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ASX 200 morning report – TLS, JBH & CHC shares in focus

In what can only be described as a remarkable turnaround, the Aussie sharemarket is closing in on breakeven for 2022, with the S&P/ASX 200 (ASX: XJO) gaining another 0.7% on Wednesday.

A positive lead from the US and signs of a ceasefire in Ukraine saw every sector barring energy and materials rally, with technology the standout, gaining 3.8%.

Block Inc (ASX: SQ2) reached another record high, up 6.1%, whilst Magellan Financial Group Ltd (ASX: MFG) gained another 8.5% on the strong performance of a number of key holdings within its global equity funds.

Xero Limited (ASX: XRO) and Megaport Ltd (ASX: MP1) also gained more than 5% each despite bond yields hitting the highest point since 2014.

Telstra CEO steps down

Everyone was focused on Telstra Corporation Ltd (ASX: TLS) with the share price falling 0.8% after CEO Andy Penn announced he would be stepping down from September this year.

He will be replaced by Vicki Brady, who occupies his previous role as CFO and will embark on a new era for the simplified and restructured group.

ASX retailers win from budget

JB Hi-Fi Limited (ASX: JBH) appears to have caught a post Budget rally with investors believing that the additional payments to low and middle-income Australians will be directed into their coffers. JB Hi-Fi shares gained more than 1% to a new 12-month high.

ASX healthcare shares to benefit

RBC Capital Markets has suggested the likes of Sonic Healthcare Limited (ASX: SHL), Healius Ltd (ASX: HLS) and Australian Clinical Labs Limited (ASX: ACL) could be underappreciated winners from the Budget after the government allocated another $546 million in Medicare funding towards COVID-19 testing.

Charter Hall, Regal in the headlines

Property fund manager Charter Hall Group (ASX: CHC) gained 1.1% after announcing it had agreed to purchase Irongate Group, a $1.6 billion property manager in a partnership with the Dutch pension fund PGGM for a cost of $1.90 per share; the group appears set on gaining more diversification.

Regal Investemt Fund (ASX: RF1) has managed to extract a stronger price out of the embattled hedge fund manager VGI Partners Ltd (ASX: VGI), with the latter agreeing to give up another 6.7% ownership in the company as part of a merger.

Star faces class action

The news for Star Entertainment Group Ltd (ASX: SGR) is going from bad to worse with a class action launched in Victoria following the CEO’s decision to quit this week.

Shares of the casino operator fell 1.8% and are down 15% this year with allegations that it failed to comply with continuous disclosure requirements regarding its systems and management of regulatory risks.

ASX 200 today

Looking ahead, the ASX 200 is set to edge higher when the market opens this morning, despite a negative lead from US stock markets overnight.

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 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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