Bulls & Bears played tug of war today in a whipsawing session to start the week. The index quickly rallied to a new high early on before giving up ~40pts within an hour of hitting the peak. Buyers stepped up from there, helping the ASX200 to stem the losses and trade back into marginally positive territory. With most Asian markets closed for Lunar New Year celebrations, there was little in the way of news flow to control the index. Tech shares...
The ASX punched new 8-month highs for the 5th consecutive session today with the bulls outlasting some lunchtime wobbles to trade higher into the close. It was the commodity sectors of energy and materials leading the charge, and impressively carrying the index as less than half of the shares in the ASX200 closed higher on the day. Telcos were the main drag on the index, but most surprising was a fall in the Financials despite the green session. The ASX climbed more than 1% for the week for the third consecutive time, adding 124pts / +1.69%.
Local shares shrugged weakness seen in international markets today to storm to a new 8-month high. The market eased slightly on the open, however, once employment data hit at 11.30am, buyers stepped up to the plate. Despite the strength in the index, only half of the ASX200 managed a gain today- clearly the heavyweights doing the heavy lifting. The influential sectors of Materials and Financials were the top performers while Tech and Energy both struggled.
Another quiet session from an index perspective with the ASX trading in a tight band of fewer than 20 points on either side of yesterday’s close before settling marginally higher. Tech was the standout sector today with Healthcare a strong second place, both helped by falling bond yields. Real Estate was the main laggard, while the utilities continued its recent slide. The big news today was the Bank of Japan holding rates at -0.1%, some economists were predicting the first move from the BOJ in 7 years.
The ASX snapped a 4-day winning streak today, though only ending marginally lower after a directionless session given US markets were closed overnight. Surprisingly, more than half of the sectors in the index closed higher today, lead by a strong +1.8% gain in the Consumer Staples sector, while Real Estate was also better than 1% higher. On the flip side, Utilities were the worst performer for the second straight session falling -1.25%, while...
The local market kicked off the week on the front foot, continuing the momentum seen since the turn of the New Year to push into a new 8-month high. It was a broad-based rally with all sectors in the green and 4 sectors up more than 1% led by a surging tech sector. Materials were one the laggards, mostly on the back of weakness in iron ore stocks as China flagged a potential response to the surging price of the commodity.
The ASX keyed off a weak session overnight following more robust economic data from the US – the concept of good economic news is bad for stocks given the focus on interest rates clearly at play, however, with little volumes and very few at their desks today (the MM Team an exception!) it was always going to be hard going.
The ASX continued to recover today following the mid-week dip although the ASX 200 is still down 1.81% for the month of December which doesn’t correlate well with the idea of a Christmas Rally. If the market stays down, it will be only the 8th time that has occurred in the past 29 years with the average gain in December for that period being +1.85% - a bit of work to do from here! A mixed bag from a sector perspective today with Utilities the standout while IT also played a solid supporting role. The only sector in the red was Materials.
A volatile 24 hours across financial markets, this time yesterday the ASX had dropped 109pts and looked average at best while today’s +90pt bounce back has the bulls a little more at ease – the joys of tepid volumes before the big fella drops through the chimney…
Certainly, a risk-off day for stocks right across the region following the Bank of Japan’s (BoJ) move to tweak their yield curve control program where-by they’ll allow the 10-year bond yield to rise to 0.5%, up from the previous upper limit of 0.25% - hardly a blip compared to what other bond markets have experienced but big in the context of how the BoJ have previously operated.
The ASX punched new 8-month highs for the 5th consecutive session today with the bulls outlasting some lunchtime wobbles to trade higher into the close. It was the commodity sectors of energy and materials leading the charge, and impressively carrying the index as less than half of the shares in the ASX200 closed higher on the day. Telcos were the main drag on the index, but most surprising was a fall in the Financials despite the green session. The ASX climbed more than 1% for the week for the third consecutive time, adding 124pts / +1.69%.
Local shares shrugged weakness seen in international markets today to storm to a new 8-month high. The market eased slightly on the open, however, once employment data hit at 11.30am, buyers stepped up to the plate. Despite the strength in the index, only half of the ASX200 managed a gain today- clearly the heavyweights doing the heavy lifting. The influential sectors of Materials and Financials were the top performers while Tech and Energy both struggled.
Another quiet session from an index perspective with the ASX trading in a tight band of fewer than 20 points on either side of yesterday’s close before settling marginally higher. Tech was the standout sector today with Healthcare a strong second place, both helped by falling bond yields. Real Estate was the main laggard, while the utilities continued its recent slide. The big news today was the Bank of Japan holding rates at -0.1%, some economists were predicting the first move from the BOJ in 7 years.
The ASX snapped a 4-day winning streak today, though only ending marginally lower after a directionless session given US markets were closed overnight. Surprisingly, more than half of the sectors in the index closed higher today, lead by a strong +1.8% gain in the Consumer Staples sector, while Real Estate was also better than 1% higher. On the flip side, Utilities were the worst performer for the second straight session falling -1.25%, while...
The local market kicked off the week on the front foot, continuing the momentum seen since the turn of the New Year to push into a new 8-month high. It was a broad-based rally with all sectors in the green and 4 sectors up more than 1% led by a surging tech sector. Materials were one the laggards, mostly on the back of weakness in iron ore stocks as China flagged a potential response to the surging price of the commodity.
The ASX keyed off a weak session overnight following more robust economic data from the US – the concept of good economic news is bad for stocks given the focus on interest rates clearly at play, however, with little volumes and very few at their desks today (the MM Team an exception!) it was always going to be hard going.
The ASX continued to recover today following the mid-week dip although the ASX 200 is still down 1.81% for the month of December which doesn’t correlate well with the idea of a Christmas Rally. If the market stays down, it will be only the 8th time that has occurred in the past 29 years with the average gain in December for that period being +1.85% - a bit of work to do from here! A mixed bag from a sector perspective today with Utilities the standout while IT also played a solid supporting role. The only sector in the red was Materials.
A volatile 24 hours across financial markets, this time yesterday the ASX had dropped 109pts and looked average at best while today’s +90pt bounce back has the bulls a little more at ease – the joys of tepid volumes before the big fella drops through the chimney…
Certainly, a risk-off day for stocks right across the region following the Bank of Japan’s (BoJ) move to tweak their yield curve control program where-by they’ll allow the 10-year bond yield to rise to 0.5%, up from the previous upper limit of 0.25% - hardly a blip compared to what other bond markets have experienced but big in the context of how the BoJ have previously operated.
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