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ASX 200 morning report – ANZ, MFG & SYD shares in focus

The S&P/ASX 200 (ASX: XJO) couldn’t overcome weaker sentiment on Thursday, initially trading higher but ultimately falling 0.3% and breaking the 2% gains in recent days.

Only two sectors posted positive returns, being utilities and healthcare, which gained 0.4% and 0.2%, respectively, with the rest falling into negative territory.

The worst was the energy sector, down 1.1% as both Oil Search Ltd (ASX: OSH) and Santos Ltd (ASX: STO) dropped more than 1% despite the PNG Government finally approving their proposed merger.

Elsewhere, jobs growth appears to be slowing, with a gain of just 0.2% in the last fortnight, a significant fall from the 1.5% in the prior two week period.

ASX BNPL shares feeling the heat

The ASX buy now pay later sector took another hit, with the Treasurer suggesting the terms that restrict retailers from passing on the cost of BNPL payment processing may be removed.

The smallest player, Laybuy Holdings Ltd (ASX: LBY) was the hardest hit, falling 11.4% with Zip Co Ltd (ASX: Z1P) also down 4.2%.

Magellan hits two-year low

Magellan Financial Group Ltd (ASX: MFG) simply cannot find a bottom with the company hitting a two-year low as traders exit the company following news of the CEO’s exit and CIO’s recent separation.

Magellan shares fell 4.9% despite the performance of the underlying funds continuing to improve.

Magellan share price chart

Source: Rask Media 2-year Magellan share price

ANZ sued

The regulators had a busy day on Thursday with a swathe of positive and negative announcements.

The first was news that ANZ Banking Group (ASX: ANZ) was being sued for $25 million for failing to properly pay customers under the terms of its mortgage packages over the last decade and even post the Royal Commission.

Sydney Airport deal approved

Sydney Airport Holdings Pty Ltd (ASX: SYD) looks set to be taken over, with the ACCC approving the sale to a consortium of private equity and pension funds.

Seven West Media gets Prime

Seven West Media Ltd (ASX: SWM) shares fell 3.9% as the ACCC approved its deal to acquire Prime Media, with the regulator looking beyond the oligopolistic nature of the sector towards the competition coming from digital avenues in waving through the deal.

Cleanaway gets the green light

Rubbish collection and recycling group Cleanaway Waste Management Ltd (ASX: CWY) had its Plan B approved by the ACCC, with the acquisition of two rubbish dumps and five transfer stations in NSW for $510 million receiving approval.

Meanwhile, Origin Energy Ltd (ASX: ORG) gained 0.4%, outperforming the energy sector, as ConocoPhillips used its pre-emptive rights to take up the 10% share in the APLNG asset that was set to be sold.

ASX 200 today

Looking ahead, the ASX 200 is expected to edge lower when the market opens this morning. This comes following a negative lead from US markets, with the Nasdaq index falling 1.7%. To find out more, check out my US stock market report.

The Golden Rules of Investing

We might be experts in retirement, but with combined financial advice experience of 35+ years, we’ve nearly seen it all. 

In mid-2023, our senior team at Wattle Partners Financial Planning put the finishing touches on a brand-new report “The Golden Rules of Investing“.

In this free report, we outline the key principles that determine all of the portfolio construction and investment decisions of Wattle Partners. Collated over decades, this paper should be seen as a work-in-progress, constantly under review in light of the ever-evolving nature of markets. 

You’ll find the free report on my Author page. Simply click the button below to view the Golden Rules.

Information warning: The information on this website is published by The Rask Group Pty Ltd (ABN: 36 622 810 995) is limited to factual information or (at most) general financial advice only. That means, the information and advice does not take into account your objectives, financial situation or needs. It is not specific to you, your needs, goals or objectives. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. Please read our Terms and Conditions and Financial Services Guide before using this website. The Rask Group Pty Ltd is a Corporate Authorised Representative (#1280930) of AFSL #383169.

Disclosure: At the time of publishing, Drew owns shares in Zip and Magellan.

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Wattle Partners is a financial advice firm, servicing clients around Australia, specialising in retirement planning (pre and post retirement). 

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