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Early weakness entices bargain-hunting

Here’s today’s The Match Out report from Market Matters’ James Gerrish. Key point: the S&P/ASX 200 (INDEXASX: XJO) finished down -0.56% to 7,670.30.

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

The market was hit particularly hard early on today, down ~120 points at the 11.30am low before buyers of the dip came roaring in, cutting those losses by 2/3rds with a very strong afternoon session into an index re-weight at the close.

  • The ASX 200 fell -43pts/ -0.56% to 7670, although it felt like a decent session by the end.
  • Energy  (+2.01%) was the standout, Utilities (+1.03%) and Property (+0.76%) also did well.
  • Materials (-1.91%) were still on the nose, Consumer Discretionary (-1.03%) and IT (-0.85%) weighed.
  • A softer week overall for the ASX down 2.25% with only 2 sectors closing higher i.e. fairly broad-based selling.
  • Tabcorp Holdings Ltd (ASX: TAH) -5.23% fell as the CEO resigned following inappropriate and offensive language in the workplace.
  • EML Payments Ltd (ASX: EML) +11.5% rallied on news they sold their struggling Sentenial business for ~$54m, a good result for a company that is meant to lose $2m in EBITDA in FY24. This follows the line in the sand drawn on the PCSIL business that has regulatory issues, we like the moves.
  • Iress Ltd (ASX: IRE) +1.42% sold their UK Mortgage business for $164m into Private Equity. Iress has been offloading non-core assets, this being the biggest so far.
  • NRW Holdings Limited (ASX: NWH) +1.67% mining & services contractor announced several contract wins, mostly extensions/variations, but all in worth ~$270m.
  • Strong buying in Centuria Industrial Reit (ASX: CIP) +2.29% and Centuria Capital Group (ASX: CNI) +4.09% today, even Centuria Office REIT (ASX: COF) +2.03% was bought.
  • Gold was up $US2 in Asia, trading at $US2164/oz at our close, Gold stocks pulled back.
  • Iron Ore was off -0.75% at $US107.60
  • Stocks in Asia were down,  Hong Kong -2%, Chinese equities dipped -0.18%, while Japan was off -0.50%
  • US Futures are down a touch.



Sectors this week – Source Bloomberg

Stocks this week – Source Bloomberg

Broker Moves

  • Southern Cross Gold Ltd (ASX: SXG) Rated New Speculative Hold at Bell Potter
  • Hartshead Resources NL (ASX: HHR) Cut to Speculative Hold at Bell Potter

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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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