The COB from ausbiz

No sugarcoating today; it was blood in the streets, falling knives hitting the pavement, baby out with the bathwater, choose your poison. The S&P/ASX200 posted its most significant two-day per cent decline since June 2020. Plenty of corporate news dropped early, but even good news was swamped in the negative sentiment. The sell-off gathered momentum after the shock inflation print, with c...

Company updates were behind the extreme moves in the ASX today. Bottom of the ladder was Regis Resources, closing down over 14% thanks to lower production guidance. Top of the pops was Uniti, adding 9% as the bidders line up, while Goodman Group added 4%. Fortescue’s latest acquisition didn’t save the share price, closing down nearly 2% ahead of tomorrow’s quarterly update. BHP’s positives of...

Like a car crash, it was hard to look away from today’s stock market devastation. Friday afternoon dip buyers were MIA; why catch these falling knives? After a good run, investors deserted the materials and energy sectors, down 3.7% and 3.1%, respectively. Aussie tech woes continue, down another 1.9% for the fourth weekly drop, now the lowest since May 2020. By the close, Boral, Xero and a few gol...

It was a golden turnaround for the local market today, with the S&P/ASX200 ending in positive territory +0.14%. Gold miners took up five of the top five spots, led by Northern Star, Evolution Mining and Silver Lake Resources. Commodities were hot in general, with iron ore back over $130/t and the majors benefiting as a result. Quarterly reports revealed record revenues for Santos and Woodside,...

It was a weak lead overnight as US treasury yields hit 2-year highs and pressured big tech - even the high quality names - but in reality all the broader indices retreated. Aussie tech again bore the brunt closing down nearly 2%, with Megaport losing an aggressive 16%, WiseTech down nearly 4%. Healthcare and Financial sectors closing down 1.9% and 1.5% respectively. Today’s price action...

Top of the pops was JB Hi-Fi with early metrics outpacing analyst estimates, the share price closing up 7%. The update from Data#3 was a beat compared with October guidance, and it closed up over 13%. At the other end a big miss in Redbubble’s update, the share price slashed by over 20%. As the EV wave consumes 2022, Liontown added 6% ( Henry Jenning's buy today, ) a beacon for the in-demand lithi...

That was a decent session to start the trading week with the ASX ending +0.3%, at 7,417. Better than expected Chinese GDP data and a surprise PBOC rate cut helped improve sentiment through the afternoon, though it still feels very much like a market in 'holiday mode.' On that, US markets are closed for Martin Luther King Jr Day ahead of quarterly earnings this week. BeforePay's share price cr...

A weak lead overnight squashed any glimmers of green on the screen today. Textbook growth stocks were belted, and with the Nasdaq closing 2.5% lower the usual pavlovian response is to smash the Aussie BNPL space. Afterpay copped it on the chin, losing another 9%. Tech closed down -1.6% in the end. After a decent week, commodities were meh, as was the materials sector. A standout was AGL, gett...

While US markets embraced 40-year highs in inflation, SPI futures were flat. But not to worry Aussie blue chip stocks were hoovered up, aka banks and miners. The big four banks opened higher and stayed there, but didn’t exactly shoot the lights out and closed up 0.4%. Iron ore prices reached $130/t, boosting BHP and Rio into today’s top 10. In fact, it was a commodities-heavy upbeat sess...

Overnight markets shrugged off Chair Powell confirming that rate hikes were coming sooner rather than later, and following SPI futures the ASX added around 1% in early trade. However, conviction wasn’t high and momentum faded. A softer USD boosted commodities across the board and the miners had a solid session. While BHP and Rio added 1%, Fortescue went the other way as a broker questioned the mar...

Another soggy lead from the US spurred cautious local trading, although with the Nasdaq clawing back losses our tech sector experienced selective buy the dip action. Financials had an awful day - closing down over 1% - despite the fact that banks tend to benefit from rising interest rates. As Omicron nerves exacerbated scatty trading and constrained liquidity, the ASX200 closed down 57 points or 0...

Our local bourse was down 0.4% by mid-morning and was a sea of red except for materials. While most losses were erased by the close after the sour Nasdaq lead, Aussie tech remained near the bottom of the ladder. Xero was pounded again, closing nearly 3% lower, while BNPL overall is still struggling in the face of higher bond yields, Afterpay -2.4%, again. Our top three VODs are: Investors beware;...

