ChartWatch ASX Scans: Altech Batteries, Brightstar Resources, HMC Capital, Iperionx, Nanoveu, A2 Milk, BHP, Endeavour, Fortescue, Iluka

European equities traded in the US as American depositary receipts were moving higher late Monday morning, rising 0.35% to 1,339.76 on the S&P Europe Select ADR Index.

From continental Europe, the gainers were led by internet browser company Opera and pharmaceutical company Ascendis Pharma , which rose 4.8% and 3.3% respectively. They were followed by pharmaceutical company Novo Nordisk and internet advertising firm Criteo , which were up 2.9% and 2% respectively.

The decliners from continental Europe were led by accommodations booking company trivago and biotech firm Evaxion Biotech , which fell 2.4% and 1.8% respectively. They were followed by medical device maker Edap and telecommunications operator Telefonica , which were down 1.7% and 1.6% respectively.

From the UK and Ireland, the gainers were led by biopharmaceutical companies NuCana and Akari Therapeutics , which climbed 6.3% and 5.2% respectively. They were followed by financial services company Barclays and software firm Endava , which increased 3.6% and 2.7% respectively.

The decliners from the UK and Ireland were led by biopharmaceutical company TC Biopharm and biotech firm Trinity Biotech , which lost 5.9% and 3.7% respectively. They were followed by mining company BHP Group and biopharmaceutical company Amarin , which were off 2.8% and 2.1% respectively.

The S&P/ASX 200 closed 28.9 points lower, down 0.35%.

It was another day of very clearly delineated haves and have nots. “Have” sectors included those still basking in the warm afterglow of last week’s Trump + Red Sweep, plus those enjoying a continued but very modest dip in market yields in the USA on Friday.

“Have Not” sectors were generally those more exposed to Chinese economic growth as investors lamented China’s National People’s Congress Standing Committee's failure to wield a bazooka of fresh fiscal stimulus measures at their meeting over the weekend.

Click/scroll through for the usual reporting of the major sector and stock-specific moves, the broker responses to them, as well as all of the key upcoming economic data in tonight's Evening Wrap.

Let's dive in!

Today in Review

Mon 11 Nov 24, 5:07pm (AEDT)

Markets

ASX 200 Session Chart

The S&P/ASX 200 (XJO) finished 28.9 points lower at 8,266.2, 0.35% from its session high and 0.24% from its low. In the broader-based S&P/ASX 300 (XKO), advancers lagged decliners by a disappointing 111 to 166.

It was another day of very clearly delineated haves and have nots. “Have” sectors included those still basking in the warm afterglow of last week’s Trump + Red Sweep (US earners and other strong US dollar beneficiaries), plus those enjoying a continued but very modest dip in market yields in the USA on Friday (high-PE / long duration earnings and consumer-related).

Information Technology (XIJ) (+1.4%), Real Estate Investment Trusts (XPJ) (+1.4%), Health Care (XHJ) (+0.70%), and Consumer Discretionary (XDJ) (+0.41%) topped the Have winners list.

The best performing stocks from the best performing ASX sectors today

“Have Not” sectors were generally those more exposed to Chinese economic growth, like Resources (XJR) (-2.8%) and Energy (XEJ) (-0.67%), and Gold (XGD) (-0.53%). China’s National People’s Congress (NPC) Standing Committee meeting over the weekend did not produce the bazooka of fresh fiscal stimulus measures investors had built into Friday’s gains in these sectors. Who would have thunk it!? 🤔

This excerpt from a Citi note on the meeting says it all:

The RMB12trn implicit local-debt resolution is more decisive than expected, but its direct growth impact could be quite limited, saving local governments’ interest expenses <0.1% of GDP a year. We think the lack of pro-growth measures, especially consumer stimulus, was a disappointment to markets

– Citi, From: “China Economics: Fiscal Details Appear to Fall Short of Market Expectations Despite High Headline Number”, 10 November 2024

If there is a silver lining, Citi do go on to say about the disappointing NPC meeting it was not enough “to dismiss the ‘policy pivot’”. This suggests the broker still feels there exists the possibility the bazooka (or cap gun) could still be unleashed.

Iron ore stocks like BHP Group (-4.1%), Champion Iron (-9.8%), Fortescue (-7.3%), and Rio Tinto (-3.1%) came in for some special attention today, but falls were also otherwise democratically distributed across base and precious metals, uranium, energy and lithium – the prices of each were generally lower (to sharply lower) on Friday.

Elsewhere, a profit downgrade from Endeavour Group (-4.9%) surprised investors (or at least those investors who don’t read my ChartWatch ASX Daily Scans where it has been one of the most featured in the Downtrends lists for several months now). This dragged on Consumer Staples (XSJ) (-1.8%), making it the second worst performing major sector index.

The worst performing stocks from the worst performing ASX sectors today

Economy

Today

• There weren't any major data releases in our time zone today

Later this week

Tuesday

• 10:30 AUS Westpac Consumer Sentiment October (6.2% September)

• 10:30 AUS NAB Business Confidence October (-2 September)

Wednesday

• 11:30 AUS Wage Price Index September quarter (+0.9% q/q forecast vs +0.8% q/q in June quarter)

Thursday

• 00:30 USA Core Consumer Price Index (CPI) October (+0.3% m/m and +3.3% p.a. forecast vs +0.3% m/m and +3.3% p.a. in September)

• 10:00 AUS RBA Governor Michelle Bullock speaks

• 11:30 AUS Employment change October (+25,200 jobs forecast vs +64,100 jobs in September), Unemployment rate forecast steady at 4.1% in September)

