IT stocks continue to fall
Published 16-JUN-2017 12:31 P.M.
2 minute read
Hey! Looks like you have stumbled on the section of our website where we have archived articles from our old business model.
In 2019 the original founding team returned to run Next Investors, we changed our business model to only write about stocks we carefully research and are invested in for the long term.
The below articles were written under our previous business model. We have kept these articles online here for your reference.
Our new mission is to build a high performing ASX micro cap investment portfolio and share our research, analysis and investment strategy with our readers.
Click Here to View Latest Articles
A mix of factors drove all major overseas markets lower overnight with a continuation of the tech sell-off mainly accounting for a 0.1% fall in the Dow, which closed at 21,359 points.
Negative sentiment towards IT stocks is better illustrated by the performance of the NASDAQ which came off nearly 0.5% to close at 6165 points.
In the UK, the FTSE 100 fell 0.7% or 55 points, its largest decline in nearly a month. The index closed at 7419 points. This was largely driven by negative sentiment surrounding lower than expected retail sales figures for May, as well as a strengthening in the Pound.
European markets tended to take their lead from the UK with the energy sector also sold down due to weakness in the oil price.
The DAX fell 0.9% to close at 12,691 points, while the Paris CAC 40 declined 0.5% to 5216 points.
On the commodities front, oil continued to tumble, falling another 1.1% to US$44.24 per barrel.
Gold was another big loser as it fell US$20 per ounce to close at US$1255 per ounce, representing a decline of 1.6%.
Iron ore bucked the trend, rallying 1.5% to close at US$55.23 per tonne.
Base metals were out of favour as nickel gave up most of the previous day’s rally to close at US$3.98 per pound.
Lead was the only base metal to make any material ground, closing at US$0.93 per pound.
Copper came off marginally to close at US$2.55 per pound.
Zinc was relatively flat at US$1.12 per pound.
After strengthening against the US dollar on the back of strong employment data yesterday, the Australian dollar retraced from circa US$0.76 to US$0.758.
This article is General Information and contains only some information about some elements of one or more financial products. It may contain; (1) broker projections and price targets that are only estimates and may not be met, (2) historical data in terms of earnings performance and/or share trading patterns that should not be used as the basis for an investment as they may or may not be replicated. Those considering engaging with any financial product mentioned in this article should always seek independent financial advice from a licensed financial advisor before making any financial decisions.
General Information Only
S3 Consortium Pty Ltd (S3, ‘we’, ‘us’, ‘our’) (CAR No. 433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information and is for informational purposes only. Any advice is general advice only. Any advice contained in this article does not constitute personal advice and S3 has not taken into consideration your personal objectives, financial situation or needs. Please seek your own independent professional advice before making any financial investment decision. Those persons acting upon information contained in this article do so entirely at their own risk.
Conflicts of Interest Notice
S3 and its associated entities may hold investments in companies featured in its articles, including through being paid in the securities of the companies we provide commentary on. We disclose the securities held in relation to a particular company that we provide commentary on. Refer to our Disclosure Policy for information on our self-imposed trading blackouts, hold conditions and de-risking (sell conditions) which seek to mitigate against any potential conflicts of interest.
Publication Notice and Disclaimer
The information contained in this article is current as at the publication date. At the time of publishing, the information contained in this article is based on sources which are available in the public domain that we consider to be reliable, and our own analysis of those sources. The views of the author may not reflect the views of the AFSL holder. Any decision by you to purchase securities in the companies featured in this article should be done so after you have sought your own independent professional advice regarding this information and made your own inquiries as to the validity of any information in this article.
Any forward-looking statements contained in this article are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results or performance of companies featured to differ materially from those expressed in the statements contained in this article. S3 cannot and does not give any assurance that the results or performance expressed or implied by any forward-looking statements contained in this article will actually occur and readers are cautioned not to put undue reliance on forward-looking statements.
This article may include references to our past investing performance. Past performance is not a reliable indicator of our future investing performance.