Search by ticker code:
Generic filters

Search by ticker code:
Generic filters

Search by ticker code:
Generic filters

The Match Out: Iron ore continues to rally

Here’s today’s The Match Out report from Market Matters’ James Gerrish. Key point: the S&P/ASX 200 (INDEXASX: XJO) finished up +1.29% to 7279.

Markets @ Midday: Listen here at lunchtime or find all Market Matters Podcasts on Spotify.

The stars aligned for a strong finish to the week, and the ASX delivered with its best one-day rally in more than 8 weeks today.

All sectors were higher today, led by a resurgent materials sector thanks to strong commodity prices. It was a very broad-based rally today with 80% of the S&P/ASX 200 (INDEXASX: XJO) finishing higher with money keen to pile into the market.

The index posted a gain of 122pts/+1.71% this week, recouping the losses of last week.

  • The ASX 200 added +92pts/ +1.29% to 7279.
  • The Materials sector was best on ground (+2.54%) while Tech (+1.93%), Energy (+1.68%) & Consumer Discretionary (+1.09%) were also notable gainers.
  • While still closing higher today, Utilities (+0.28%) and Healthcare (+0.29%) were the key laggards.
  • Data out of China was strong as Industrial production (+4.5% YoY) and Retail Sales (+4.6% YoY) were better than expected, further supporting the rally, particularly in China-facing stocks. The buying followed on from yesterday’s surprise stimulus in the form of a cut to the Reserve Requirement Ratio (RRR)
  • Metcash Limited (ASX: MTS) -0.54% hosted their AGM today. Sales YTD were up +6% for food ex-tobacco, +3.2% for Hardware and +1.7% for Liquor. Tobacco sales (-11%) have been impacted by illicit trade while further signs of consumer weakness have been noted despite the growth so far in FY24.
  • Novonix Ltd (ASX: NVX) +37.96% continues to surpass targets at their Tennessee battery facility with costs, volumes and sustainability numbers in line with expectations, lifting production capacity targets.
  • Qantas Airways Limited (ASX: QAN) +0.36% took another hit, the ACCC rejecting their collaboration with China Eastern today.
  • Telco data showed Telstra Group Ltd (ASX: TLS) and TPG Telecom Ltd (ASX: TPG) are losing market share, mostly to Aussie Broadband Ltd (ASX: ABB) and Vocus Group Limited (ASX: VOC).
  • Iron Ore rallied a further 1.51% in Asia today taking Rio Tinto Ltd (ASX: RIO) to a one-month high, up 3% in the session.
  • Gold was up 0.4% to US$1919 at our close, most gold stocks enjoyed the move.
  • Asian stocks were mostly higher, Hong Kong +1%, Japan +1.1% while China was off -0.50%
  • US Futures are higher, all by around 0.2%



Sectors this week – Source Bloomberg

Stocks this week – Source Bloomberg

Broker Moves

  • Clean Seas Seafood Ltd (ASX: CSS) Rated New Buy at PAC Partners
  • Monadelphous Group Ltd (ASX: MND) Raised to Overweight at Jarden Securities
  • Myer Holdings Ltd (ASX: MYR) Cut to Reduce at CLSA; PT 64 Australian cents

Major Movers Today

If you’re reading this article on Rask, chances are, you’re in the market for passive income. Whether you’re in retirement or growing your assets — income matters!

So how’s this: our team at Market Matters has delivered a 15.3% return from our Income Portfolio*.

How does that happen? I can tell you, it’s not by chance.

In our brand-new free investing report — we break down “the good, the bad & the ugly”, reviewing the standout ASX income stars, as well as analysing our underachievers.

Get an inside look at our key investments and understand our strategies around nurturing winners and managing laggards. The free report will also cover detailed insights into our approach for trimming, holding, or even doubling down.

As investors continue to look for strong income performance, in a turbulent market, this is a free report not-to-be missed. 

Simply click here to get my free report and take your income investment strategies to the next level.

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.

*Active Income Portfolio FY 23 of 15.36% achieved between 01/07/22 to 30/06/23.

At the time of publishing, the author or their clients may have a financial interest in some of companies or securities mentioned.

Powered by

Skip to content