The S&P/ASX200 has, at the time of writing, dropped 0.76% to 7,403.60, despite crossing above its 50-day moving average.
The bottom performing stocks in this index are Iress Ltd down 11.09% and Whitehaven Coal Ltd down 10.48%.
Over the last five days, the index is virtually unchanged, but is currently 3% below its 52-week high.
Looking at the best-performing sectors this week, Energy is up over 4% followed by Healthcare up over 1% and Financials up just under 1%.
“The worst performing sectors include Consumer Staples down under 1% followed by Industrials and Consumer Discretionary, which are both just in the red so far this week.
The best performers in the ASX/S&P top 100 stocks include Altium Limited (ASX:ALU) up over 12% followed by Lynas Rare Earths Ltd and Woodside Petroleum Limited (ASX:WPL), which are both up over 9%.
The worst-performing stocks include Brambles (ASX:BXB) Limited down over 9% followed by Fortescue Metals Group (ASX:FMG) Limited and AMP Ltd, which are both down over 5%.
What's next for Australian share market?
We spoke with Wealth Within analyst and founder Dale Gillham about what we can look forward to.
“The Australian stock market moved up this week although it has been far from convincing rising under 1% so far. This financial year the All Ordinaries Index is up just over 2% and it is now four weeks since it achieved its all-time high of 7,902. The calendar year to date figures look better with the All Ordinaries Index up 13% and I don’t expect the return to be any better by the end of this year.
“The slight move up on the Australian stock market this week has not changed my opinion that the probability has swung towards the market being more bearish in the short term. If this is correct, I expect the next low to occur sometime in the next two to four weeks with the market likely to fall below 7,200 points.
"This is just normal market behaviour, so I don’t recommend investors panic and sell their stocks but rather get ready to buy in November, as there are many stocks presenting some good opportunities for growth into 2022.”
On the small cap front
Lithium Australia NL (ASX:LIT, OTC:LMMFF, FRA:3MW) is up 4% after managing director Adrian Griffin spoke to the current state of renewables: “To develop renewable energy security, Australia requires a domestic battery supply chain.
“Pragmatic political policies and government support are a step in the right direction and the Modern Manufacturing Initiative – Collaboration Stream grants will hopefully provide some of that support.”
WA Kaolin Ltd (ASX:WAK) has passed another milestone in Stage 1 construction of the Wickepin Kaolin Project and is up 2.22%.
Today’s Small Cap performers
- 9SP is up 3.85%
- ALY is up 7.14%
- AON is up 5%
- AGC is up 16.67%
- ASM is up 4.10%
- CVS is up 12.5%
- EPM is up 3.51%
- ELT is up 5%
- EUR is up 4.17%
- GPR is up 4.92%
- GGG is up 8%
- KKO is up 9.69%
- KRR is up 3.57%
- KNM is up 7.69%
- LIN is up 8%
- MR1 is up 7.14%
- OAR is up 3.85%
- PNX is up 8.33%
- PAM is up 4.4%
- POL is up 12.5%
- SHH is up 9.09%
- SGQ is up 5.26%
- SRN is up 7.14%
- TBN is up 4.92%
- WWI is up 13.64%
- INR is up 10.83%