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S&P/ASX 200 (INDEXASX:XJO) edges higher: Select Harvest (ASX:SHV) hit hard

James Gerrish
James Gerrish
James Gerrish

James Gerrish

James is the Portfolio Manager and Primary Author at Market Matters — a groundbreaking service that gives Australian investors access to an institutional-level of data, analysis and action. He is also Senior Portfolio Manager at Shaw and Partners, one of Australia’s leading financial services firms with $30 billion of assets under management. With a wealth of knowledge and expertise James brings a pragmatic, active approach to investing. He’s straight-talking, concise and one of the most respected financial voices in Australia, regularly appearing on CNBC Asia, Sky News, Ausbiz and the ABC.
More analysis

Here’s today’s The Match Out report from Market Matters’ James Gerrish. Key point: the S&P/ASX 200 (INDEXASX: XJO) finished up +0.17% to 7,040.80.

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

The intra-day trend (chart below) shows the impact of low volumes, and as one trader said today, it’s great to see the ASX also celebrates Thanksgiving! Strength early, weakness late but a positive session to cap off a fairly flat week for stocks.

  • The ASX 200 finished up +11pts/ +0.17% to 7040
  • The Utilities (+1.55%), Energy (+1.27%) and Staples (+0.55%) were best on ground.
  • IT (-1.71%), Communications (-0.51%) and Consumer Discretionary (-0.47%) were weak.
  • Origin Energy Ltd (ASX: ORG) +2.76% moved higher as there remains a chance the takeover in some capacity will still eventuate.
  • WiseTech Global Ltd (ASX: WTC) -3.17% lost ground despite reaffirming earnings guidance, with Chair Andrew Harrison stepping down.
  • Virgin Money UK CDI (ASX: VUK) -6.08% fell after the UK-based lender missed expectations at their FY23 result, higher costs and provisions to blame.
  • Select Harvests Ltd (ASX: SHV) -10.53% a tough session for the almond grower on the back of a poor FY23, posting a loss of $114m.
  • Conditions in the almond market have been tough, facing wet weather and varroa mite problems weighing on output while prices remain subdued.
  • The market is now rightly concerned with the company’s $190m of debt on the balance sheet.
  • Whitehaven Coal Ltd (ASX: WHC) +3.41% is finding some support and looks good here.
  • We flagged APA Group (ASX: APA) +0.6% this morning as a quality infrastructure stock that is at attractive levels.
  • TechnologyOne Ltd (ASX: TNE) -4.88% down again on this weeks result that flagged higher costs.
  • Iron Ore was down smalls during our time zone today, sitting $US131/mt
  • Gold was up +$2 trading at US$1994/oz at our close.
  • Asian stocks were mixed, Hong Kong -1.38%, Japan +0.63% and China -0.52%.
  • US Futures are flat.
  • Half day in the US tonight

S&P/ASX 200 (INDEXASX: XJO) Index

S&P/ASX 200 (INDEXASX: XJO) Index

Sectors this week – Source Bloomberg

Stocks this week – Source Bloomberg

Broker Moves

  • Healius Ltd (ASX: HLS) Raised to Equal-Weight at Morgan Stanley (NYSE: MS); PT A$1.30
  • Nick Scali Limited (ASX: NCK) Cut to Neutral at Citigroup Inc (NYSE: C); PT A$11.57
  • Boss Energy Ltd (ASX: BOE) Raised to Speculative Buy at Bell Potter; PT A$5.53
  • AMP Ltd (ASX: AMP) Raised to Neutral at Barrenjoey; PT 96 Australian cents
  • City Chic Collective Ltd (ASX: CCX) Raised to Buy at Citi; PT 62 Australian cents
  • Vulcan Steel Ltd (ASX: VSL) Rated New Add at Morgans Financial Limited; PT A$9

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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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