Financials drive ASX rebound

The ASX has rallied in early trade with the All Ordinaries Index (tracking the 500 biggest companies) rising 1.2%:

The ASX 200 is up 1.4%:

With the gains driven by a 2.4% rebound in financials:

However, the consumer discretionary sector remains in the toilet, down 0.2%:

Based on current levels, the All Ordinaries Index is now trading around 30% below its 20 February peak.

Leith van Onselen

Comments

  1. people not spending
    but online shoppnig

    Wonder what the effect on JB HiFi etc will be

    Waiting for my Dominic 8896.99 cheque so I can get a hot buy 55″ Smart TV from Good Guys
    Little Missus’ cheque into the offset
    Some for new golf clubs for her
    New iMac for her photog business

    Stimulating!

  2. You guys must have a Government/State Super Fund, or the like, who’ve been told to support the market at 5,000.

  3. Dont panic, it will only be a short lived bounce…all will be well again with the sell off coming back…

    • TheRedEconomistMEMBER

      Maybe MQG didn’t make the shortlist for Government Stimulus or “too big to fail” status???

      With MQG highly exposed to the USA and just falling under $100.. holders are taking profits while they can.

  4. can someone explain why VGS is basically flat for the week when global stock markets are down 20% in the same period of time

    • CraftsmanMEMBER

      It’s unhedged, so with our dollar going down, VGS goes up. VGAD is hedged, so AUD currency impact is taken out.