Site menu

Search by ticker code:
Generic filters


Search by ticker code:
Generic filters

Search by ticker code:
Generic filters

Choppy session to kick off the new month: Premier (ASX:PMV) rallies on AGM comments

Here’s today’s The Match Out report from Market Matters’ James Gerrish. Key point: the S&P/ASX 200 (INDEXASX: XJO) finished down -0.20% to 7,073.20.

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

A choppy day to kick off the first day of the month with the market soft early, the ASX200  down ~40pts at the lows only to recover most of the declines before the close – not a bad effort for a Friday and another sign that markets have a bullish tone to them after a great November.

The ASX200 managed a gain of 32pts/+0.46% this week, Tech and Healthcare the standouts.

  • The ASX 200 finished down -14pts/-0.20% at 7073.
  • The Energy sector (+0.12%) was the only one in the black
  • IT (-1.086%), Staples (-0.84%) & Consumer Discretionary  (-0.81%) the biggest drag
  • November was a great month for equities after a poor September/October period – the +4.5% advance by the ASX showing how important it is to stay the course.
  • Pilbara Minerals Ltd (ASX: PLS) -0.82% as AusSuper takes a 5% stake – with 19% of the stock short sold, this is a stock firmly back on our radar.
  • Core Lithium Ltd (ASX: CXO) -3.57% on the other hand was lower on a downgrade to sell rating from Citigroup Inc (NYSE: C).
  • Premier Investments Limited (ASX: PMV) +2.83% rallied as they held their AGM saying Black Friday sales were the best ever.
  • Mesoblast Ltd (ASX: MSB) halted is raising $98m through Bells – not long ago they upgraded the stock, now we know why!
  • Iron Ore was higher in Asia, up 1.25%
  • Gold edged up US$3 during our time zone today,  trading at US$2040 at our close.
  • Asian stocks were soft, Hong Kong -0.50%, Japan -0.06% while China lost 1%.
  • US Futures are largely flat



Sectors this week – Source Bloomberg

Stocks this week – Source Bloomberg

Premier Investments (PMV) $25.11

PMV +2.83%: despite a soft backdrop for retailers, Premier continues to show resilience in its earnings based on a positive update at the company’s AGM.

Solomon Lew’s retail group noted cost of living pressures were having an impact on the consumer however the company had a record sales week over the ‘Black Friday’ period across their brands which include Just Jeans, Peter Alexander & Smiggle.

Given the strong start to the year, Premier now expects EBIT for the 1H to be ~$200m in their retail division, 10% above consensus expectations, the caveat is that key Christmas and Back to School sales periods remain with the half-year wrapping up in January.

The EBIT guideline doesn’t include contributions from their investments in Myer Holdings Ltd (ASX: MYR) and Breville Group Ltd (ASX: BRG) where Premier owns ~25% of each.

Looking ahead, the market is after more commentary regarding plans to restructure the business, hoping to unlock value given the broad range of brands and investments within Premier.

Premier Investments (PMV) share price

Broker Moves

  • Fortescue Ltd (ASX: FMG) Cut to Hold at Jefferies; PT A$23.90
  • Allkem Ltd (ASX: AKE) Cut to Hold at Jefferies; PT A$8.50
  • Gold Road Resources Ltd (ASX: GOR) Cut to Hold at Jefferies; PT A$2.10
  • Iress Ltd (ASX: IRE) Raised to Overweight at Wilsons; PT A$8.16
  • Fisher & Paykel Healthcare Corporatn Ltd (ASX: FPH) Cut to Underweight at Jarden Securities; PT NZ$22
  • Iress Raised to Outperform at Macquarie Group Ltd (ASX: MQG); PT A$8.35
  • Kinatico Ltd (ASX: KYP) Rated New Outperform at Taylor Collison
  • Maxiparts Ltd (ASX: MXI) Rated New Outperform at Taylor Collison; PT A$3.40
  • Antisense Therapeutics Limited (ASX: ANP) Reinstated Outperform at Taylor Collison
  • Desane Group Holdings Limited (ASX: DGH) Reinstated Outperform at Taylor Collison

Major Movers Today

If you’re reading this article on Rask, chances are, you’re in the market for passive income. Whether you’re in retirement or growing your assets — income matters!

So how’s this: our team at Market Matters has delivered a 15.3% return from our Income Portfolio*.

How does that happen? I can tell you, it’s not by chance.

In our brand-new free investing report — we break down “the good, the bad & the ugly”, reviewing the standout ASX income stars, as well as analysing our underachievers.

Get an inside look at our key investments and understand our strategies around nurturing winners and managing laggards. The free report will also cover detailed insights into our approach for trimming, holding, or even doubling down.

As investors continue to look for strong income performance, in a turbulent market, this is a free report not-to-be missed. 

Simply click here to get my free report and take your income investment strategies to the next level.

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.

Powered by

Skip to content