Site menu

Search by ticker code:
Generic filters


Search by ticker code:
Generic filters

Search by ticker code:
Generic filters

ASX 200 morning report – GrainCorp & Platinum shares in focus

A strong rally to close out the week, with the S&P/ASX 200 (ASX: XJO) finishing 0.5% higher, wasn’t enough to offset downward pressure during the week, with the ASX 200 ultimately losing 0.2%.

Performance was varied on Friday, with materials and industrials both outperforming, gaining 1.3% and 0.9% amid surging commodity prices and both real estate and technology retreating, down 0.3%.

Among the biggest movers were GrainCorp Ltd (ASX: GNC), Nufarm Ltd (ASX: NUF) and Paladin Energy Ltd (ASX: PDN) up 5.8%, 4.1% and 13.1% each.

GrainCorp surge continues

GrainCorp was the standout, with management upgrading earnings guidance once again, now expecting underlying EBITDA in the range of $590 million and $670 million, up from a range of $480 million and $540 million just a few weeks ago.

This comes as the Ukraine crisis and a global shortage has caused massive demand for Australian grain and oil seeds. How long this is sustained for is another question.

Platinum hits record low

Platinum Asset Management Ltd (ASX: PTM) was at the other end of the spectrum, falling 15% to a record low after announcing a near $2 billion reduction in assets under management.

The value manager’s core funds have underperformed significantly, with only $200 million in outflows and the majority driven by falls in market value.

ASX 200 weekly movers

Over the week, the highlights were once again the consumer staples and energy sectors, up 1.7% each with Pendal Group Ltd (ASX:PDL) jumping 17.6% on the back of a takeover offer from Perpetual Limited (ASX: PPT), and Mineral Resources Limited (ASX:MIN) another standout, gaining 12.3%.

On the flipside, AVZ Minerals Ltd (ASX: AVZ) and Lynas Rare Earths Ltd (ASX: LYC) were the ASX 200’s biggest detractors, falling 13.8% and 10.9%, respectively, across the five days.

ASX 200 today

Looking ahead, the ASX 200 is set to open higher this morning, following a mixed lead from US stock markets on Friday. The Dow Jones climbed 0.4% while the tech-heavy Nasdaq fell by 1.3%.

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