Our local market obeyed SPI futures and opened strongly, with banks and property leading a 1.6% pop by midday. Broad-based gains were maintained throughout the day, despite tonight’s marquee data event - US non-farm payrolls. Corporate news dropped early, with Woolworths announcing that it was pulling out of the Australian Pharma bid and James Hardie dropping its CEO over persistent behavioural is...

Another Fed-led jump in bond yields overnight and this time the stock market fallout wasn’t just confined to tech. Our market opened weaker in line with SPI futures, and rather than an afternoon rally, investors sold - almost - everything by the close. Tech was smashed again, trading 2% lower by midday and supporters disappeared in the afternoon, leaving the sector 4% smaller. Corporate news...

We walked into the Dow Jones setting new highs, but in contrast there was a spooked Nasdaq, the latter due to a decent two-day climb in US bond yields. Our tech sector was a key underperformer, closing down 1.8%. Healthcare also weighed on the broader index, at the bottom of the ladder and closing down 1.9%. Oil jumped overnight after OPEC+ ministers agreed to their existing plan - go figure - and...

We're picking up where we left off - in amongst record highs. Today's performance for the ASX was the best for a first calendar day in decades. Every sector finished in the green with energy stocks (coal and crude) doing particularly well. Ironically, today's "golden girls" were lithium plays. Novonix (NVX) finished up more than 13 percent - a knock on effect after its commercial partner smas...

Overnight markets surged again, SPI was up 32 points, and after a brief morning lull, local investors concluded that a Santa rally of sorts was overdue. Most commodities firmed overnight - with the notable exception of iron ore - with miners initially dominating the top 5 on the ASX200 ladder. Corporate news is still coming thick and fast: trading in Syrah Resources was paused after a 22% surge sp...

Upbeat overnight markets concluded that Omicron was mild, and SPI futures pointed to a decent open, but local investors did not really catch the vibe. Oil was firm overnight, and the Energy complex responded in kind, and closed up 0.7%. Despite being 22 December, we’re not finished with M&A news: Link up 15% on a Canadian bid; Charter Hall buying a 50% stake in Paradice was big news but invest...

A rebound in still-negative US markets sparked a cautiously positive tone in the local market. Then some idle cash was put to work over the afternoon, the market closing higher, and most sectors joined in. Today's leaders were a mixed bag: Sandfire popped on a broker declaring it a buy; Paladin in the ASX200 saw it close over 5% higher; Nanosonics continued its choppy vibe, closing up nearly 8%. A...

Triple-witching options expiry in the US markets made for a poor handover today. Then in a short statement, Magellan told the market it was losing its biggest backer, sending the share price down 30% from the open. Magellan’s 30% slump dwarfed all other negatives. Financials more broadly had a poor session, closing down 1.2%, but the Energy complex was at the bottom of the ladder, down 3.2%....

Flat SPI futures were no help but the local market opened higher, with investors deciding that blue chips, energy and gold stocks were on the Christmas menu. The Nasdaq collapsed as US regulators eyed the BNPL space, and while the Aussie names opened lower, eventually all tech was on the nose, the sector closing down 1.4%. Afterpay and Z1P closed down over 7% and 6% respectively. At the other end...

The local market ignored the positive SPI lead and opened lower, and remained under pressure throughout the session. The Nasdaq surged on the as-expected FOMC news overnight, and after an afternoon lull our tech sector managed to close up nearly 1%. Corporate news was top shelf, with CSL completing its $6.3 billion equity raise, Qantas flagged a $1bn interim loss, and IGO confirmed to buy Wes...

The local bourse opened lower following the soggy lead from the US, but local investors weren’t as convinced of the negative Omicron news, and slowly bought over the afternoon to close all but unchanged. Some of the top performers were boosted by upbeat news out of the US - looking at you Polynovo and Nearmap - up nearly 16% and over 5% respectively. In corporate news, Afterpay shareholders voted...

Following the blistering-but-as-expected US inflation report, risk-on dominated the local session after US markets probed fresh record highs. The Energy complex was an early leader thanks to last week’s strong oil price performance. The sector closed up 1.9% today, led by Santos and Ampol. Corporate news is thinning out, however, notable mentions go to CSL confirming talks with Vifor Pha...

It was a low conviction day within a data and event vacuum ahead of tonight’s key US inflation report. Analysts are looking for core inflation to reach 5% - its highest since 1982. The top of the leaderboard was a mixed bag, Redbubble (RBL) shares spiked, though on no apparent news, Iluka Resources (ILU) and PointsBet (PBH) the next best. Elizabeth Gaines stepping down as Fortescue’s (FMG) CE...