A second session where stocks drifted lower on very little news flow, with the US market closed overnight for Labor Day and economic + company data thin on the ground.
Weakness crept into the ASX today as we start the most challenging month of the year, where the ASX has fallen on average 2% for the past 10 years. Dividends play a role here, however we’ve seen declines 70% of the time, and with markets at/near all-time highs, it’s easy to see why some profit taking may creep into the market ahead of the seasonally strong December quarter. Defensives and Gold outperformed while Tech was the obvious pocket of weakness.
The ASX finished an up and down session slightly lower as reporting season volatility continued, with results headlined by strong gains in Harvey Norman and Mesoblast on the other side with ~10% moves for both continuing the trend of outsized share price reactions to earnings beats/misses.
The ASX 200 ended the day up though it would have been a different story if it weren’t for strength in the banks with ‘The Big Four’ providing ~35pts of index gain with limited help from other sectors.
The ASX moved higher today as strength in Materials and strong results from Tabcorp and Siteminder more than offset heavy losses in Woolworths with its worst single session on record after revealing a profit slump in their full-year result.
The ASX lost some steam today and as we penned this morning, we believe the market is starting to feel tired after its 25% advance from the April lows.
The ASX opened with a bang this morning hitting a high of 9054 before sellers got engaged, pushing the index down ~70pts from the early high. While the structure of the market still remains clearly bullish, we stick with our more neutral bias on stocks around all-time highs, and today's selling into strength, supports that view.
The market tapered off as the day progressed with the ASX giving back half of yesterday's strong move – as reporting season roles on. More misses than hits today with some big moves playing out as a consequence.
The ASX opened strongly and surged past the 9000 mark for the first time around midday, rallying on the back of broad-based gains as all 11 sectors finished in positive territory. Solid results from Super Retail and Brambles kicked off proceedings with broker upgrades on stocks that have already come through providing more firepower.
The ASX opened weaker but staged a sharp 77-point rally through midday, before easing back in the afternoon as US futures turned lower. Heavy selling in James Hardie and ongoing pressure on CSL weighed on materials and healthcare though strength in the Big Four banks, all up 1-4% more than offset weakness.
Weakness crept into the ASX today as we start the most challenging month of the year, where the ASX has fallen on average 2% for the past 10 years. Dividends play a role here, however we’ve seen declines 70% of the time, and with markets at/near all-time highs, it’s easy to see why some profit taking may creep into the market ahead of the seasonally strong December quarter. Defensives and Gold outperformed while Tech was the obvious pocket of weakness.
The ASX finished an up and down session slightly lower as reporting season volatility continued, with results headlined by strong gains in Harvey Norman and Mesoblast on the other side with ~10% moves for both continuing the trend of outsized share price reactions to earnings beats/misses.
The ASX 200 ended the day up though it would have been a different story if it weren’t for strength in the banks with ‘The Big Four’ providing ~35pts of index gain with limited help from other sectors.
The ASX moved higher today as strength in Materials and strong results from Tabcorp and Siteminder more than offset heavy losses in Woolworths with its worst single session on record after revealing a profit slump in their full-year result.
The ASX lost some steam today and as we penned this morning, we believe the market is starting to feel tired after its 25% advance from the April lows.
The ASX opened with a bang this morning hitting a high of 9054 before sellers got engaged, pushing the index down ~70pts from the early high. While the structure of the market still remains clearly bullish, we stick with our more neutral bias on stocks around all-time highs, and today's selling into strength, supports that view.
The market tapered off as the day progressed with the ASX giving back half of yesterday's strong move – as reporting season roles on. More misses than hits today with some big moves playing out as a consequence.
The ASX opened strongly and surged past the 9000 mark for the first time around midday, rallying on the back of broad-based gains as all 11 sectors finished in positive territory. Solid results from Super Retail and Brambles kicked off proceedings with broker upgrades on stocks that have already come through providing more firepower.
The ASX opened weaker but staged a sharp 77-point rally through midday, before easing back in the afternoon as US futures turned lower. Heavy selling in James Hardie and ongoing pressure on CSL weighed on materials and healthcare though strength in the Big Four banks, all up 1-4% more than offset weakness.
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