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ASX 200 morning report – RHC & BHP shares in focus

The S&P/ASX 200 (ASX: XJO) is set to open lower this morning, following a negative lead from US stock markets to finish the week.

Here’s a round-up of what you missed on Friday.

ASX 200 suffers worst fall in three months

The ASX 200 suffered its worst selloff in several months on Friday, falling 1.6% to finish the Easter shortened week.

Every sector was lower barring healthcare, which gained 0.5% as investors flock to their defensive names; CSL Limited (ASX: CSL) and Ramsay Health Care Limited (ASX: RHC) outperformed, gaining 1.7% and 1.5%.

Commodity reversal continues

Materials and mining continue to bear the brunt of the selloff, down 3.3% and 2.5% on Friday, taking the weekly loss to more than 5% each.

On the commodities side, there are multiple issues beginning with supply chain and staff shortages, which are ultimately resulting in higher costs and lower production.

China’s COVID-zero policy is also hurting the likes of BHP Group Ltd (ASX: BHP), which fell 4.4% on Friday as the market continues to digest its underwhelming production update.

Despite this, both OZ Minerals Limited (ASX: OZL) and Mineral Resources Limited (ASX: MIN) reiterated their previous guidance suggesting they are navigating the situation better than most, but Evolution Mining Ltd (ASX: EVN) recently highlighted that 25% of its workforce had contracted COVID-19 at the same time.

Megaport punished, quality & reopening plays shine

Markets are becoming weary of underperforming growth companies, with Megaport Ltd (ASX: MP1) falling another 9.7% on Friday, taking the weekly loss to 25% of the company’s value.

It was a similar story for Block Inc (ASX: SQ2) and Zip Co Ltd (ASX: Z1P) with both losing more than 10% across the week and struggling to find any buyers.

On the other hand, quality companies and reopening beneficiaries remain in demand, as Ramsay jumped 31% on a takeover bid and Qantas Airways Limited (ASX: QAN) soared more than 10% on a surge in bookings.

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 CSL and Zip Co.

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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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