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.
The local bourse was choppy early on today before finding its feet around lunch to rally into the weekend, though some risk was taken off near the close before a strong match saw it close on the day’s high. Strength across the commodity index overnight helped support the local market while the rebound in tech continued. Equities were unfazed by the Bank of England hiking rates to 0.75%, as was expected, tracking higher on the back of China’s support for a stronger market.
A bullish session for the ASX today, the 2nd on the trot with some aggressive buying targeting the IT stocks following in the footsteps of the overnight move. Higher rates are meant to be a negative for Tech as we’ve so often written, however markets are forward looking and rate hikes had already been priced in, the certainty of the move underpinning a relief rally.
A solid session for the Australian market today led by a bounce back in the IT sector with over 75% of the market finishing up on the day, the real test will come tomorrow to see if we can string two positive sessions together with the added complication of the US Fed meeting in the morning our time – consensus is for a 25bps increase in US interest rates.
The holding pattern continues for the market with the ASX giving back ~50% of yesterdays rally. With little clarity in negotiations between Russia and Ukraine, the Federal Reserve meeting in the US on Thursday morning our time (25bps rate hike expected), the growing COVID situation in China and rumblings around whether or not China is going to / has already helped Russia, it’s easy to see why things are subdued, it actually feels more resilient than anything given the shopping list of risk factors that one can point to.
The market continued its trend of being a choppy mess, today rallying by +1.3% after falling on Friday by a similar amount. The influentiual banks were strong pushing the broader financial sector +2.46% higher while the Materials look tired after a cracking run of late, today falling -0.34% to be the only sector in the red. We posed the question in this mornings Macro Monday report, Has Russia created a blow off-off top in commodities? Click here to read.
A poor session to end the week with the market giving back most of yesterday’s gains – it sort of just felt like everyone lost interest after a busy week with volumes light and no impetus to step up and buy anything ahead of the weekend. For the week the ASX was only marginally lower, but under the hood, it was a different story, the two heavyweight sectors being the Materials -3.44% versus the Financials +2.20% on either end of the performance spectrum.
A bullish session for the market today with buyers emerging following a pullback in energy & material prices overnight. The IT stocks built on yesterday’s bounce to lead the line however there was support right across the industrial and financial sectors, while energy & materials gave back some recent gains. In terms of index contribution, the big 4 banks added ~34 pts while BHP, RIO & FMG took ~30 pts off.
The choppy nature of the current market continued today with the ASX bouncing back from yesterday’s decline with all sectors finishing higher. After stabilising yesterday, the IT stocks found form today and if we’re going out on a limb, we’ll now see a decent bounce from here, while a rally in Telstra (TLS) supported the Telco’s.
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.
The local bourse was choppy early on today before finding its feet around lunch to rally into the weekend, though some risk was taken off near the close before a strong match saw it close on the day’s high. Strength across the commodity index overnight helped support the local market while the rebound in tech continued. Equities were unfazed by the Bank of England hiking rates to 0.75%, as was expected, tracking higher on the back of China’s support for a stronger market.
A bullish session for the ASX today, the 2nd on the trot with some aggressive buying targeting the IT stocks following in the footsteps of the overnight move. Higher rates are meant to be a negative for Tech as we’ve so often written, however markets are forward looking and rate hikes had already been priced in, the certainty of the move underpinning a relief rally.
A solid session for the Australian market today led by a bounce back in the IT sector with over 75% of the market finishing up on the day, the real test will come tomorrow to see if we can string two positive sessions together with the added complication of the US Fed meeting in the morning our time – consensus is for a 25bps increase in US interest rates.
The holding pattern continues for the market with the ASX giving back ~50% of yesterdays rally. With little clarity in negotiations between Russia and Ukraine, the Federal Reserve meeting in the US on Thursday morning our time (25bps rate hike expected), the growing COVID situation in China and rumblings around whether or not China is going to / has already helped Russia, it’s easy to see why things are subdued, it actually feels more resilient than anything given the shopping list of risk factors that one can point to.
The market continued its trend of being a choppy mess, today rallying by +1.3% after falling on Friday by a similar amount. The influentiual banks were strong pushing the broader financial sector +2.46% higher while the Materials look tired after a cracking run of late, today falling -0.34% to be the only sector in the red. We posed the question in this mornings Macro Monday report, Has Russia created a blow off-off top in commodities? Click here to read.
A poor session to end the week with the market giving back most of yesterday’s gains – it sort of just felt like everyone lost interest after a busy week with volumes light and no impetus to step up and buy anything ahead of the weekend. For the week the ASX was only marginally lower, but under the hood, it was a different story, the two heavyweight sectors being the Materials -3.44% versus the Financials +2.20% on either end of the performance spectrum.
A bullish session for the market today with buyers emerging following a pullback in energy & material prices overnight. The IT stocks built on yesterday’s bounce to lead the line however there was support right across the industrial and financial sectors, while energy & materials gave back some recent gains. In terms of index contribution, the big 4 banks added ~34 pts while BHP, RIO & FMG took ~30 pts off.
The choppy nature of the current market continued today with the ASX bouncing back from yesterday’s decline with all sectors finishing higher. After stabilising yesterday, the IT stocks found form today and if we’re going out on a limb, we’ll now see a decent bounce from here, while a rally in Telstra (TLS) supported the Telco’s.
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