Many investors watched yesterday’s market with a large degree of trepidation and while the ASX200 bounced from its early morning lows it was definitely not a convincing recovery with the index still closing down 0.5%, making new 8-months lows and with only 32% of stocks managing to close in positive territory. While the aggressive selling witnessed on Friday wasn’t evident the underlying “risk off” theme continued as quality and defensive names were in demand across many sectors:
MM had been anticipating a very volatile 2022 for financial markets but its arrived faster than we expected, we’re only 3-weeks into January and the markets have already delivered some major swings:
The ASX200 put in a solid result yesterday managing to close slightly higher even after a torrid session on Wall Street, only 30% of the index closed positive but the gains in the resources names were enough to tip the balance. Gold stocks were the undoubted standouts across the board with even the relatively conservative play Newcrest Mining (NCM) managing to surge over 6.5% while our other specific exposure to the sector in MM’s Growth Portfolio, Northern Star Resources (NST), was the main boards top...
Yesterday felt like “15-love” to bond yields as the ASX200 was clobbered 76-points following a bad session on Wall Street which was then compounded by further weakness in the S&P500 futures during our day session. However 25% of stocks did still manage to close up on Wednesday with the gains feeling far more stock specific as opposed to...
Tuesday saw the Australian market slip just -0.1% after steadily surrendering the mornings gains through the afternoon, this morning we see another example of the ASX’s uncanny knack of picking major moves on overseas bourses. Yesterday saw only the Healthcare Sector move by over 1% and it was on the downside with losses pretty evenly spread throughout most stocks. At 4pm yesterday afternoon it felt like the regularly mentioned 7400 magnet was restraining local stocks but a few hours later as the US tech futures plunged 2% and bond yields surged to fresh 2-year highs the reason lurking beneath the surface became far more apparent.
The ASX200 continues to dance around the 7400 area, it’s now been well over 6-months of passing the performance baton between different stocks & sectors with the only constant being whenever the market looked ready to enter a trend it would reverse. Monday saw relatively broad based gains but an average day for a number of the major miners saw the markets final gain limited to 0.3% on a day which saw China appearing forced to cut rates as Omicron threatens their economic growth. The move by the PBOC...
Firstly and very importantly a happy and healthy new year to everyone, COVID may continue to test us all but lets hope our optimism is well founded and it will soon to be in the rear view mirror, definitely some lessons to be learnt here! Aside from the pandemic MM is extremely excited about the coming year on a number of fronts from the ongoing opportunities the markets look set to present to the continued growth and evolution of MM:
The ASX200 enjoyed a solid Thursday courtesy of ongoing strength in banks and resources with heavyweights BHP Group (BHP) & RIO Tinto (RIO) both gaining around 4%. Losers marginally trumped the winners but when the indexes 2 largest sectors, which make up around 40% of the market rally the index tends to follow suit. Blackstone’s increased bid for Crown Resorts (CWN) also helped market sentiment as it demonstrated that M&A remains alive and well for undervalued assets arguably creating a bid into any decent sell-offs in risk assets.
The ASX200 sprang back to life on Wednesday finally closing up 0.7% as the Energy Sector led almost 70% of the market higher, we’re almost half way through January and the main Australian index is down just 5-points year-to-date as the lack of direction over the last 6-months continues unabated. The tech names finally took some notice from the recovery by US names producing the days 2nd best performance with Appen (APX) and Life360 (360) both advancing well over 5%.
Tuesday saw the Australian market slip -0.8% on broad selling with 70% of the index closing in negative territory but come 4pm we remained around 7400, just as we did when MM delivered its previous Portfolio Positioning Report back on the 22nd December. After the NASDAQ’s excellent recovery on Monday night we thought the Australian Tech Sector would have regained some of their recent losses but it still struggled with most stocks reversing lower after a promising open, it feels like local investors will take more convincing to overcome inflation...
MM had been anticipating a very volatile 2022 for financial markets but its arrived faster than we expected, we’re only 3-weeks into January and the markets have already delivered some major swings:
The ASX200 put in a solid result yesterday managing to close slightly higher even after a torrid session on Wall Street, only 30% of the index closed positive but the gains in the resources names were enough to tip the balance. Gold stocks were the undoubted standouts across the board with even the relatively conservative play Newcrest Mining (NCM) managing to surge over 6.5% while our other specific exposure to the sector in MM’s Growth Portfolio, Northern Star Resources (NST), was the main boards top...
Yesterday felt like “15-love” to bond yields as the ASX200 was clobbered 76-points following a bad session on Wall Street which was then compounded by further weakness in the S&P500 futures during our day session. However 25% of stocks did still manage to close up on Wednesday with the gains feeling far more stock specific as opposed to...
Tuesday saw the Australian market slip just -0.1% after steadily surrendering the mornings gains through the afternoon, this morning we see another example of the ASX’s uncanny knack of picking major moves on overseas bourses. Yesterday saw only the Healthcare Sector move by over 1% and it was on the downside with losses pretty evenly spread throughout most stocks. At 4pm yesterday afternoon it felt like the regularly mentioned 7400 magnet was restraining local stocks but a few hours later as the US tech futures plunged 2% and bond yields surged to fresh 2-year highs the reason lurking beneath the surface became far more apparent.
The ASX200 continues to dance around the 7400 area, it’s now been well over 6-months of passing the performance baton between different stocks & sectors with the only constant being whenever the market looked ready to enter a trend it would reverse. Monday saw relatively broad based gains but an average day for a number of the major miners saw the markets final gain limited to 0.3% on a day which saw China appearing forced to cut rates as Omicron threatens their economic growth. The move by the PBOC...
Firstly and very importantly a happy and healthy new year to everyone, COVID may continue to test us all but lets hope our optimism is well founded and it will soon to be in the rear view mirror, definitely some lessons to be learnt here! Aside from the pandemic MM is extremely excited about the coming year on a number of fronts from the ongoing opportunities the markets look set to present to the continued growth and evolution of MM:
The ASX200 enjoyed a solid Thursday courtesy of ongoing strength in banks and resources with heavyweights BHP Group (BHP) & RIO Tinto (RIO) both gaining around 4%. Losers marginally trumped the winners but when the indexes 2 largest sectors, which make up around 40% of the market rally the index tends to follow suit. Blackstone’s increased bid for Crown Resorts (CWN) also helped market sentiment as it demonstrated that M&A remains alive and well for undervalued assets arguably creating a bid into any decent sell-offs in risk assets.
The ASX200 sprang back to life on Wednesday finally closing up 0.7% as the Energy Sector led almost 70% of the market higher, we’re almost half way through January and the main Australian index is down just 5-points year-to-date as the lack of direction over the last 6-months continues unabated. The tech names finally took some notice from the recovery by US names producing the days 2nd best performance with Appen (APX) and Life360 (360) both advancing well over 5%.
Tuesday saw the Australian market slip -0.8% on broad selling with 70% of the index closing in negative territory but come 4pm we remained around 7400, just as we did when MM delivered its previous Portfolio Positioning Report back on the 22nd December. After the NASDAQ’s excellent recovery on Monday night we thought the Australian Tech Sector would have regained some of their recent losses but it still struggled with most stocks reversing lower after a promising open, it feels like local investors will take more convincing to overcome inflation...
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