Australian shares are down a notch today, just 4.50 points to 7,053.90 at 2:30pm AEDT.
Over the last five days, the index has gained 1.11%, but is virtually unchanged over the last year to date.
Sectors were a mixed bag, with Industrials (up 0.60%) and Materials (up 0.56%) in the green, while everything else hovered around the middle by mid-afternoon.
Energy paced the markets down, losing 1.66% in the after-lunch session.
What are the best and worst-performing sectors this week?
Wealth Within chief analyst Dale Gilham had some thoughts for investors at the end of a stronger week:
“The best-performing sectors include Real Estate, up over 4%, followed by Information Technology, up over 3% and Materials, up over 2%.
The worst-performing sectors include Communication Services, Financials and Energy, as they are all just in the red for the week so far.
“The best-performing stocks in the ASX top 100 include ALS, up over 12%, followed by Charter Hall Groups, up over 11% and Block, up over 8%. The worst-performing stocks include AMP, down over 14%, followed by Ramsay Healthcare and ANZ, down over 5%.
What's next for the Australian stock market?
“I’ve said before that a week can be a long time in the stock market and this week has proven why given last week was looking very undecided and weak. This week, however, the All Ordinaries Index is up over 1% and has traded at its highest level in eight weeks.
“So, is this the end of the bearishness for 2023?
“While I am still cautious about getting too excited with the current rise, given our market has been prone to false signals in the past few years, it is looking more likely that we will have a good end to the year.
“Last week, I mentioned that we still can’t confirm the down move is over, and for that to occur, we need to see the market rise over the coming weeks rather than fall. While I mentioned this was unlikely, this is what is unfolding. Once again, this proves that while we can use our best efforts to determine where the market or a stock is heading, we don’t control the market, as it will do what it wants, hence my caution.
“While I have moved to being more positive, I am still being cautious. To remain positive, we need to see the All Ordinaries Index close strongly for the week. If Friday closes low, I will remain more bearish and urge investors to protect their portfolios.”
You heard it here.
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