The ASX kicked off the week on the front foot today with Energy & Material stocks pushing the market higher in what was a fairly subdued session. It’s certainly starting to feel more like Christmas as volumes from here start to slide, and moves become more exaggerated, an example today was Elders (ELD) on the downside after UBS cut its recommendation.
Some weakness crept into the broader market today however the selling was quite targeted with 45% of the index still making gains. For the week, good gains in Materials & IT offset weakness in Energy & Discretionary Retail, the market adding ~0.6% overall.
US stocks rallied late in their session to close ~3% higher, while the Nasdaq put on ~4.5% as technology stocks enjoyed the rhetoric from the Federal Reserve around interest rates.
A good day for the ASX to end what has been another stellar monthly performance, the ASX 200 advancing +6.75% (incl dividends) in November led by a ~20% advance by Utilities but more importantly, a 16.3% rally in Materials. All sectors were higher in the month with the bears clearly licking their wounds – and there are plenty of them around!
Today it was more benign inflation that got the buyers going again following a soft first hour or so of trade, the ASX 200 ultimately rallying +60pts from the morning lows with Energy, Materials & Property the standouts.
The S&P/ASX 200 added +30 points /
The market was weaker this morning as concern bubbled over from Chinese protests on the weekend centred on their futile Covid-zero policy, however that pessimism turned to optimism on leaks that the policy will be scrapped, while the Government also relaxed some regulations around property developers – a conciliatory / pro-growth move. Asian stocks rallied, Hong Kong shares +4.5% around our close and that underpinned a ~50pt turnaround for the local market.
Local shares were soft to start the week as unrest in China hit sentiment for growth assets. Commodity-linked sectors were the hardest hit given the concerns around the world’s biggest economy, though energy was particularly weak on the back of ongoing discussions around capping Russian oil prices.
A quiet session for the ASX to end the week, closing higher for the fourth consecutive session to finish at the highest level since May. Most sectors were in the green to round out the week, only commodity-linked sectors of Materials & Energy were weaker, driven by a weaker USD. The best was seen by Utilities while Real Estate and Consumer Discretionary were also up by more than 1%. The index managed to turn around a slow start, closing +107pts/+1.51% higher as all sectors rallied.
The ASX pushed up early this morning hitting a high of 7264 before sellers got the upper hand and the market sold off into the close. Gold stocks the stand out on the upside while Coal stocks fell on China stimulus & company-specific influences. All in all, a positive session however it feels like the market is losing some steam, Thanksgiving holiday in the US tonight wouldn’t have helped.
The ASX hit a 6-month high today at 7246, a rally of +834 or ~13% from the low set on the 3rd Oct at 6412. Following that day MM wrote….Yesterday’s dip by local stocks which tested this year’s 6400 lows may have been the final washout which would be ironic as it occurred on a Public Holiday for most of Australia but either way MM believes the market is looking for / has found a low and we will be higher into Christmas.
A solid session for the ASX today led by the sectors that fell yesterday, the ebb and flow continues, although today’s action was void of any meaningful detractors as 121 stocks from the ASX200 edged higher.
Some weakness crept into the broader market today however the selling was quite targeted with 45% of the index still making gains. For the week, good gains in Materials & IT offset weakness in Energy & Discretionary Retail, the market adding ~0.6% overall.
US stocks rallied late in their session to close ~3% higher, while the Nasdaq put on ~4.5% as technology stocks enjoyed the rhetoric from the Federal Reserve around interest rates.
A good day for the ASX to end what has been another stellar monthly performance, the ASX 200 advancing +6.75% (incl dividends) in November led by a ~20% advance by Utilities but more importantly, a 16.3% rally in Materials. All sectors were higher in the month with the bears clearly licking their wounds – and there are plenty of them around!
Today it was more benign inflation that got the buyers going again following a soft first hour or so of trade, the ASX 200 ultimately rallying +60pts from the morning lows with Energy, Materials & Property the standouts.
The S&P/ASX 200 added +30 points /
The market was weaker this morning as concern bubbled over from Chinese protests on the weekend centred on their futile Covid-zero policy, however that pessimism turned to optimism on leaks that the policy will be scrapped, while the Government also relaxed some regulations around property developers – a conciliatory / pro-growth move. Asian stocks rallied, Hong Kong shares +4.5% around our close and that underpinned a ~50pt turnaround for the local market.
Local shares were soft to start the week as unrest in China hit sentiment for growth assets. Commodity-linked sectors were the hardest hit given the concerns around the world’s biggest economy, though energy was particularly weak on the back of ongoing discussions around capping Russian oil prices.
A quiet session for the ASX to end the week, closing higher for the fourth consecutive session to finish at the highest level since May. Most sectors were in the green to round out the week, only commodity-linked sectors of Materials & Energy were weaker, driven by a weaker USD. The best was seen by Utilities while Real Estate and Consumer Discretionary were also up by more than 1%. The index managed to turn around a slow start, closing +107pts/+1.51% higher as all sectors rallied.
The ASX pushed up early this morning hitting a high of 7264 before sellers got the upper hand and the market sold off into the close. Gold stocks the stand out on the upside while Coal stocks fell on China stimulus & company-specific influences. All in all, a positive session however it feels like the market is losing some steam, Thanksgiving holiday in the US tonight wouldn’t have helped.
The ASX hit a 6-month high today at 7246, a rally of +834 or ~13% from the low set on the 3rd Oct at 6412. Following that day MM wrote….Yesterday’s dip by local stocks which tested this year’s 6400 lows may have been the final washout which would be ironic as it occurred on a Public Holiday for most of Australia but either way MM believes the market is looking for / has found a low and we will be higher into Christmas.
A solid session for the ASX today led by the sectors that fell yesterday, the ebb and flow continues, although today’s action was void of any meaningful detractors as 121 stocks from the ASX200 edged higher.
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