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The S&P ASX 200 capped off the week with a 0.66% rally today, to take its weekly gain to a whisker shy of 1% and put the index just below 6900. Strength in commodity-exposed stocks drove the rally. Materials clocked up a solid three per cent return, while energy chipped in with a one per cent gain. There was a bit of bullish follow through from yesterday’s deft pivot from RBA Governor Lowe, with the market reducing expectations of future hikes from the central bank. Traders are now better on...
The market bounced-back and with gusto today. The ASX200 was looking buoyant from the get-go. But a speech from RBA Governor Philip Lowe sent a rocket up the index around mid-day, with Dr. Lowe intimating that the pace of rate hikes could begin to slow. The ASX200 finished 1.77% higher for the session to close at 6849. It was a broad-based day of gains that saw tech, real estate, consumer discretionary and materials all add more than two per cent. Energy was the only major outlier, with the sect...
It was a nasty day. The local market skidded to fresh seven-week lows with every single sector except healthcare and tech hammered. Apparently, strong data and free-spending governments are doing nothing to deter speculation about elevated inflation and even more aggressive rate hikes. The resilience in long duration names came despite another sharp uplift in bond yields domestically and abroad. Miners were hit hard as commodity prices fell as Chinese trade data showed demand faltered at home an...
Without a Wall Street lead and ahead of an RBA meeting, the ASX200’s early gains were fleeting, with the index grinding lower throughout the session to finish down 0.38% and at 6826. The sell-off gathered pace after the RBA handed down its decision; a 50 point hike as expected, and a tacit commitment to data dependency, with policy “not on a pre-set path”. The AUD/USD reclaimed an intra-day dip following the meeting. Across the market: IT and energy stocks lifted, the latter supported by moves f...
A cautious start the week with macro uncertainty and a long weekend in the States keeping many on the sidelines. The S&P/ASX 200 climbed 0.34% to 6852.2. With Russia shutting the Nord Stream 1 gas pipeline indefinitely over the weekend, the energy sector unsurprisingly outperformed, surging 4% on renewed energy supply concerns. It was a familiar story at the individual level with Whitehaven, Beach Energy, Woodside and Santos gaining between 2.7% to 6.9%. Materials was another area of strengt...
A late pre-NFPs swoon has seen the ASX200 close 0.4% lower for the day and 4% lower for the week. With US and local earnings all but over for the period, attention has moved back to the macro, as interest rate risk and growth concerns return. Commodities took a whack last night as the markets price-in an inflation fighting Fed. The materials sector led the market lower to take its decline for the week to more than 10%. Energy also dipped after another oil price swoon. On the plus side, financial...
Welcome to September - or should that be Slap-tember? Stocks were spanked as geopolitics, growth concerns, hawkish central bankers and dividend distributions combined to ensure an ugly start to the month. The S&P/ASX 200 skidded 2.02% to 6,845.6 - extending the fall this week to 3.6%. Month-end magic was nowhere to be seen with every sector except staples finishing in the red. Our top three VODs: The best opportunities in global equities Three stocks set to benefit from rising bond yields Wh...
A predictably messy month-end with positioning and window dressing creating wild price action at the individual stock level. But the overall benchmark was largely unchanged, recovering from an early dip after Wall Street fell for a third consecutive day. The S&P/ASX 200 slipped 0.16% to 6968.6. Over August, it rose 0.6%, adding the strong rally in July. It was a dog’s breakfast at the sector level with materials and energy tumbling 1.4% and 2.9% respectively on an apparent resurgence in glob...
Local stocks bounced back after Monday’s rout, powered by strong gains in energy, real estate and tech. The S&P/ASX 200 rose 0.5% to 6998.3, hovering around the figure for the entirety of the session. The burst of buying may reflect bargain hunting. However, being 30 August, month-end window-dressing may have been a factor. Mysteriously, magic melt-ups regularly occur at month-end... Our top three VODs: Three traits that make for a great stock Three reporting season broker upgrades A couple ...
We signed off Friday speculating on we would be walking into after Jerome Powell’s big speech. The answer was a bloodbath. It was predictably ugly. The S&P/ASX 200 shed 1.95% to 6965.5, logging its largest daily decline since June 30. Every sector closed deep in the red, led by information technology which tumbled 4.4%. Financials, materials and consumer discretionary didn’t fare much better, losing between 2.1% to 2.4%. The underperformance of the latter came despite Australian retail sales...
