Daily Market Update

The positive sentiment couldn’t be maintained on Wednesday with weakness in the technology and financial sectors sending a 0.5 per cent gain to a 0.2 per cent loss. Energy and utilities remain in focus, gaining 1.5 and 2.1 per cent with NZ energy provider Mercury (ASX: MCY) and fuel refiner Ampol (ASX: ALD) gaining 4…

The local market open on an unexpectedly positive tone but ultimately finished 0.6 per cent lower as commodity and energy prices fell across the board. The selloff in energy and materials finished at 5.1 and 4.6 per cent respectively, amid growing concerns about the outlook for the global economy. Uranium miner Paladin (ASX: PDN) was…

The local market capped its worst week since March 2020 falling 1.8 per cent on Friday and dragging the S&P/ASX200 down 6.6 per cent for the week. This followed a 4.2 per cent drop in the prior week which now has the index nearing a bear market. Comments from the RBA Governor this week heightened…

Australian shares were as much as 1.1 per cent higher during Thursday’s session following the Federal Reserve decision to hike interest rates by 0.75 per cent, but ultimately finished 0.1 per cent lower. The major detractors were the consumer staples and utilities sectors, falling 1 and 1.6 per cent with the latter hit by the…

Anyone keeping up with the news overnight is aware of the headlines. $88 billion lost in a single day, market crumbles, stocks tank; there will be no lack of hyperbole following the worst day for the S&P/ASX200 since March 2020. The market fell by close to 5 per cent during the session, following a rough…

The local market was pushed lower by the global turnaround in interest rates with the S&P/ASX200 falling 1.3 per cent to finish the week. Every sector was lower, led by property, which fell 2.9 per cent on concerns that higher interest rates will hit valuations, while another six sectors dropped more than 1 per cent,…

The struggles of the big banks and mortgage lenders in the wake of this week’s rate rise continued on Thursday, with the financials sub-index losing 2.2 per cent and helping to drag the benchmark S&P/ASX200 index 101.4 points, or 1.4 per cent lower, to an almost four-week low of 7019.7. The broader S&P/ASX All Ordinaries fell 106.6 points, or…

Yellow glow on ASX Resources came to the rescue on the Australian share market on Wednesday, with surging uranium and oil and gas stocks more than compensating for a shocker from the banks. A call from Goldman Sachs that Brent crude would average US$140 a barrel between July and September, up 17 per cent from its prevailing…

The Australian sharemarket was on hold ahead of the RBA’s latest board meeting and interest rate decision. A somewhat unexpected 0.50 per cent increase in the cash rate to 0.85 per cent saw the S&P/ASX200 slump by 1.5 per cent. The large move was predicted by only a few experts with the RBA highlighted the fact that inflation had…

The local market couldn’t shake off a weak global lead, opening the first week of June with a 0.5 per cent fall. It was a market full of lowlights, with the industrials, technology and materials sectors all falling by more than 1 per cent, dragged down by previously popular growth names including Tyro (ASX:TYR) and Hub24 (ASX:HUB) which fell…

The local market finished the week on another positive note, despite the return of concerns about the aggressiveness of central banks around the world, with the S&P/ASX 200 posting a 0.9 per cent gain on Friday. It was propelled by the materials sector, with copper and iron ore miners benefitting from the loosening of lockdowns but more…

The local market continued on a negative trend to open the month of June with the S&P/ASX 200 falling 0.8 per cent on the back of a broad-based selloff. The biggest detractor was the healthcare and technology sectors, falling 1.8 and 2.5 per cent respectively as US Federal Reserve members continue to predict aggressive rate hikes. Cochlear (ASX:COH) and CSL (ASX:CSL)…