The Match Out: Stocks end the week higher – tech the standout

James Gerrish

Market Matters

The market opened flat this morning but tracked higher throughout the session to close above 7000 for the first time in more than 8 weeks. It was mixed news under the hood with Energy weaker on soft commodity markets, and Tech tapering some of the strong recent gains in the sector. Materials and the consumer focussed sectors made up the bulk of the rally in the index.

  • The ASX 200 finished up +40pts/ +0.58% at 7015
  • The Materials sector was best on ground (+1.88%) while Consumer Staples were up +1.33% were also strong.
  • Energy (-1.44%) and Tech (-1.25%) the weakest links.
  • Oil was weaker after OPEC+ added some additional supply in the market, though the group also noted there was limited additional supply capacity they could bring on in the near term. Crude traded to a ~6-month low near $US88/bbl before finding some support.
  • Block (SQ2) -6.17%, was weak today following their quarterly update. Their crypto trading exposure has continued to weigh on earnings growth. CEO Jack Dorsey tried to talk up the performance of their consumer tech which includes Afterpay and their terminal payments, though there was a significant deceleration in payments from their CashApp.
  • Core Lithium (CXO) +6.2%, rallied after announcing ex-Rio exec Gareth Manderson as CEO. It comes 5 months after Stephen Biggins announced his resignation
  • Iron Ore was up ~3% higher in Asia
  • Gold was down in Asia trading at $US1790 at our close
  • Asian stocks were up Hong Kong +0.30%, Japan ++0.80% while China was up +1.17%
  • US Futures are all up, around +0.20%

ASX 200

Sectors this week – Source Bloomberg

Stocks this week – Source Bloomberg 

Winners & Losers 

Make informed investment decisions

At Market Matters, we write a straight-talking, concise, twice-daily note about our experiences, the stocks we like, the stocks we don’t, the themes that you should be across and the risks as we see them. Click here for your free trial.

The Match Out will be available each day after the market close. Follow my profile to be notified when the latest report is live.

1 topic

2 stocks mentioned

James Gerrish
Portfolio Manager
Market Matters

James is Portfolio Manager & Primary Author at Market Matters, a daily investment report with over 2500 subscribers that offers real market insight. He is also Senior Portfolio Manager within Shaw and Partners heading up a team that manages...

I would like to

Only to be used for sending genuine email enquiries to the Contributor. Livewire Markets Pty Ltd reserves its right to take any legal or other appropriate action in relation to misuse of this service.

Personal Information Collection Statement
Your personal information will be passed to the Contributor and/or its authorised service provider to assist the Contributor to contact you about your investment enquiry. They are required not to use your information for any other purpose. Our privacy policy explains how we store personal information and how you may access, correct or complain about the handling of personal information.


Sign In or Join Free to comment