Daily Market Update

It was another busy day as reporting season ramped up, the ASX 200 (ASX:XJO) finishing 0.5% higher as signs of slowing Victorian COVID-19 cases boosted National Australia Bank Ltd (ASX:NAB), rising 2.4%.

REA Group (ASX:REA) – Posted it 1H result last Friday, the result coming in slight better than expectations, shares closing the day +1.87%.

The Australian share market and ASX200 (ASX: XJO) finished the week down 0.2%, with the renewed confidence following the extension of the JobKeeper program offset by China’s growing combativeness and weakness in the US technology sector.

Treasurer Frydenberg provided his long-awaited budget update, which was just that an update, offering little in the way of guidance into the future. The Government are predicting unemployment will peak at 9.25% across the country, with ballooning deficits adding $250 billion to the debt pile.

The ASX 200 (ASX:XJO) finished off its lows for the day, falling 1.3%, as both Victoria and several US states hit record COVID-19 case levels, denting market sentiment.

Despite an increasing chorus of experts suggesting the technology sector has moved beyond reasonable levels, the rally continues. The ASX 200 (ASX:XJO) added 2.6%, hitting a six week high, with a 5.7% rally in the IT sector among the largest contributors.

The ASX 200 (ASX:XJO) continued its recent weakness, falling 0.5% on Monday, as concerns of a secondary outbreak in NSW and escalating deaths in the US hit investor confidence.

Sideways….a weak opening ahead It was another bumpy, albeit positive, week for markets with the ASX 200 (ASX:XJO) gaining 0.4% on Friday and finishing around 2.0% higher for the week. The primary driver remained Australia’s main recovery hope, commodity exports, with the materials sector finishing 4.2% as the iron ore price remained above USD$115 per…

It was another strong finish for the ASX 200 on Friday, adding 0.4% and finishing the week up 2.6% on the back of rally in both the healthcare and communications sectors. CSL Ltd (ASX:CSL), up 2.7%, and Telstra Corporation Ltd (ASX:TLS), 4.0%, were the standouts. The market continues to improve despite the worsening COVID-19 case numbers in Victoria and the US which seem likely to result in a second round of shutdown measures.

The ASX 200 (ASX:XJO) followed a strong global lead pushing 1.7% higher, with all sectors benefiting. The most stunning performance has come from Afterpay Ltd (ASX:APT) which after hitting another all-time high has become the 19th most valuable company at $18 billion; this despite losing $32 million last year.

Most global markets started the financial year on a positive note, with the ASX 200 (ASX:XJO) adding 0.6% despite reports that just 30% of jobs lost during the COVID-19 crisis have been replaced.

Sharemarkets around the world continued to rally overnight, with the S&P 500 up 1.5% marking the strongest quarter since 1998. The Eurostoxx 50 was comparatively weaker adding just 0.06% whilst the Nasdaq rallied another 1.9% as investors ignored the existential threat to Facebook Inc (NASDAQ:FB).