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ASX 200 morning report – HUB, PPS & AMP shares in focus

The shortened week has begun positively with the S&P/ASX 200 (ASX: XJO) gaining 0.6% despite lower-than-normal volumes.

The release of the RBA’s policy meeting minutes dominated conversation, with commentary around the proximity of rate hikes now suggesting they will come sooner rather than later.

The result was the perceived ‘inflation hedges’ within the market outperforming, with the energy, materials and financial sectors all gaining around 1%.

QBE Insurance Group Ltd (ASX: QBE) and Computershare Ltd (ASX: CPU), which benefited from higher rates on the cash and investments they control, both rallied 2.9%.

The technology and healthcare sectors continued to underperform, falling 0.7% and 0.6%, with investors not willing to value profits well into the future as highly.

AMP nearing sale

Shares in AMP Ltd (ASX: AMP) barely budged despite management confirming it was in talks with Dexus Property Group (ASX: DXS) and ‘multiple’ other parties regarding the impending sale of its Collimate Capital and global infrastructure investment businesses, previously known as AMP Capital.

Representing over $31 billion, shareholders will be keen to ensure they are receiving full value in any sale.

New platform flows for HUB24 and Praemium continue

It was another positive quarter for the financial services platform sector, with both Hub24 Ltd (ASX: HUB) and Praemium Ltd (ASX: PPS) reporting strong flows in March.

Hub24 reported another $2.6 billion in the March quarter, a 39% increase, and Praemium $725 million, an 82% improvement on 2021 levels. The result was funds under administration reaching $68.3 billion and $47.7 billion, respectively, partly justifying the solid multiples.

Over $1 billion per month is heading into Hub24 accounts despite reports this week that some 100,000 Australians were no longer receiving financial advice for one reason or another.

The Praemium share price was the standout, rallying 14.5%, with Hub24 gaining 1.6%.

Syrah wins US backing, Incitec’s shutdown costs

Shares in graphite miner Syrah Resources Ltd (ASX: SYR) are showing signs of a renewed rally, gaining 14% after the US Government confirmed it will lend US$107 million to the company in order to secure battery-grade graphite for locally domiciled companies.

At the other end of the spectrum was Incitec Pivot Ltd (ASX: IPL), which gained 3.5% despite finally quantifying the cost of its US ammonia plant to US$128 million due to downtime and lost production.

ASX 200 today

Looking ahead, the ASX 200 is tipped to open higher this morning, following a positive lead from US stock markets overnight. All three US benchmarks rallied, with the Nasdaq the strongest performer with a 2.2% gain. 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.

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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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