The ASX climbed higher today, possibly buoyed by the projected billions of dollars ‘Tay Tay’ is bringing into the country over the next week.
The MCG will be heaving tonight as Swift plays all the hits from her Eras tour. Sad (or safe) to say I know none of them, except for Shake it Off, everybody knows Shake it Off.
The S&P/ASX200 had gained 50.30 points or 0.66% to 7,656.00, crossing above its 20-day moving average at time of writing on Friday afternoon.
This index is virtually unchanged over the last five days and the year to date.
The top performing stocks in this index are currently Liontown Resources (ASX:LTR) Ltd and Sayona Mining Ltd (ASX:SYA), up 10.71% and 7.84% respectively.
Most sectors were higher, albeit only slightly in some cases.
Materials was the biggest gainer at 1.39% to the green. Consumer Discretionary and Information technology were both up 0.95% at time of writing.
Consumer Staples was the biggest loser, down 0.34%.
On the small cap front, the S&P/ASX Small Ordinaries (XSO) had gained 0.22% to 2,953.30. However, it dipped around 0.25% for the week.
What's next for the Australian stock market?
Wealth Within chief analyst Dale Gillham gives us the lowdown on what to expect from the market in the coming weeks.
“This week, the All-Ordinaries index has fallen under 1% to continue the downtrend of the previous week. While a two-week fall on the Australian market may raise some concerns, it depends on how you look at it. The current move down from the February high of 7934.90 points equates to a fall of around half of the prior rise from the 7,551-point low in mid-January to the February high.
You may be wondering why this is important. The rise up to the February high occurred over two weeks, so now the buyers and sellers have had two weeks to state their case as to whether the market is bullish or bearish. Given that the sellers have only pushed the market down in the last two weeks, half the price of what the buyers gained in the prior two weeks means the sellers are not as strong, which is a bullish sign. As such, I now anticipate a reversal and for prices to trade up in the next week, especially if we see a high close today.
“What I like to do when the All-Ordinaries index is falling is to take that time to analyse every sector to see whether there are any outperformers relative to the index. Performing this kind of analysis gives me great insights into where the smart money is going, allowing me to easily identify stocks to add to my watch list. Information Technology is the best performer this week, so I encourage you to look at this sector, as these stocks will likely benefit the most when the bulls re-enter the market.”
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