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S&P/ASX 200 (INDEXASX: XJO) up a touch – Not much happening today!

Here’s today’s The Match Out report from Market Matters’ James Gerrish. Key point: the S&P/ASX 200 (INDEXASX: XJO) finished up +0.13% to 7,058.40.

A quiet Monday to kick off the new trading week with the index failing to live up to the levels implied by SPI Futures on Saturday morning.

A tick over 50% of the main board traded higher, however it was a session void of any real impetus in either direction – Banks up a touch, resources mixed and a bit chop-chop elsewhere!

  • The ASX 200 finished up +9pts/ 0.13% to 7058
  • The Energy sector bounced back (+1.33%) while Consumer Discretionary (+0.64%) and Financials (0.56%) outperformed.
  • Staples (-0.83%), Utilities (-0.71%) and Property (-0.40%) the weakest links.
  • Healius Ltd (ASX: HLS) Halted, is preparing to launch an equity raise to help its brittle balance sheet, apparently Barrenjoey has the gig with shares expected to be issued at a 30% discount to last, raising ~$200m
  • Uranium stocks were back on the up today after a recent pullback, Paladin Energy Ltd (ASX: PDN) +3.09% back at $1.00.
  • Gold struggled, Northern Star Resources Ltd (ASX: NST) -2.55% while Evolution Mining Ltd (ASX: EVN) showed its resilience down just ~0.8%.
  • Star Entertainment Group Ltd (ASX: SGR) -4.46% continues to burn those who try and pick a bottom, 53.5c today, well down on the recent raise price of 60c.
  • PEXA Group Ltd (ASX: PXA) +2.32% has been under a lot of pressure in recent months, however, we think it represents solid value at current levels.
  • Orora Ltd (ASX: ORA) -0.39% also looks interesting at ~$2.55, a very recent addition to the Active Income Portfolio
  • Portfolio Manager Harrison Watt on Ausbiz last week calling out a High Conviction (smaller) Stock Idea – Click here to watch
  • Iron ore up smalls in Asia, hanging around US$130/mt.
  • Gold was flat trading US$1981/oz at our close.
  • Asian stocks were mixed, Hong Kong +1.74%, Japan -0.42% and China +0.42%.
  • US Futures are flat


S&P/ASX 200 (INDEXASX: XJO) Index – Weekly Chart for wider context

Broker Moves

  • Accent Group Ltd (ASX: AX1) Cut to Market-Weight at Wilsons; PT A$1.90
  • Accent Group Cut to Neutral at Citigroup Inc (NYSE: C); PT A$1.93

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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.

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