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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

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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*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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