Site menu

Search by ticker code:
Generic filters


Search by ticker code:
Generic filters

Search by ticker code:
Generic filters

S&P/ASX 200 (INDEXASX:XJO) breaks 7800 for the first time, only blue sky above!

Here’s today’s The Match Out report from Market Matters’ James Gerrish. Key point: the S&P/ASX 200 (INDEXASX: XJO) finished up +1.07% to 7,847.00.

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

Another new all-time high on a very bullish Friday, the ASX 200 trading above 7800 for the first time, as the banks continue to drive gains at the index level.

CY24 to date, the ASX is now up 3.4% excluding dividends as the ‘Goldilocks’ scenario for stocks seems to be playing out.

  • The ASX 200 added an impressive +83pts/ +1.07% to 7847.
  • Financials  (+2.03%) a standout, Healthcare was solid (+1.25%) while Staples  (+1.21%) improved
  • Industrials (-0.02%) the only sector to fall (just) while Materials (+0.12%) and IT (+0.82%) underperformed.
  • For the week, the ASX200 had a total return of  2.04% (lots of dividends), while the Small caps outperformed, adding 2.4%.
  • Virgin Money UK CDI (ASX: VUK) +32.9% surged after a takeover bid from National Building Society at 220pence, equivalent to ~$4.20/sh in cash which was a 38% premium to yesterday’s close. The deal would create the UK’s second-largest deposit taker and mortgage provider.
  • Whitehaven Coal Ltd (ASX: WHC) -1.4% dipped as the proposal to buy Daunia & Blackwater mines became unconditional – should complete in the next month or so.
  • Paladin Energy Ltd (ASX: PDN) +3.75% said they would seek shareholder approval for a 1 for 10 share consolidation, hoping to appeal to more international investors who tend to look past lower-priced shares.
  • Sandfire Resources Ltd (ASX: SFR) -1.62% fell on a broker downgrade, Jarden cut to hold with a bearish $6.50 price target. Interesting to see UBS go the other way this week, upgrading their PT to $8.85. SFR closed at $7.88.
  • In the UBS note they did some sensitivity analysis around value at various price points for Copper. At US$4.5/lb (currently $US3.92), SFR is worth ~$11.50 and at US$5.00/lb, SFR is worth just shy of $15.00, according to UBS.
  • Commonwealth Bank of Australia (ASX: CBA) +1.84% traded above $120 / $121.45 close for the first time, leading a strong day from the banking sector that enjoyed the VUK bid and positive comments from Jarden, “We see scope for further upgrades ahead as consensus reduces bad and doubtful debt forecasts, upgrades credit growth and if funding costs remain well behaved.”
  • Ltd (ASX: KGN) +1.34% the CFO sold ~40% of his holding in the ecommerce business to “diversify” his holdings. Shares were undeterred.
  • SRG Global Ltd (ASX: SRG) +0.65% a small $35m contract win with BlueScope Steel Limited (ASX: BSL), $35m over 2 years for remediation and extension works to a wharf.
  • Stocks in Asia were higher Hong Kong +1%, Chinese equities added +0.12%, while Japan was up +0.76%.
  • US Futures are largely flat.



Sectors this week (excluding dividends) – Source Bloomberg

Stocks this week (excluding dividends) – source Bloomberg

Broker Moves

  • Sayona Mining Ltd (ASX: SYA) Raised to Speculative Buy at Canaccord Genuity Group Inc (TSE: CF)
  • Sandfire Cut to Neutral at Jarden Securities; PT A$6.50
  • 29Metals Ltd (ASX: 29M) Cut to Neutral at Jarden Securities
  • WA1 Resources Ltd (ASX: WA1) Rated New Speculative Buy at Bell Potter
  • Nufarm Ltd (ASX: NUF) Cut to Hold at Bell Potter; PT A$6.35

Movers & Losers

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