The ASX slipped today. An hour before the weekend bell, the ASX-200 dropped 18.50 points or 0.25% to 7,293.20, crossing below its 20-day moving average.
At time of writing, the index has lost 1.49% for the last five days, but sits 3.63% below its 52-week high.
The bottom performing stocks in this index are Resmed Inc. and Block Inc (NYSE:SQ)., down 10.62% and 5.89% respectively.
ResMed dropped 11% after quarterly earnings missed consensus estimates by about 5%.
Information and Technology and Energy sectors were the best performed today, up 0.71% and 0.69% respectively. The worst performers were Health Care and Real Estate which lost 1.76% and 1.27% each.
What are the best and worst performing sectors this week?
The best performing sectors include Consumer Discretionary, Healthcare and Communication Services, which are all just in the red for the week. The worst performing sectors include utilities down over 2% followed by Financials and Real Estate, as they are both down over 1%.
The best performing stocks in the ASX top 100 include Aristocrat Leisure Ltd, Treasury Wines Estate Ltd and ALS Ltd, as they are all up over 2%. The worst performing stocks include the Star Entertainment Group Ltd down over 6% followed by Challenger Ltd (ASX:CGF) and AGL Energy (ASX:AGL) (ASX:AGK) Ltd down over 5%.
What's next for the Australian stock market?
Wealth Within founder and chief analyst Dale Gillham gives his take on what to expect with the local market.
“This week the Australian stock market has once again done the unexpected, as it has fallen away after looking bullish and with the expectation that it would continue to be bullish, at least for a couple more weeks. Currently, the market is down just over 1%, which could be good news.
“If the market starts to rise again next week, then over the coming month it will most likely continue to rise and challenge the all-time high. That said, if the market falls away, it will continue to fall for at least two to three weeks before turning to it rise. How the market unfolded this week is why I continue to caution investors to manage their risk and not jump into stocks believing they are cheap or to buy in the dips. Be patient because the opportunities will come.”
Five at five
The S&P/ASX Small Ordinaries was down 0.45% today.
It was a generally quiet day on the news front.
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The one to watch
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