Market Wrap / PMI push

The S&P/ASX 200 seesawed to end the day flat at 7936.90 point, up 0.07% this Monday. 

PMI data helped give the discretionary sector a bump, while the miners hindered gains.

The local PMI indicated the rate of output growth accelerated to the fastest in seven months. The consumer discretionary stocks rose 1.1% in average with JB Hi-Fi advancing 0.4%. 

James Hardie lost 14.5% during the session after unveiling plans to acquire US-based AZEK in an $18B cash and scrip deal, diverging from the company’s core business. The combined company will be listed on the New York Stock Exchange with a secondary listing on the ASX.

The miners also had an overall poor session, with South32 shedding 1.1% on a broker earnings downgrade and allegations of industrial misconduct. 

Some relief was to be found among the banks, with CBA gaining 1.4%. CBA entered negotiations with a new mortgage insurer, leaving its current partner Helia 25.8% lower this Monday. 

Overnight, PMI from the eurozone and the US will paint a broader picture of the demand side. And tomorrow, ASX-investors will place their bets ahead of the Federal Budget in the evening.