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Share prices bounce 4.5% in November as interest rates peak

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.

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

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.



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.


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

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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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