OBP Group

OBP Capital weekly Market Watch

The ASX 200 Index closed over 7,400 points last Friday, its highest level since January 18. The Australian share market rallied to a two-month high last week supported by strong gains from the big 4 banks and miners getting an uplift from increasing commodity prices.

Westpac climbed 0.4 per cent to $23.75, NAB firmed 1.4 per cent to $31.66 and ANZ rose 0.1 per cent to $27.61. Commonwealth Bank dipped 0.3 per cent to $105.92.

Macquarie Group advanced 1.6 per cent to $197.87 after Morgan Stanley analyst Andrei Stadnik raised his price target on the shares to $245 off the back of its commodities and global markets business is set to cash in on a rise in trading activity and volatility.

Health care stocks on the other hand led the market losses. CSL slid 2.3 per cent to $264.81, ResMed 9.8 per cent to $31.58, Fisher & Paykel 11.6 per cent to $22.82, Medibank Private 4.1 per cent to $3.06 and Telix Pharmaceuticals 17.6 per cent to $4.21.

Asset managers were also facing pressure during the week. Platinum Asset Management fell 6.7 per cent to $2.10, Pendal Group 5.9 per cent to $4.50, Janus Henderson 3.7 per cent to $46.42 and Magellan Financial Group 9.8 per cent to $14.20.

Coming up: The treasurer will deliver the 2022-23 Federal Budget at approximately 7.30pm (AEDT) on Tuesday March 2022 amid COVID-19 recovery efforts, flooding in NSW and Queensland and a war in Europe.