the latest broad-based rally today. 10 of the 11 sectors closed higher, Tech being the one in the red today thanks to weakness in some of the larger constituents. As was the case yesterday, the ASX200 hit levels not seen since February this year, trading through 7550 late in the day before cooling off on the close.
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….
A quiet session as expected today, most of the country preparing for Christmas rather than concentrating on markets, the ASX trading is a tight ~20pt trading range ahead of the 4-day break. This will be the final note for 2023, with normal programming recommencing on Monday the 15th January.
A few in the market scratching their heads this morning about the 1.5% decline in the last few hours of trade overnight, multiple reasons at play, with a big put options position as one of them, along with strong US economic data, however, the market has run hot and some profit taking met low volumes and selling fed on itself. The ASX though did better than the 1% decline futures were implying, the low for the day set early on before fighting back to end mildly lower, still ~750 points/ 11% above the 6751 low set on the 30th October. With one trading session to go before Christmas, the ASX200 is up 6.6% before dividends.
The march continues with positive momentum remaining in the latest broad-based rally today. 10 of the 11 sectors closed higher, Tech being the one in the red today thanks to weakness in some of the larger constituents. As was the case yesterday, the ASX200 hit levels not seen since February this year, trading through 7550 late in the day before cooling off on the close.
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….
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