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ASX drops to three week low, coal tumble continues, staples outperform

The local market dropped 0.8 per cent on Friday, taking the weekly loss to 1.7 per cent and the lowest level for three weeks. The biggest driver was a heavy retreat in coal stocks after thermal coal prices fell by more than 5 per cent, taking the price per tonne down 50 per cent from…

Investor Strategy News | 13th Feb 2023 | More
Australian market struggling for energy

The benchmark S&P/ASX 200 Index fell 39.8 points, or 0.5 per cent on Thursday to 7490.3; while the broader All Ordinaries index dropped 44.7 points, or 0.6 per cent, to 7695.8. Energy was in the spotlight, with the Mike Cannon-Brookes-backed AGL Energy plunging 82 cents, or 10 per cent, to $7.12 after the company downgraded full-year earnings guidance, cut its dividend and reported…

Drew Meredith | 10th Feb 2023 | More
  • Newcrest, Nuix provide market highlights

    The benchmark S&P/ASX200 index on Wednesday advanced 26 points, or 0.4 per cent, to 7,530.1, while the broader All Ordinaries closed 27.4 points to the good, also 0.4 per cent, at 7,740.5. Goldminer Newcrest added another 65 cents, or 2.6 per cent, to $25.60, taking its gain to almost 14.5 per cent since it received a $24.5 billion takeover offer from US…

    Drew Meredith | 9th Feb 2023 | More
    Rate rise rocks market

    The local sharemarket copped its biggest fall in five weeks on Tuesday after the Reserve Bank of Australia (RBA) delivered a ninth consecutive rate rise, and for good measure, poured cold water on hopes of an imminent pause in its tightening cycle. RBA governor Philip Lowe warned that further increases will be needed in the…

    Investor Strategy News | 8th Feb 2023 | More
  • Will the RBA hammer the market?

    The Australian share market eased on Monday ahead of today’s Reserve Bank of Australia meeting, with many in the market convinced that the central bank will hit borrowers with an interest rate hike of 0.4 per cent, although the most likely outcome of the meeting is still seen as a standard 0.25 per cent rise….

    Investor Strategy News | 7th Feb 2023 | More
    Inflation jumps to 33-year high

    Australian shares ended a five-day winning streak on Wednesday, and the Aussie dollar rose, after the markets learned that inflation in Australia had risen to its highest point since 1990, at an annual rate of 7.8 per cent in the December quarter, beating economist forecasts of 7.6 per cent. Even the Reserve Bank’s preferred measure of “trimmed mean…

    Drew Meredith | 27th Jan 2023 | More
    Miners motivate market

    Upgrades in expectations for lithium price growth helped to lift the Australian sharemarket on Tuesday, driving a strong day for miners. Broker UBS lifted its lithium price forecast as much as 50 per cent, and the lithium players saw plenty of green. Pilbara Minerals gained 25 cents, or 5.2 per cent, to $5.08, while fellow producer Allkem was up…

    Drew Meredith | 25th Jan 2023 | More
    BNPL back in town

    The S&P/ASX 200 continued its strong early-2023 form on Monday, advancing 5.1 points, or 0.1 per cent, to a fresh nine-month high of 7457.3 points. The broader All Ordinaries index added 7.9 points to 7,674.2. It has been quite some time since the buy now, pay later (BNPL) stocks were on a tear, but the former darlings turned the clock…

    Drew Meredith | 24th Jan 2023 | More
    ASX hits April highs, energy, materials gain, mixed results for lithium stocks

    The local market managed to finish what appeared a mixed week on a positive note, gaining 0.2 per cent. Powered by the energy and materials sectors, up 1.4 and 0.9, on news of higher iron ore and oil prices, the S&P/ASX200 managed a 1.7 per cent gain for the week. Whitehaven Coal (ASX: WHC) was…

    Drew Meredith | 23rd Jan 2023 | More
  • Tepid jobs data eases rate fears

    The local share market advanced to a fresh eight-month high on Thursday after weaker-than-expected jobs data showed the Australian economy slowing, raising expectations for less aggressive rate hikes from the Reserve Bank. The benchmark S&P/ASX200 index closed on Thursday up 41.9 points, or 0.6 per cent, to 7,435.3, its best level since April 22. The broader All Ordinaries gained 38.9 points,…

    Drew Meredith | 20th Jan 2023 | More
    Market limps to eight-month high

    It was a mixed day on the local market on Wednesday, with six of the 11 sectors higher, and the upshot being a 0.1 per cent rise in the benchmark S&P/ASX 200 index, to 7393.4. The broader All Ordinaries Index added 11.9 points, or 0.2 per cent, to 7,609.5. The market was not exactly off to the races, but…

    Drew Meredith | 19th Jan 2023 | More
    Market mulls mixed China data

    A better-than-expected performance by China’s economy in the December quarter was not enough to inspire the Australian stock market on Tuesday, perhaps overshadowed by a data release showing a fall in China’s population for the first time in decades. According to a release from China’s National Bureau of Statistics, the population of mainland China was 1.411 billion people at the end…

    Drew Meredith | 18th Jan 2023 | More
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