ASX

ASX follows Wall Street lower, defensive rotation, Graincorp beats expectations The ASX200 (ASX:XJO) has followed Wall Street lower, falling 0.9%, after higher-than-expected inflation figures spooked investors overnight. Short-term traders are betting that the Federal Reserve will be forced to increase interest rates earlier than expected, suggesting long-term growth companies will be worth less as a result. The selling pressure…

Sell off continues despite budget, Qantas tanks on flight delays, CBA delivers  The ASX200 (ASX:XJO) fell 0.7%, the second straight negative session, pushed lower by utilities and energy companies, down 2.2% and 2.0% respectively. The Federal Budget which offers little in the way of future spending or policy direction was broadly in line with expectations, the deficit lower than…

The Inside Network spoke with the managing director of Hiremii Group Limited (ASX: HMI), Chris Brophy, about Hiremii’s much-anticipated IPO, which is set to shake up the labour hire sector’s fast-evolving digital revolution. Listed on Tuesday (11 May), Hiremii is at the forefront of the transformation of the employment industry. For investors looking to take…

Dubbed the ‘Big Spending’ budget, Treasurer Josh Frydenberg delivered a 2021-22 budget that is aimed at providing further support to the economy and the post-pandemic recovery. The Government’s 2020 delivery sets the scene for an increase in spending intended to drive economic growth, create new jobs and reduce unemployment below 5%. Once reached, budget repair…

ASX hit as US rattled, Boral takeover offer, Rex clarifies misstatement  The ASX200 (ASX:XJO) followed a global lead lower, falling 1.1% at the open and remaining in negative territory throughout the day. The IT sector was the hardest hit, falling 4.2%, and acting very much like a leveraged proxy for the US Nasdaq index. The key detractors were Afterpay (ASX:APT) and Zip…

ASX joins the record breaking party, A2 Milk drained, Crowning the Star  The ASX200 (ASX:XJO) finally joined the global party hitting an all-time high of 7,172 points on Monday. The list of constituents trading at similar records also continues to grow, with both BHP Group (ASX:BHP) and Rio Tinto (ASX:RIO) up +3.1% and 4.6% respectively, hitting their own all-time highs today as…

Another positive week, tech continues disappearing act, Macquarie delivers record profit  The ASX200 (ASX:XJO) managed to deliver another positive week, adding 0.3% on Friday and 0.8% for the week. The news of the week was the Chinese Government ceasing high level discussions with Australian officials, but at the same time, their demand sends the iron ore price to a record above…

Market weakens on China tensions, local tech dumped, hot IPO market cooling The ASX200 (ASX:XJO) fell 0.5%, weakening throughout the day as news continued to worsen.  Initially, it was US payment giant PayPal (NYSE:PYPL) delivering a strong earnings result but announcing they would soon be bringing their BNPL offering to Australia in direct competition with Afterpay (ASX:APT). Shares in APT fell 7.0% and the IT…

ASX hits 14-month high, ANZ dividend surprise, Nearmap upgrades revenue guidance  The ASX200 (ASX:XJO) reached a 14-month high, adding 0.4% and once again nearing a record. The primary driver was the healthcare sector, up 1.1%, with key constituent CSL (ASX:CSL) up 2.4% offering the majority of the support. Private hospital, imaging, and COVID-19 testing firm Healius (ASX:HLS) finished flat despite reporting…

RBA holds rates, property lending boom, Seek upgrades guidance, retail recovery on track It was another green day on the market with the ASX200 (ASX:XJO) adding 0.5% on the back of the materials sector, with the gold price jumping significantly. Silverlake Resources (ASX:SLR) and Northern Star (ASX:NST) were among the biggest beneficiaries adding 7.9% and 4.0% respectively. The…