The ASX has lifted higher today.
The S&P/ASX200 had gained 10.30 points or 0.14% to 7,148.50 at the time of writing after setting a new 20-day low. The index has lost 1.80% for the last five days but has gained 1.56% over the last year to date.
The top performing stocks in this index are Incitec Pivot Ltd (ASX:IPL) and Brainchip Holdings Ltd up 3.74% and 3.70% respectively.
Looking at the sectors this week, the best performing sectors include Information Technology up more than 3% followed by Energy up over 1% and Healthcare, which is just in the red. The worst performing sectors were Materials losing over 4%, followed by Consumer Discretionary down over 3%, and Financials down around 1%.
The best performing stocks in the ASX top 100 include Block up over 6% followed by Altium up over 4% and Wisetech Global up over 3%. The worst performing stocks include Treasury Wine Estates down over 11% followed by Mineral Resources down over 8% and Fortescue (ASX:FMG) Metals down over 7%.
What's next for the Australian stock market?
Wealth Within founder and analyst Dale Gillham looks ahead to what Aussie investors can expect from the market.
Once again, we have validation as to why we need to wait for confirmation of a move before investing given that the All Ordinaries Index has fallen away this week. As of writing, the index is down around 2% for the week and has fallen below the low of 7,336 points from three weeks ago.
Obviously, the events in the US are affecting the Australian market with all the noise about the US debt ceiling being talked about like it’s a financial armageddon. While I understand the ramifications if the US defaults on its debt, the chances of that happening are very low.
If you remember, we experienced this exact same scenario last year with the same rhetoric, yet the outcome was positive. Remember, the Australian stock market bottomed in June 2022 before rising 18% into February this year. I’m of the opinion that the big end of town is taking advantage of the current situation to manipulate the market.
This week, we also saw the tech sector rise strongly in the US after Nvidia posted good results causing it to rise over 20%. Unfortunately, many Australians have also jumped into our tech sector this week believing there are opportunities to be gained, but sadly this thinking is flawed, as many will discover.
So, where is the Australian market heading? Right now, we need to be cautious and expect further falls in the short term, as it is possible the market could fall below 7,000 points soon. That said, anything is possible, as we have seen, but I still believe the second half of 2023 will be bullish. So again, be patient, don’t react emotionally to news and get prepared for the bull market when it does return.
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