Boom! What risk event at Jackson Hole later tonight?! The benchmark behaved like Powell will announce he’s cutting rates, adding 0.8% to close at 7104.1, almost exactly where it started the week. Across the sectors, only telecommunications finished lower – the one fly in an otherwise perfect ointment. The gains were evenly distributed elsewhere with financials, materials, energy, staples, healthcare and real estate climbing between 0.7% to 1.3%. Mirroring what’s been seen the entire week, top an...
Stairway to seven heaven... the ASX/S&P200 closed above the 7000 mark rallying 0.71% to 7048.1. Most sectors ended the session in the green, apart from consumer staples and utilities which fell 1.87% and 0.55% respectively. Reporting season news was the key driver for share price moves. Insignia Financial was the big winner, popping 11.3% after posting a decent full year profit. Paladin, Nine Entertainment and Pendal Group also rose thanks to investors taking kindly to their numbers. City Ch...
Wall Street’s lead was - shall we say – tepid at best. But materials and energy performed well and that flowed through to the ASX200 today. The local bourse closed 0.52% at 6998. The energy sector in particular outperformed, after a big drawdown in crude inventories was revealed in last night’s API inventory report. The gains were remarkably broad-based. And of course, the news flow was dominated by corporate full year results. Wisetech was the shooting star, rallying 12% after its profits lifte...
Downside momentum continued for a second session, seeing the local market hit four-week lows. The S&P/ASX 200 fell 1.21% to 6961.8, the weakest close since late July. Energy was the standout, lifting 1.3% as China moved to support its ailing property sector while Saudi Arabia warned over the potential for cuts to crude oil supply. Except for utilities, it was the only sector to finish higher. At the individual level, the biggest moves were again driven a deluge of earnings results and analys...
The S&P/ASX 200 slumped 0.95% to 7047, dragged lower by losses across all sectors. The largest declines were seen in consumer discretionary, financials, information technology and real estate which skidded more than 1%. The weakness came ahead of the Jackson Hole Economic Symposium, headlined by a speech from Fed chair Jerome Powell. There was little reaction to China cutting another key interest rate, the latest step in a long string of easing measures. It was not a good day for Adbri and R...
A quiet and cautious end to what’s been a hectic week. We’re nearing the halfway point of reporting season so there’s a degree of exhaustion creeping in. The S&P/ASX 200 eked out the smallest of gains, rising 0.02% to 7115. It climbed 1.17% over the five trading days, logging its fifth consecutive weekly increase. Energy was again the star performer, picking up where it left off Thursday. It surged 4% to top the sector leader board. Among the big names, Santos, Whitehaven and Woodside climbe...
A rare down day for the local market, at least in recent times. The S&P/ASX 200 slipped 0.21%, closing trade at 7112.8. The performance mirrored that of Wall Street and most of the Asian region. Blackmores needed an urgent dose of vitamin C, tumbling 10.4% following the release of its full-year results. Codan, Evolution Mining , Origin Energy and ASX also suffered earnings-related prangs, slumping between 4% to 10.1%. There were some big winners, however. IPH Limited soared 15.5% after its f...
Another day another gain, helped by a solid performance from the retailers. The S&P/ASX 200 added 0.31%, closing at a fresh two-month high of 7127.7. Following the strong lead provided by US retailers Walmart and Home Depot after their earnings easily beat lowered analyst forecasts, consumer discretionary and consumer staples were the standout performers for the session, climbing 1.4% and 1.7% respectively. Positive profit results from local retailers Super Retail and Bapcor was another fact...
BHP delivered a bumper set of results, and of course, the overall market rose. Profits soundly beat estimates. And the company delivered a fatter dividend of $1.75. Its shares finished the session 4% higher. It was a remarkably flat session after an initial rally at the open for the ASX200. The index finished 0.58% higher close at 7105. The corporate news is coming in thick and fast. James Hardie lowered its full year profit guidance and its shares dipped 0.9%. Goodman Group posted a 25% jump in...
