It was a directionless finish to the week with the market chopping in and out of positive territory throughout the day, but trading in a tight 40pts range. Resources stocks carried the index, stemming what would otherwise have been a soft finish to the week, or start to the new quarter. Growth was on the nose as tech, healthcare and consumer facing stocks softened.
End of month and end of quarter today and it’s been a challenging one to say the least with a raft of macro-economic landmines to navigate through however when the bell rang this PM, the ASX 200 had finished up +0.74% having traded in a big ~10% quarterly trading range. The Energy sector put on +25% in the March quarter, the IT stocks fell by -14% showing the two extremes, however there was a lot happening in between these outliers.
A positive session for the market today as we approach the end of month and end of the quarter – a period that’s been extremely volatile with a raft of reasons for the market to be down, instead the rally continues for a 7th straight session, today it was IT stocks that led the line bouncing nearly 4% while Energy fell away on news of a de-escalation between Russia & Ukraine. The news cycle has been dominated by the Federal Budget which has been reasonably well received, some specific stock beneficiaries are discussed in our Weekly Market Matters Video Update below.
A strong session for the ASX today with most sectors in the green ahead of the budget tonight. Technology stocks followed their US counterparts higher while consumer discretionary names benefitted from chat that tonight’s budget will put more money in consumers’ pockets. US Futures were positive during our time zone which created a tailwind while Asia was also in the green. It doesn’t feel like it, but today’s advance was the 6th on the trot for the local market.
The ASX lost some steam today, peaking up +52 points early only to taper off into the afternoon session, plus it was hit hard in ‘the match out’ between 4 & 4.10pm. That sort of trading action is indicative of a short-term top / pending consolidation which is easy to comprehend after the market has rallied nearly 9% from the January low sub 6900. The Material stocks best on ground today while the IT sector was buffeted from bond yields which continue to storm higher.
A marginally positive session today with the market chopping in a tight +/-35 point range closing back above 7400, Materials strong thanks to strength in the Iron Ore price while Healthcare struggled.
There was every opportunity for the market to pullback today, the ASX 200 is up ~6% on the most recent drive from the ~7000 handle, US markets were down around 1.3% overnight, Asian markets were mostly lower and while US Futures were up, it wasn’t by a big margin, but still the ASX recovered from the early lows, supported mainly by Energy & Materials to actually finish up on the day – a good effort.
The ASX marched higher today supported by another strong rally in the technology stocks while talk of further buy-backs amongst the banks saw the sector well bid. Overall, the market is net bearish given the confluence of negative headlines and a bunch of traders we talk with are scratching their heads trying to reconcile the moves, however the simple explanation is when the marginal seller has already sold and are positioning for the pullback, stocks often move in the other direction – it’s all about positioning for now.
While the ASX ended higher, it was the second straight session where stocks finished well off the early highs, yesterday it was ~70pts, today was half that however it all came in the last hour of trade. The Material stocks bounced back fairly hard today, BHP +5.1% had a big influence on the broader market adding +35 points to the ASX 200 alone, while the IT names slipped lower.
A disappointing session today with early strength fading throughout the day. The index was at one stage up 56pts/+0.77% to 7350, the highest level in a month before falling a total of 72pts and closing on the low of the day. Tech was a surprise star in the with most holding up well throughout the session managing to build on the momentum from last week. The resource sectors were also in the black on a softer day thanks to support in commodity markets.
End of month and end of quarter today and it’s been a challenging one to say the least with a raft of macro-economic landmines to navigate through however when the bell rang this PM, the ASX 200 had finished up +0.74% having traded in a big ~10% quarterly trading range. The Energy sector put on +25% in the March quarter, the IT stocks fell by -14% showing the two extremes, however there was a lot happening in between these outliers.
A positive session for the market today as we approach the end of month and end of the quarter – a period that’s been extremely volatile with a raft of reasons for the market to be down, instead the rally continues for a 7th straight session, today it was IT stocks that led the line bouncing nearly 4% while Energy fell away on news of a de-escalation between Russia & Ukraine. The news cycle has been dominated by the Federal Budget which has been reasonably well received, some specific stock beneficiaries are discussed in our Weekly Market Matters Video Update below.
A strong session for the ASX today with most sectors in the green ahead of the budget tonight. Technology stocks followed their US counterparts higher while consumer discretionary names benefitted from chat that tonight’s budget will put more money in consumers’ pockets. US Futures were positive during our time zone which created a tailwind while Asia was also in the green. It doesn’t feel like it, but today’s advance was the 6th on the trot for the local market.
The ASX lost some steam today, peaking up +52 points early only to taper off into the afternoon session, plus it was hit hard in ‘the match out’ between 4 & 4.10pm. That sort of trading action is indicative of a short-term top / pending consolidation which is easy to comprehend after the market has rallied nearly 9% from the January low sub 6900. The Material stocks best on ground today while the IT sector was buffeted from bond yields which continue to storm higher.
A marginally positive session today with the market chopping in a tight +/-35 point range closing back above 7400, Materials strong thanks to strength in the Iron Ore price while Healthcare struggled.
There was every opportunity for the market to pullback today, the ASX 200 is up ~6% on the most recent drive from the ~7000 handle, US markets were down around 1.3% overnight, Asian markets were mostly lower and while US Futures were up, it wasn’t by a big margin, but still the ASX recovered from the early lows, supported mainly by Energy & Materials to actually finish up on the day – a good effort.
The ASX marched higher today supported by another strong rally in the technology stocks while talk of further buy-backs amongst the banks saw the sector well bid. Overall, the market is net bearish given the confluence of negative headlines and a bunch of traders we talk with are scratching their heads trying to reconcile the moves, however the simple explanation is when the marginal seller has already sold and are positioning for the pullback, stocks often move in the other direction – it’s all about positioning for now.
While the ASX ended higher, it was the second straight session where stocks finished well off the early highs, yesterday it was ~70pts, today was half that however it all came in the last hour of trade. The Material stocks bounced back fairly hard today, BHP +5.1% had a big influence on the broader market adding +35 points to the ASX 200 alone, while the IT names slipped lower.
A disappointing session today with early strength fading throughout the day. The index was at one stage up 56pts/+0.77% to 7350, the highest level in a month before falling a total of 72pts and closing on the low of the day. Tech was a surprise star in the with most holding up well throughout the session managing to build on the momentum from last week. The resource sectors were also in the black on a softer day thanks to support in commodity markets.
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