Daily Market Update

The local market joined the global rally in risk assets with the S&P/ASX200 finishing 1 per cent higher on Thursday on the back of Jerome Powell’s dovish comments in the US. A peak in the cash rate may well be in sight, which has moved the Dow Jones out of bear market territory.

What began as another rough day for the S&P/ASX200 finished on a much more positive note, as the market closed at its high, 0.4 per cent higher.

The local market managed to deliver another gain, the S&P/ASX200 adding 0.3 per cent as signs of improvement in China supported a rally in key commodity prices. Rio Tinto (ASX: RIO) gained 3.5 per cent and Fortescue (ASX: FMG) 2.2 per cent after the latter named a new CEO, Fiona Hick, who was previously part of the Woodside’s Australian leadership team. An important…

It was a tough start to the week in Australia, with little in the way of a US lead, all eyes were on growing unrest in China, which ultimately saw the S&P/ASX200 fall 0.4 per cent on Monday. Both the energy and materials sectors detracted, down 1.7 and 0.9 per cent as a surge in COVID-19 cases…

The local sharemarket finished the week on a positive note, with the S&P/ASX200 gaining 0.2 per cent as more than half of listed companies gained. The standouts were property, utilities and the retail sector all of which finished 1.1 per cent higher. Among the biggest contributors though, was the Commonwealth Bank (ASX: CBA) which gained 1.1 per…

Performance across the key sectors of the S&P/ASX200 continues to diverge with a weak day for energy, down 1.8 per cent, offset by gains in the technology and real estate sectors, which both added 1.2 per cent. Vicinity Centres (ASX:VCX) was a highlight, adding 4.1 per cent following the departure of its CEO, while Whitehaven…

The local market continues to gather steam ahead of a number of major economic announcements, with the S&P/ASX200 finishing 0.7 per cent higher. The rally was driven by a surge in the energy and utilities sectors both up 1.6 and 1.3 per cent as coal and oil prices rallied on another production cut. Whitehaven Coal…

The local market reached a five month high on Tuesday, buoyed by the energy and materials sectors once again, which finished 2.6 and 1.2 per cent in the positive, the S&P/ASX200 gained 0.6 per cent. The standouts remain in energy, or coal at least, with Whitehaven (ASX:WHC) and New Hope (ASX:NHC) up more than 7…

The S&P/ASX200 commenced the week in the same manner it finishes, falling 0.2 per cent after holding onto a gain of as much as 0.3 per cent during the day. Both the technology and materials sectors were behind the weaker finish, falling 1.5 per cent respectively as the investors await more global economic data. Shares in insurer…

All eyes were on the materials sector on Friday, after BHP (ASX: BHP) lobbed a best and final bid for copper producer OZ Minerals (ASX: OZL). The offer of $28.25 per share was approved by the board and will now proceed to due diligence. Despite the size of the offer, the market barely moved with the S&P/ASX200 gaining 0.2 per but…

The S&P/ASX200 managed another small gain on Thursday, adding 0.2 per cent as strength in all sectors barring energy and materials, down 2.1 and 1.2 per cent each, managed to offset losses in the coal mining companies. The biggest detractors were New Hope (ASX: NHC) and Whitehaven Coal (ASX: WHC) which lost more than 6 per cent each as coal prices…

The S&P/ASX200 fell 0.3 per cent on Wednesday, with 8 of the eleven sectors finishing the red led by utilities, down 1.5 and retailers, down 1.3 per per cent. The highlight once again was the energy and materials sectors, which gained 1.2 and 0.7 per cent. Shares in Oz Minerals (ASX: OZL) entered a trading halt on rumours that…