A soft end to a tough week for stocks with the market down 1.65% across the five sessions - all sectors finishing lower with Real-Estate (-5.77%) suffering most at the hands of the RBA following a 25bps increase in cash rates, but more importantly, they guided for more to come.
Stocks pulled back today with 70% of the ASX 200 down and all sectors finishing in the red. Results continue to flow and there is clearly some caution around what comes next from an economic perspective - stocks that have been strong leading into updates at most risk given elevated expectations.
The ASX was higher today as company earnings took over the baton from central banks as the key driver of stocks, and overall, they were positive. The influential sectors of Financials + Materials led the line, a positive combination here rarely leads to a down day at the index level, while Energy stocks bounced back from recent weakness.
The market opened lower in line with overseas indices, however, buyers stepped up mid-morning and things turned positive, for a while at least. That was until Philip Lowe came to the parapet at 2.30pm and raised rates by 0.25%, taking the cash rate to 3.35%.
Some fireworks to kick off the trading week with a bid for Newcrest (NCM) by larger global competitor Newmont (NEM US) while 1H23 reporting season is getting underway.
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.
Stocks pulled back today with 70% of the ASX 200 down and all sectors finishing in the red. Results continue to flow and there is clearly some caution around what comes next from an economic perspective - stocks that have been strong leading into updates at most risk given elevated expectations.
The ASX was higher today as company earnings took over the baton from central banks as the key driver of stocks, and overall, they were positive. The influential sectors of Financials + Materials led the line, a positive combination here rarely leads to a down day at the index level, while Energy stocks bounced back from recent weakness.
The market opened lower in line with overseas indices, however, buyers stepped up mid-morning and things turned positive, for a while at least. That was until Philip Lowe came to the parapet at 2.30pm and raised rates by 0.25%, taking the cash rate to 3.35%.
Some fireworks to kick off the trading week with a bid for Newcrest (NCM) by larger global competitor Newmont (NEM US) while 1H23 reporting season is getting underway.
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.
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