Here’s today’s The Match Out report from Market Matters’ James Gerrish. Key point: the S&P/ASX 200 (INDEXASX: XJO) finished up +0.74% to 7,087.30.
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The trend for the week was broken today with the market down early before rallying ~60 points as it squeezed up into month end with an MSCI Index rebalance thrown into the mix as well – the market is starting to get that ‘Christmas squeeze’ vibe about it, the ASX 200 up 4.52% for the month of November, recouping a large proportion of the declines from the September / October, the net result is a total return of -1.4% for the tumultuous period.
- The ASX 200 finished up +51pts/+0.74% at 7087
- The Industrial sector was best on ground (+1.43%) while IT (+1.29%) & Financials (+1.24%) outpaced the market’s gain.
- Utilities (-0.95%) and Energy (-0.26%) the only two sectors to finish lower.
- Utlities weighed down by Origin Energy Ltd (ASX: ORG) -1.9% after they rejected Brookfields revised offer while AGL Energy Limited (ASX: AGL) lost -2.68% capping off a tough month.
- Activity in China’s manufacturing and services sectors shrank in November, which fuels expectations for more stimulus.
- All the major banks we up. Commonwealth Bank of Australia (ASX: CBA) +1.29% the best of them as loan growth kicked back in.
- Uranium was on the nose, Paladin Energy Ltd (ASX: PDN) -2.99% followed weakness overnight – couldn’t see much out on this so suspect ETF flows perhaps, they have a big bearing on the stocks.
- Iress Ltd (ASX: IRE) +14.87% rallied on an upgrade to guidance – more on this below
- Healthcare stocks a standout during November (+11%) after a tough year – Resmed CDI (ASX: RMD) +2.27% today looking a lot better, now up ~15% from the lows. Ramsay Health Care Ltd Fully Paid Ord. Shrs (ASX: RHC) the one getting left behind.
- Ditto for Property stocks as recent investor surveys show more appetite to wade back in to Real-Estate – Centuria Capital Group (ASX: CNI) +28% for the month.
- The BNPL stocks in the US have really started to rock and roll – Block Inc CDI (ASX: SQ2), the old Afterpay was up +58% for the month!
- Iron Ore was marginally higher in Asia, +0.34% at $US134.70
- Gold edged was flat during our time zone today, trading at US$2044 at our close.
- Asian stocks were solid, Hong Kong +0.40%, Japan +0.40% while China added 0.34%.
- US Futures are up around 0.20%.
- Snowflake Inc (NYSE: SNOW) reported quarterly results after the bell overnight, guiding to revenue growth of 30% (~$721m), which was ahead of expectations. More on this tomorrow – we hold in the International Equities Portfolio, with the stock +7% after hours. 32 buys, 14 holds and 1 sell from analysts.
S&P/ASX 200 (INDEXASX: XJO) Index
S&P/ASX 200 (INDEXASX: XJO) Index
IRESS (IRE) $7.03
IRE +14.87%: the market data platform upgraded guidance today which saw the stock hit 3-month highs.
After a poor 1H result in August on slowing revenue growth and higher costs, IRESS went back to the drawing board with strategies to improve performance.
Early signs show a vast improvement in the business as a result with Revenue expected to grow 2.6% in the 2H, costs falling on lower headcount and customer sentiment improving.
Given the early success of the turnaround, IRESS upgraded FY23 EBITDA guidance by 4.5% to $123-158m, ~15% above consensus, and FY24 guidance was upgraded by 8.5% to $135-145m.
IRESS (IRE)
Sectors in November – Source Bloomberg
Stocks in November – Source Bloomberg
Broker Moves
- Cobram Estate Olives Ltd (ASX: CBO) Rated New Buy at Shaw and Partners; PT A$1.75
- Close The Loop Ltd (ASX: CLG) Reinstated Buy at Shaw and Partners
- Core Lithium Ltd (ASX: CXO) Cut to Sell at Citigroup Inc (NYSE: C); PT 29 Australian cents
- Ikegps Group Ltd (NZE: IKE) Cut to Speculative Hold at Bell Potter; PT NZ$0.68
- MMA Offshore Ltd (ASX: MRM) Reinstated Buy at Shaw and Partners; PT A$2.30
- Temple & Webster Group Ltd (ASX: TPW) Cut to Neutral at Citi; PT A$7.40
Major Movers Today
