A bullish day to end another positive week for equities taking the ASX 200 to within less than 1% of its all-time high. Strength across the tech stocks in the US overnight permeated into the local market again today, however what really caught or eye was CSL finally breaking out on a flow of broker upgrades while the Real-Estate sector is now heating up.
The ASX 200 is up nearly 7% in calendar 2023 but is now looking very tired/uncomfortable above 7500. The best of today’s trade was seen early with the index +47pts at the high, hitting 7548, only ~1% from its all-time high, but with BHP down 1.4% on the session and the banks rolling over into the close.
The market was supported early on however a flow of negative company updates (generally at the smaller end) and a softer-than-expected Retail Sales print at 11.30am had the sellers re-loading and the ASX 200 fell back below 7500 for its 4th straight session. The defensive sectors were the place to be, the supermarkets rallied on a broker upgrade while the tech sector struggled after another lacklustre update from Megaport (MP1).
For the third straight session, the ASX rallied through the 7500 level but failed to hold it to the close as profit takers sell into the early session strength. Despite the index closing lower, more than half of the shares in the ASX200 closed higher today, showing the smaller end of town was starting to see some catch-up buying. Tech was the standout sector, helped by a few upgrades at the big end of the sector, while telcos were also better than 1% higher as a sector. Staples and Healthcare were the main laggards today.
After a day off yesterday, the ASX had another day out today, cracking new 9-month highs early on. Despite giving back some of the strength, the market was well supported, if not running into a bit of selling pressure around the 7500 level. Tech and Consumer Discretionary were the standouts, a strange combination of growth and defensive sectors to top the leaderboard.. Energy was the main laggard as coal names were sold off. Overall, the index was up +41pts/+0.56% for the week in its 4th consecutive weekly gain.
The ASX traded through 7500 for the first time since April 2022 in early trade before CPI data dropped and the market traded lower for the rest of the session. CPI came in much higher than expected, up 1.9% QoQ vs expectations of 1.6%. The index dropped -47pts at the time, however, by the end of the day the impact was pretty muted and the rate-sensitive Aussie 2 year bond yields only moved 10bps higher. Tech saw the biggest swing in performance, however, Energy...
It was a case of rinse & repeat for the ASX today with early sold-off then seeing support kicking in before midday to take the index to a new 9-month high. Despite the strength in the index, the banks failed to join the rally, certainly surprising to see such a strong move without the Financial sector contributing, likely on the back of a sector-wide downgrade coming through from Macquarie yesterday. It was the Materials sector continuing to see buying that dragged the index to within 2% of all-time highs today while Real Estate and Tech were also key pillars of strength.
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%.
The ASX 200 is up nearly 7% in calendar 2023 but is now looking very tired/uncomfortable above 7500. The best of today’s trade was seen early with the index +47pts at the high, hitting 7548, only ~1% from its all-time high, but with BHP down 1.4% on the session and the banks rolling over into the close.
The market was supported early on however a flow of negative company updates (generally at the smaller end) and a softer-than-expected Retail Sales print at 11.30am had the sellers re-loading and the ASX 200 fell back below 7500 for its 4th straight session. The defensive sectors were the place to be, the supermarkets rallied on a broker upgrade while the tech sector struggled after another lacklustre update from Megaport (MP1).
For the third straight session, the ASX rallied through the 7500 level but failed to hold it to the close as profit takers sell into the early session strength. Despite the index closing lower, more than half of the shares in the ASX200 closed higher today, showing the smaller end of town was starting to see some catch-up buying. Tech was the standout sector, helped by a few upgrades at the big end of the sector, while telcos were also better than 1% higher as a sector. Staples and Healthcare were the main laggards today.
After a day off yesterday, the ASX had another day out today, cracking new 9-month highs early on. Despite giving back some of the strength, the market was well supported, if not running into a bit of selling pressure around the 7500 level. Tech and Consumer Discretionary were the standouts, a strange combination of growth and defensive sectors to top the leaderboard.. Energy was the main laggard as coal names were sold off. Overall, the index was up +41pts/+0.56% for the week in its 4th consecutive weekly gain.
The ASX traded through 7500 for the first time since April 2022 in early trade before CPI data dropped and the market traded lower for the rest of the session. CPI came in much higher than expected, up 1.9% QoQ vs expectations of 1.6%. The index dropped -47pts at the time, however, by the end of the day the impact was pretty muted and the rate-sensitive Aussie 2 year bond yields only moved 10bps higher. Tech saw the biggest swing in performance, however, Energy...
It was a case of rinse & repeat for the ASX today with early sold-off then seeing support kicking in before midday to take the index to a new 9-month high. Despite the strength in the index, the banks failed to join the rally, certainly surprising to see such a strong move without the Financial sector contributing, likely on the back of a sector-wide downgrade coming through from Macquarie yesterday. It was the Materials sector continuing to see buying that dragged the index to within 2% of all-time highs today while Real Estate and Tech were also key pillars of strength.
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%.
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