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Highest ever close for the S&P/ASX 200 (INDEXASX:XJO) at 7763

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 7,763.70.

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

The highest-ever close for the ASX200 today at 7763, particularly impressive with BHP and Woodside trading ex-dividend! Strength was broad-based, more than 150 stocks in the 200 closed higher as we continue to bask in the glory of a supportive economic and monetary policy scenario, for now at least!

  • The ASX 200 added +30pts/ +0.39% to 7763.
  • Industrials  (+1.33%) a standout, IT was solid (+1.03%) while Staples  (+0.78%) improved
  • Energy (-1.15%) and Materials (-0.02%) hurt by large weights trading ex-dividend.
  • Portfolio Performance has been updated in the portfolio section of the website for the published (website) portfolios, and we’ll cover this in a video tomorrow.
  • The ASX 200 Accumulation Index was up 0.8% in Feb, the standouts for us were the Active Growth Portfolio +1.7% and the Emerging Companies Portfolio +3.69%.
  • The International Equities Portfolio +2.82% was positive but lagged its benchmark and so too did the Active Income Portfolio -1.33%.
  • The Core ETF Portfolio we launched in April 2023 is gaining a solid track record, ahead of its benchmark on all time frames, up +1.16% in February and up 7.37% since inception.
  • UBS has turned from uber bear (and right) on Zip Co Ltd (ASX: ZIP) to the most bullish in the market with a buy and $1.43 PT, although it rallied +7.69% today to close at $1.26, not far off.
  • Resmed CDI (ASX: RMD) +5.45% caught our eye today after pulling back throughout February in a constructive pattern, the release of the AirFit 40, an ultra-compact full face mask the catalyst. The stock looks very good here for another leg higher.
  • BHP Group Ltd (ASX: BHP) -1.1%/49c fell in price terms but traded ex-dividend for $1.10 + franking, worth $1.57, so a solid session really.
  • Deep Yellow Limited (ASX: DYL) were halted after announcing a $250m capital raise through Bells at $1.225, a very tight 3.9% discount. Proceeds used to fund the Tumas Uranium project in Namibia, and it was well understood they needed the cash.
  • PEXA Group Ltd (ASX: PXA) +0.88% announced a few changes to the structure, PEXA is bringing in country heads for Australia & the UK alongside some slight changes to the executive set-up. Small, but likely to improve execution.
  • GQG Partners Inc (ASX: GQG) +2.75% saw $US1.1b of inflows in Feb while performance added a further ~$US9.5b FUM grew to $US137.5b.
  • Gold edged higher in Asia today, up another $US8 to $US2156 – momentum continues to build.
  • Iron Ore was up ~1% in Asia today – a better session after recent weakness.
  • Stocks in China were off 0.10% while Hong Kong was down -0.5%
  • US Futures are lower, down ~0.20%



Broker Moves

MMG Raised to Buy at Huatai Research; PT HK$2.90
National Tyre & Wheel Ltd (ASX: NTD) Cut to Speculative Buy at Taylor Collison
• Zip Co. Raised to Buy at UBS; PT A$1.43
Accent Group Ltd (ASX: AX1) Raised to Neutral at UBS; PT A$2.05
Liontown Resources Ltd (ASX: LTR) Cut to Neutral at UBS; PT A$1.40
IGO Ltd (ASX: IGO) Cut to Sell at UBS; PT A$7.65
PYC Therapeutics Ltd (ASX: PYC) Rated New Overweight at Wilsons
Ingenia Communities Group (ASX: INA) Raised to Accumulate at CLSA; PT A$5.51
Charter Hall Long WALE REIT (ASX: CLW) Raised to Accumulate at CLSA; PT A$13.74
Arena REIT No 1 (ASX: ARF) Raised to Overweight at Barrenjoey; PT A$3.75

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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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