An interesting session for the ASX today with some aggressive rotation out of the highflyers into the beaten-up miners following news of further Chinese stimulus.
The ASX sank early today down ~50pts by 11am before producing a very solid come-back to finish a whisker higher – a strong effort really ahead of the RBA decision on rates tomorrow and a mixed day for the banks with ANZ announcing a new CEO.
Some selling pressure swept across the ASX today with over 70% of the main board finishing lower. We’ve talked about the declining momentum on the upside, and while it’s too early to conclude the bullish trend is over, some consolidation at least wouldn’t surprise.
While the market continues to edge up, it’s becoming very stock specific and we are seeing some obvious loss of momentum in to fresh all-time highs. Some profit taking in banks becoming obvious while resources by in large remain friendless.
On a day that started off with some major transactions led by Goodman Group and ProMedicus, GDP data released mid-morning added fuel to a mixed session. Investors showed signs of exhaustion after pushing to all-time highs over the last few days, with property and banks largely responsible for dragging the index lower.
Another key milestone on two levels for the ASX 200 today with a new all-time high (8514) and the first time the benchmark has printed 8500, with 9/11 sectors making gains.
The market tried to break out again today with buying seen early only to falter as the day progressed, the index closing ~20pts below the highs and only mildly in the green, but still up and around all-time highs.
With U.S markets shut for thanksgiving, we expected a quiet day today, and it was just that until news out of Brazil around midday gave some life to the resource names.
The Australian sharemarket has topped its second record high of the week, though it was on low volume and selling kicked in for the last hour of trade pushing the benchmark ~30pts below it’s peak by the close.
A good session for Aussie stocks recouping the majority of yesterday's decline with all 11 sectors finishing in the green, headlined by a solid day for some of the retailers. Normal trade in the US tonight, before Thursday’s Thanksgiving holiday and a half day Friday.
The ASX sank early today down ~50pts by 11am before producing a very solid come-back to finish a whisker higher – a strong effort really ahead of the RBA decision on rates tomorrow and a mixed day for the banks with ANZ announcing a new CEO.
Some selling pressure swept across the ASX today with over 70% of the main board finishing lower. We’ve talked about the declining momentum on the upside, and while it’s too early to conclude the bullish trend is over, some consolidation at least wouldn’t surprise.
While the market continues to edge up, it’s becoming very stock specific and we are seeing some obvious loss of momentum in to fresh all-time highs. Some profit taking in banks becoming obvious while resources by in large remain friendless.
On a day that started off with some major transactions led by Goodman Group and ProMedicus, GDP data released mid-morning added fuel to a mixed session. Investors showed signs of exhaustion after pushing to all-time highs over the last few days, with property and banks largely responsible for dragging the index lower.
Another key milestone on two levels for the ASX 200 today with a new all-time high (8514) and the first time the benchmark has printed 8500, with 9/11 sectors making gains.
The market tried to break out again today with buying seen early only to falter as the day progressed, the index closing ~20pts below the highs and only mildly in the green, but still up and around all-time highs.
With U.S markets shut for thanksgiving, we expected a quiet day today, and it was just that until news out of Brazil around midday gave some life to the resource names.
The Australian sharemarket has topped its second record high of the week, though it was on low volume and selling kicked in for the last hour of trade pushing the benchmark ~30pts below it’s peak by the close.
A good session for Aussie stocks recouping the majority of yesterday's decline with all 11 sectors finishing in the green, headlined by a solid day for some of the retailers. Normal trade in the US tonight, before Thursday’s Thanksgiving holiday and a half day Friday.
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