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S&P/ASX 200 (INDEXASX:XJO) opens with a bang, ends with a whimper …

Here’s today’s The Match Out report from Market Matters’ James Gerrish. Key point: the S&P/ASX 200 (INDEXASX: XJO) finished up +0.39% to 7,015.20.

Markets @ MiddayListen here at lunchtime or find all Market Matters Podcasts on Spotify.

A similar sort of session to yesterday played out today with the best of it seen early, although we started from a higher level with strong buying on open seeing the index +60 points not long after the bell, before sellers emerged cutting those gains in half.

  • The ASX 200 finished up +27pts/ +0.39% to 7015.
  • The Property sector (+1.48%) was the standout, while Consumer Staples (+0.62%) and Consumer Discretionary (+0.60%) finished higher.
  • Energy (-1.01%), IT (-0.42%) and Utilities (-0.09%) struggled.
  • Retail sales came in softer than tipped in October, down -0.2% from September, missing forecasts of a 0.1% rise
  • Clearly higher borrowing costs are starting to bite in retail land as consumers tighten their belt.
  • Weaker data reduces the chance of further interest rate hikes, now only around 16bps of tightening priced in by futures.
  • Pointsbet Holdings Ltd (ASX: PBH) +5.48% was strong after confirming they were on track to deliver revenue growth of between 10-20% in FY24.
  • Imugene Limited (ASX: IMU) +9.89% rallied after being granted Fast Track designation from the US FDA for the clinical evaluation of its metastatic advanced solid tumours program against a new form of cancer.
  • Collins Foods Ltd (ASX: CKF) +9.01% reported strong results and increased dividend, declaring 12.5c for the half.
  • AGL Energy Limited (ASX: AGL) -0.61% continued to dip taking their 5-month pullback to ~20% after a ~75% rally from the lows – a volatile ride. We continue to own a small position in our Active Income Portfolio.
  • AGL’s CFO presented at a conference today and talked about future demand for electricity – they expect a doubling of demand in electricity between now and 2050 with electric vehicles underpinning a 30% increase in home electricity consumption.
  • Link Administration Holdings Ltd (ASX: LNK) +4.2% was up on positive AGM commentary, winning new business and on track for a strong 1H.
  • They upgraded FY24 guidance for revenue growth of more than 6.5% and EBIT growth of 7-9%, up from at least 6%.
  • Gentrack Group Ltd (ASX: GTK) +9.85% hit 4-year highs as the billing and customer management software business released strong FY23 results, Revenue +7% above the midpoint of guidance and EBITDA beat by 12% at $24.6m. FY24 guidance was also positive underpinning a very strong move in their shares.
  • Plenti Group Ltd (ASX: PLT) +64.71% ripped after signing a deal with National Australia Bank Ltd (ASX: NAB) for co-branded EV and Renewable Energy loans. We wonder what this means for the alternative financing sector of the market, banks may now be looking for their share of the pie?
  • Orora Ltd (ASX: ORA) +2.43% upgraded at Morgan Stanley to buy equivalent and $3.50 PT, this is our latest purchase in the Active Income Portfolio, switching out of Wesfarmers Ltd (ASX: WES).
  • Iron ore fell, futures down 2% in Singapore to $US131/mt, although Fortescue Ltd (ASX: FMG) +1.5% bucked the trend.
  • Gold edged higher, now trading US$2015/oz at our close. Evolution Mining Ltd (ASX: EVN) +2.93% was outshone by Northern Star Resources Ltd (ASX: NST) +3.5%, two stocks we hold in the Growth Portfolio.
  • Asian stocks were mixed, Hong Kong -0.12%, Japan -0.87% while China +0.04% edged higher.
  • US Futures are little changed.



Broker Moves

  • Clean Seas Seafood Ltd (ASX: CSS) Cut to Hold at Bell Potter
  • PeopleIn Ltd (ASX: PPE) Cut to Market-Weight at Wilsons; PT A$1.39
  • Life360 Inc (ASX: 360) GDRs Rated New Buy at Ord Minnett; PT A$8.84
  • Meteoric Resources NL (ASX: MEI) Rated New Speculative Buy at Canaccord Genuity Group Inc (TSE: CF)
  • Orora Raised to Overweight at Morgan Stanley (NYSE: MS); PT A$3.50
  • Service Stream Ltd (ASX: SSM) Reinstated Accumulate at CLSA; PT A$1
  • Aeris Resources Ltd (ASX: AIS) Cut to Neutral at Macquarie Group Ltd (ASX: MQG)
  • Monadelphous Group Ltd (ASX: MND) Reinstated Reduce at CLSA; PT A$14.40
  • NRW Holdings Limited (ASX: NWH) Reinstated Buy at CLSA; PT A$2.90
  • Perenti Ltd (ASX: PRN) Reinstated Buy at CLSA; PT A$1.50
  • Downer EDI Ltd (ASX: DOW) Rated New Reduce at CLSA; PT A$4.15

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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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