Wall Street’s lead guided the ASX200 higher with market holding onto its early gains to close 0.45% higher at 7064. Earnings season is well and truly underway now, with some heavy hitters handing down results. JB Hi-Fi delivered a solid set of full year numbers but skipped on guidance, so the stock cut 1% for the session. Meanwhile, Bendigo and Adelaide Bank reported and warned of slowing loan growth, with investors pushing its shares nearly 9% lower for the day. BlueScope Steel didn’t quite liv...
The S&P/ASX 200 fell 0.54% to 7032.5, dragged lower by heavy losses in real estate, information technology, healthcare and consumer discretionary. Regular readers would know today’s losers were yesterday’s big winners. What do they say again? Swings and roundabouts. Despite the small hiccup, the benchmark still logged its fourth straight week of gains. It’s been over a year since we’ve seen a winning streak this long. At the individual level, Telix Pharmaceuticals rediscovered gravity on rep...
Hopes that US inflation has peaked helped push the local market to fresh multi-month highs. The S&P/ASX 200 climbed 1.1% to 7071, closing at the highest level since June 8th. From the recent lows, the benchmark has added a cool 10.4%. Underneath the hood, gains were broad based with only utilities finishing lower. Materials, consumer discretionary, information technology, healthcare and REITs were the standout performers, climbing between 1.2% to 2.2%. As seen in other parts of the world rec...
Details within the Commonwealth Bank’s full year results were clearly enough to bolster confidence in the broader banking sector, resulting in big gains for the majors and regional players. ANZ jumped 3.5%, Westpac 1.8% and NAB 1.6%, boosting the financial sector to a 0.5% gain. Performances elsewhere were less convincing. IT was walloped 3.8% following profit warnings from US chip manufacturers, weak earnings reports after the bell on Wall Street and news Elon Musk has been selling down his Tes...
The banks and the big miners weighed on overall performance, though it was a decent day with the local market finishing up 0.13% at 7,029. The S&P/ASX200 has been trading in a tight range, still, it was good to watch it touch a two-month high ahead of Wednesday's US inflation report and after a 'mixed and moody' session on Wall Street. Domain topped the list of leaders, despite a downgrade to neutral from buy by Citi. Perhaps it was something in REA Group's report which sent its share price ...
It's a day that will be remembered for BHP’s move to acquire Oz Minerals rather than corporate earnings. The local market inched up 0.07% to 7021, boosted by strong gains across the materials and energy sectors. M&A activity, along with a lessening of global recession concerns following Friday’s big US employment beat, clearly benefitting the mining space. Oz Minerals was the standout performer, soaring 35% after swatting away BHP’s initial approach. Curiously, Sandfire Resources was also in...
A quiet session characterised by weak volumes and limited news flow. There’ll be plenty of the latter next week when reporting season gets into full swing. Materials, consumer and healthcare led the way, a motley crew that fit nicely with the overall tone of the session. Gains were kept in check by steep falls across the energy sector, mirroring similar moves in the energy complex overnight. Tech was also softer, in part due to weakness in Block following a disappointing earnings report. On the ...
Life back above 7000 was short-lived, with an initial rally for the ASX200 faded throughout the day. The local bourse closed flat at 6974. IT stocks had a good day - especially stocks of a more speculative nature. Telecommunications, REITs and utilities also pushed higher. The drag on the market primarily came from the iron ore miners and energy stocks - the latter falling after a larger than expected build in US Crude Inventories drove oil prices back into the low $90 range. Consumer staples al...
The ASX 200 couldn’t quite crack the 7,000 mark, we did finish off the day's lows but ended up with a 0.3% fall to finish at 6,975. Nine of eleven sectors finished lower, with consumer stocks the big laggards. IT was the leading light, jumping 2.4%. Pinnacle Investment Management was the star performer, rallying 12% after the company reported full-year earnings which beat market expectations (check out our interview with CEO Ian Macoun ). Novonix also rallied 8.4% and Tyro Payments added 9.62%. ...
The RBA hiked rates but softened its tone in its statement, giving local equities a boost. The central bank raised the cash rate by 50bps to 1.85% as expected, but implored that policy is not on a “pre-set path”. The ASX 200 leapt out of negative territory, which it had been stuck in all day, to finish off the day’s trade flat at 6998. Yields dropped and the AUD/USD tumbled back below 70 cents. It was the consumer stocks that led the charge, helped along by financials and healthcare. Lower commo...
