The local bourse was choppy in a tight range today, setting a high for the day early and falling 34pts by 1pm before a helpful 17pt jump in the close meant it finished back near the early highs. The more defensive sectors were the outperformers today as the Telcos and Financials carried the index. Utilities were smacked on more stock-specific news and tech gave back some of its recent gains. The Small-Cap index struggled as well with money moving into the ‘safer’ havens today, it underperformed the ASX200 by 2%.
A disappointing day overall as the local market gave back much of yesterday’s strong rally. Things won’t move in straight lines, and today was certainly proof of that with ~75% of yesterday’s gains on the broader market handed back. Tech was hit by rising bond yields, the Aussie 10-years rallied 10bps after tracking lower over recent weeks. Hefty selling on the futures market weighed as well as it seemed a little lost with the US market closed overnight. All sectors closed in the red today and the influential financials sector was the hardest hit.
The local market ripped through the 7200 resistance today in a positive start to the week that saw Tech continue its positive momentum. Yields have taken a breather and that has allowed growth names to find their feet again. Materials were also well bid on positive commodity prices though the energy sector was left behind despite another positive move from oil markets today. Utilities underperformed the broader index and was the only sector to closer down on the day.
The ASX200 enjoyed a strong finish to the week rallying +1.08% on broad-based buying following the strong night on Wall Street. The futures selling reappeared around 10.30 am but it felt they were finishing off a large order with the weakness exhausted into lunchtime. While over 75% of the market contributed to the day’s advance it was solid gains in the consumer discretionary & large-cap miners plus ongoing strength in the banks that caught our eye. Again the market is knocking on the 7200 door, a break clear on the upside next week might see some decent buyers return to compound the last 2-week’s gains.
The ASX200 fell away slowly but surely throughout today finally closing down 49-points after being up +27-points in early trade, it appears the leftover selling in the SPI futures we mentioned this morning was still around in earnest drawing a line in the sand around the psychological 7200 level for the main index i.e. a close above here will look good technically. Selling was broad-based as you would expect when its futures led, over 60% of the index closed in negative territory. The only shining light was the Tech Sector and closely...
The ASX managed a 26 point gain today on the back of strength in the financials and consumer staples sectors. While finishing in the green, the market did give up ~30 points in the last 90 minutes of trading with futures falling further after the cash market closed. The Consumer Discretionary sector slipped -0.6%, one of three sectors to close down on the day, in the process it failed to pace with the stronger more defensive Consumer Staples sector. Technology was the black sheep of the market today though, falling nearly 3% with valuations still in question.
The ASX200 experienced another quiet session today with the financials trying hard but ultimately failing to deliver a positive day for investors. The influence of the banks on the index was very apparent with over 70% of stocks on the main board falling but the index closing less than 0.3% lower. Overall we felt it was a solid performance considering US futures were down more than 1% when we closed courtesy of Joe Biden’s 5th Taiwan gaffe annoying both China and the White house plus Snap Inc’s (SNAP US), the social media company...
The ASX200 tried hard early to deliver a post-election rally for local investors but a 1% pop by the S&P500 futures wasn’t enough to instil lasting confidence locally and after a 50-point advance by 11am we drifted lower throughout the day to close only 3-points higher. The selling felt more akin to a lack of interest as opposed to meaningful negativity with a drop by the banks & healthcare names largely offsetting gains in the Resources Sector.
A solid session to end the week for Aussie stocks with the local market rallying over 1% with strong gains in some stocks, particularly in the IT & Materials sectors. Easing policy in China the main catalyst with banks cutting the five-year loan prime rate, which is used to price mortgages. As we’ve written numerous times recently, when China eases policy, they generally do so on multiple fronts which is clearly supportive of growth, a source of significant concern in recent times.
After looking good yesterday the ASX has flipped on a dime and sold off hard today following a poor night overseas thanks largely to weakness amongst the retail stocks. That theme washed through the ASX today with a 1-2 of rising costs and weakening demand from US-listed Target enough to see local investors indiscriminately dump the sector.
A disappointing day overall as the local market gave back much of yesterday’s strong rally. Things won’t move in straight lines, and today was certainly proof of that with ~75% of yesterday’s gains on the broader market handed back. Tech was hit by rising bond yields, the Aussie 10-years rallied 10bps after tracking lower over recent weeks. Hefty selling on the futures market weighed as well as it seemed a little lost with the US market closed overnight. All sectors closed in the red today and the influential financials sector was the hardest hit.
The local market ripped through the 7200 resistance today in a positive start to the week that saw Tech continue its positive momentum. Yields have taken a breather and that has allowed growth names to find their feet again. Materials were also well bid on positive commodity prices though the energy sector was left behind despite another positive move from oil markets today. Utilities underperformed the broader index and was the only sector to closer down on the day.
The ASX200 enjoyed a strong finish to the week rallying +1.08% on broad-based buying following the strong night on Wall Street. The futures selling reappeared around 10.30 am but it felt they were finishing off a large order with the weakness exhausted into lunchtime. While over 75% of the market contributed to the day’s advance it was solid gains in the consumer discretionary & large-cap miners plus ongoing strength in the banks that caught our eye. Again the market is knocking on the 7200 door, a break clear on the upside next week might see some decent buyers return to compound the last 2-week’s gains.
The ASX200 fell away slowly but surely throughout today finally closing down 49-points after being up +27-points in early trade, it appears the leftover selling in the SPI futures we mentioned this morning was still around in earnest drawing a line in the sand around the psychological 7200 level for the main index i.e. a close above here will look good technically. Selling was broad-based as you would expect when its futures led, over 60% of the index closed in negative territory. The only shining light was the Tech Sector and closely...
The ASX managed a 26 point gain today on the back of strength in the financials and consumer staples sectors. While finishing in the green, the market did give up ~30 points in the last 90 minutes of trading with futures falling further after the cash market closed. The Consumer Discretionary sector slipped -0.6%, one of three sectors to close down on the day, in the process it failed to pace with the stronger more defensive Consumer Staples sector. Technology was the black sheep of the market today though, falling nearly 3% with valuations still in question.
The ASX200 experienced another quiet session today with the financials trying hard but ultimately failing to deliver a positive day for investors. The influence of the banks on the index was very apparent with over 70% of stocks on the main board falling but the index closing less than 0.3% lower. Overall we felt it was a solid performance considering US futures were down more than 1% when we closed courtesy of Joe Biden’s 5th Taiwan gaffe annoying both China and the White house plus Snap Inc’s (SNAP US), the social media company...
The ASX200 tried hard early to deliver a post-election rally for local investors but a 1% pop by the S&P500 futures wasn’t enough to instil lasting confidence locally and after a 50-point advance by 11am we drifted lower throughout the day to close only 3-points higher. The selling felt more akin to a lack of interest as opposed to meaningful negativity with a drop by the banks & healthcare names largely offsetting gains in the Resources Sector.
A solid session to end the week for Aussie stocks with the local market rallying over 1% with strong gains in some stocks, particularly in the IT & Materials sectors. Easing policy in China the main catalyst with banks cutting the five-year loan prime rate, which is used to price mortgages. As we’ve written numerous times recently, when China eases policy, they generally do so on multiple fronts which is clearly supportive of growth, a source of significant concern in recent times.
After looking good yesterday the ASX has flipped on a dime and sold off hard today following a poor night overseas thanks largely to weakness amongst the retail stocks. That theme washed through the ASX today with a 1-2 of rising costs and weakening demand from US-listed Target enough to see local investors indiscriminately dump the sector.
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