Thursday delivered a steady session for the ASX200 which finally closed at another new all-time high although it didn’t feel like that sort of day with no stocks moving in either direction by more than 3.5%. If we were to try and dissect the meagre +0.1% advance it would be a case of gains by the Banks and Real Estate stocks was more than enough to offset losses in the Resources names. The market feels like it’s slowly starting to accept the new 7500 handle just as it did 7200-7400 and 6900-7100 trading ranges earlier in the year.
The ASX200 enjoyed a solid session on Wednesday basically closing on its all-time high, although only 55% of stocks rallied when the major banks and miners advance it’s going to be another win for the bulls. Fresh bad news is rapidly becoming increasingly thin on the ground clearing the way for further gains into Christmas for an index which has already rallied +13.9% so far this year. At MM we are bullish equities with the path of least resistance clearly to the upside, a few other additional statistics to the ones recently mentioned are also catching our attention:
The ASX200 drifted lower yesterday although it was primarily a lacklustre session by the banks which caused the -0.2% decline. Under-the-hood the local tech space remained the hot place to be after being ignited by the $39bn takeover bid for Afterpay (APT) on Monday, the biggest corporate play in history, perhaps we’re finally going to see the local IT stocks address their major underperformance when compared to the US FANG’s & Co through 2021 – more on that later.
The ASX200 open well as expected yesterday but for a pleasant change it continued to rally strongly with 80% of the market closing up on the day. There were a number of obvious standouts on Monday including the $39bn bid for Afterpay (APT) and Santos (STO) raising their offer for Oil Search (OSH) but a few other less obvious moves also caught our attention:
The ASX200 waved goodbye to July in lacklustre fashion on Friday, the first month of FY21/22 only managed to travel a meagre 79-pints / 1.1% to ultimately close down just 2-points, it felt like a quiet choppy almost “nothing like” month and ultimately that’s exactly what it was on the index level although there were a view interestingly developments unfolding beneath the hood:
The ASX200 performed another 180 degree pirouette yesterday, one which was almost good enough for the Tokyo Games! The market continues to remind me of a washing machine spinning stocks and sectors in almost random direction with the underlying upside bias the only constant. The Tech stocks were best on ground yesterday after struggling on Wednesday, every stock in the sector...
The ASX200 struggled yesterday in the face of broad based selling which ended with 70% of stocks closing lower by the end of the session. On the sector level the unusual combination of IT & Energy stocks bore the brunt of the selling although the big 3 of CBA, CSL and BHP falling an average of -1.3% had the largest impact on the underlying index. If recent history repeats itself we will be making fresh all-time highs by the start of August but Wednesdays weakness...
The ASX200 powered to fresh all-time highs yesterday even while China regulators hammered certain pockets of the market and the COVID numbers out of Sydney continue to worsen by the day. Overnight the Australian Financial Review (AFR) was flagging another month of lockdown for Sydney but equities are just shrugging off the speculation as old news. More stocks actually fell on Tuesday but when heavyweights Commonwealth Bank (CBA) and BHP Group (BHP) rally strongly...
The ASX200 closed unchanged on Monday after registering new all-time highs early in the morning only to drift lower throughout the day to ultimately close around the day’s low with almost 60% of stocks closing in the red. Volumes were reasonably low as the local market followed Asian indices and US futures down throughout the session but with no sector moving...
The ASX200 is poised to make fresh all-time highs this morning with good old fashioned corporate performance dictating the markets trend as opposed to short-term panic around COVID-19 and the subsequent deteriorating sentiment towards the global economic recovery. When we stand back and look at the local market since this impressive post GFC bull market started way back in March 2009 the rally by equities has been steady with a few interesting characteristics catching our eye:
The ASX200 enjoyed a solid session on Wednesday basically closing on its all-time high, although only 55% of stocks rallied when the major banks and miners advance it’s going to be another win for the bulls. Fresh bad news is rapidly becoming increasingly thin on the ground clearing the way for further gains into Christmas for an index which has already rallied +13.9% so far this year. At MM we are bullish equities with the path of least resistance clearly to the upside, a few other additional statistics to the ones recently mentioned are also catching our attention:
The ASX200 drifted lower yesterday although it was primarily a lacklustre session by the banks which caused the -0.2% decline. Under-the-hood the local tech space remained the hot place to be after being ignited by the $39bn takeover bid for Afterpay (APT) on Monday, the biggest corporate play in history, perhaps we’re finally going to see the local IT stocks address their major underperformance when compared to the US FANG’s & Co through 2021 – more on that later.
The ASX200 open well as expected yesterday but for a pleasant change it continued to rally strongly with 80% of the market closing up on the day. There were a number of obvious standouts on Monday including the $39bn bid for Afterpay (APT) and Santos (STO) raising their offer for Oil Search (OSH) but a few other less obvious moves also caught our attention:
The ASX200 waved goodbye to July in lacklustre fashion on Friday, the first month of FY21/22 only managed to travel a meagre 79-pints / 1.1% to ultimately close down just 2-points, it felt like a quiet choppy almost “nothing like” month and ultimately that’s exactly what it was on the index level although there were a view interestingly developments unfolding beneath the hood:
The ASX200 performed another 180 degree pirouette yesterday, one which was almost good enough for the Tokyo Games! The market continues to remind me of a washing machine spinning stocks and sectors in almost random direction with the underlying upside bias the only constant. The Tech stocks were best on ground yesterday after struggling on Wednesday, every stock in the sector...
The ASX200 struggled yesterday in the face of broad based selling which ended with 70% of stocks closing lower by the end of the session. On the sector level the unusual combination of IT & Energy stocks bore the brunt of the selling although the big 3 of CBA, CSL and BHP falling an average of -1.3% had the largest impact on the underlying index. If recent history repeats itself we will be making fresh all-time highs by the start of August but Wednesdays weakness...
The ASX200 powered to fresh all-time highs yesterday even while China regulators hammered certain pockets of the market and the COVID numbers out of Sydney continue to worsen by the day. Overnight the Australian Financial Review (AFR) was flagging another month of lockdown for Sydney but equities are just shrugging off the speculation as old news. More stocks actually fell on Tuesday but when heavyweights Commonwealth Bank (CBA) and BHP Group (BHP) rally strongly...
The ASX200 closed unchanged on Monday after registering new all-time highs early in the morning only to drift lower throughout the day to ultimately close around the day’s low with almost 60% of stocks closing in the red. Volumes were reasonably low as the local market followed Asian indices and US futures down throughout the session but with no sector moving...
The ASX200 is poised to make fresh all-time highs this morning with good old fashioned corporate performance dictating the markets trend as opposed to short-term panic around COVID-19 and the subsequent deteriorating sentiment towards the global economic recovery. When we stand back and look at the local market since this impressive post GFC bull market started way back in March 2009 the rally by equities has been steady with a few interesting characteristics catching our eye:
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