Site menu

Search by ticker code:
Generic filters


Search by ticker code:
Generic filters

Search by ticker code:
Generic filters

ASX 200 morning report – AMP, QUB & SGR shares in focus

There was little in the way of positive news on Monday, with the S&P/ASX 200 (ASX: XJO) ultimately capitulated to a lack of direction, gaining just six points to start the week.

Just four of the 11 sectors finished higher but among them were the ASX 200’s two biggest, being materials and financials, which gained 1.3% and 0.6%, respectively. BHP Group Ltd (ASX: BHP) continues to defy expectations, closing above $50 per share once again after gaining 2.3%.

Star CEO steps down

Shares in Star Entertainment Group Ltd (ASX: SGR) gained 0.3% despite CEO Matt Bekier announcing his resignation following revelations of potential breaches of regulations in the group’s casinos.

Bond yields spike

One of the more powerful trends in the market this week, ahead of an early Federal Budget, will be the movements in the government bond yield, an important input into valuations. The 10-year yield hit the highest point since 2014, ahead of the US, despite vastly different domestic conditions.

The ASX technology sector was sold off in response, down 2.7% behind significant falls in Xero Limited (ASX: XRO) and WiseTech Global Ltd (ASX: WTC), down 5.2% and 4.1%.

AMP closes sale to Macquarie

Shares in AMP Ltd (ASX: AMP) barely moved following confirmation that the sale of its $47 billion Global Equities and Fixed Income asset management division to Macquarie Group Ltd (ASX: MQG) had been completed.

The deal is immaterial to the AMP share price representing just $63 million plus a potential $75 million in performance-based settlements.

Qube sells development property

It was a similar story for Qube Holdings Ltd (ASX: QUB), which agreed to sell an option held over land in Beverage, on Melbourne’s Hume Freeway, to the Commonwealth Government which will seek to develop a rail freight terminal. The deal includes an option to buy back certain parcels of land for future development.

ASX delays CHESS replacement system, ASX gold miners struggle

Shares in the market operator ASX Ltd (ASX: ASX) gained 0.4% after the market was informed of a ‘strong likelihood of delay’ in the rollout of its CHESS replacement system that will leverage the benefits of the blockchain.

Meanwhile, once again, the operational risks of commodity producers were on display after Gold Road Resources Ltd (ASX: GOR) cut its dividend on a 19% fall in revenue due to production and St Barbara Ltd (ASX: SBM) cut production forecasts due to surging COVID cases; shares were down 4.4% and 3.3%, respectively.

ASX 200 today

Looking ahead, the ASX 200 is set to open higher this morning following a positive lead from US stock markets overnight. 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.

At the time of publishing, the author of this article does not have a financial or commercial interest in any of the companies mentioned.

Powered by

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

Skip to content