Friday

• 00:30 USA Core Producer Price Index October (PPI) (+0.2% m/m and +2.0% p.a. forecast vs +0.2% m/m and +2.0% p.a. in September)

• 07:00 USA Federal Reserve Chairman Jerome Powell speaks

• 12:30 CHN Data Dump:

  • New Home Prices m/m (-0.7% m/m previous)

  • Industrial Production y/y (+5.5% y/y forecast vs +5.4% y/y previous)

  • Retail Sales y/y (+3.8% y/y forecast vs +3.2% y/y previous)

  • Fixed Asset Investment ytd/y (+3.5% ytd/y forecast vs +3.4% ytd/y previous)

  • Unemployment Rate (steady at 5.1%)

Saturday

• 00:30 USA Core Retail Sales October (+0.2% m/m forecast vs +0.5% m/m in September)

Latest News

Data Insights cxo gl1

Lithium prices have bottomed: These are the highest rated ASX lithium stocks

Mon 11 Nov 24, 1:35pm (AEDT)

Technical Analysis 360 all

ChartWatch ASX Scans: Life360, Aristocrat, Appen, Crypto Innovators ETF, Iperionx, JB Hi-Fi, Pointsbet, Polymetals, Tasmea, Titomic

Mon 11 Nov 24, 9:00am (AEDT)

Market Wraps

Morning Wrap: ASX 200 to fall, S&P 500 and Dow mark best week this year, China stimulus disappoints

Mon 11 Nov 24, 8:41am (AEDT)

Market Wraps anz apx

Evening Wrap: ASX 200 can't do any wrong, first Trump, now falling yields and China stimulus hopes help stocks close in on record

Fri 08 Nov 24, 5:55pm (AEDT)

Data Insights bhp fmg

Is it time to bet on iron ore miners like Fortescue, BHP and Rio Tinto?

Fri 08 Nov 24, 11:35am (AEDT)

Technical Analysis amp anz

ChartWatch ASX Scans: Credit Corp, Computershare, Helia, Hansen Technologies, QBE, Titomic, Tryptamine Therapeutics, Xero, Droneshield

Fri 08 Nov 24, 9:00am (AEDT)

More News

Interesting Movers

Trading higher

• +14.7% Weebit Nano (WBT) - No news, probably started as Trump-Red Sweep tech rally, add in

  The Australian article on Friday, equals a combination of speculative buying and at least some short covering in what was a horrific downtrend

• +12.5% Novonix (NVX) - NOVONIX and Stellantis Sign Binding Offtake Agreement

• +10.2% Pointsbet (PBH) - Response to Media Speculation, rise is consistent with prevailing short and long term uptrends, has been a regular in ChartWatch Daily Scans Uptrends lists for a few months now 🔎📈

• +9.8% Iperionx (IPX) - No news, but this AFR article from Nov 7 likely helped spark this latest rally (paywall), rise is consistent with prevailing short and long term uptrends, has been a regular in ChartWatch Daily Scans Uptrends lists for a few months now 🔎📈

• +6.1% Appen (APX) - Change of Director's Interest Notice - Mr Stuart Davis and Change of Director's Interest Notice - Ms Robin Low (participation in Share Purchase Plan), but also some Trump-Red Sweep tech rally, plus US earnings, plus rise is consistent with prevailing short and long term uptrends, has been a regular in ChartWatch Daily Scans Uptrends lists for a few months now 🔎📈

• +5.3% Vulcan Energy Resources (VUL) - No news since 8 Nov First lithium hydroxide production at downstream plant, solid gain in benchmark lithium carbonate futures contract in China today, rise is consistent with prevailing short and long term uptrends, has been a regular in ChartWatch Daily Scans Uptrends lists for a few months now 🔎📈

• +4.7% Mesoblast (MSB) - No news, rise is consistent with prevailing short and long term uptrends, has been a regular in ChartWatch Daily Scans Uptrends lists for a few months now 🔎📈

• +4.0% HMC Capital (HMC) - Acquisition of iseek and DigiCo Platform Update and Acquisition of iseek Data Centre Platform, rise is consistent with prevailing short and long term uptrends, has been a regular in ChartWatch Daily Scans Uptrends lists for a few months now 🔎📈

• +3.9% Clarity Pharmaceuticals (CU6) - Clarity and Nucleus RadioPharma sign MSA

• +3.4% SRG Global (SRG) - No news, rise is consistent with prevailing short and long term uptrends, has been a regular in ChartWatch Daily Scans Uptrends lists for a few months now 🔎📈

• +3.1% Zip Co. (ZIP) - No news, rise is consistent with prevailing short and long term uptrends, has been a regular in ChartWatch Daily Scans Uptrends lists for a few months now 🔎📈

Trading lower

• -32.8% Resolute Mining (RSG) - Company Statement regarding Mali (another sovereign risk casualty - Bullish on Gold? The case for bullion and gold ETFs over ASX gold stocks!)

• -11.3% Infomedia (IFM) - Revised Revenue Guidance Range, fall is consistent with prevailing short and long term downtrends, has been a regular in ChartWatch Daily Scans Downtrends lists for a few months now 🔎📉

• -10.0% Kingsgate Consolidated (KCN) - No news, generally tough day for ASX gold stocks even without foreign government intervention in projects!

• -9.8% Champion Iron (CIA) - No news, generally tough day for ASX iron ore stocks on disappointment over lack of meaningful stimulus measures announced at weekend's China NPC meeting, lower iron ore price today, fall is consistent with prevailing short and long term downtrends, has been a regular in ChartWatch Daily Scans Downtrends lists for a few months now 🔎📉

• -9.1% Pantoro (PNR) - November 2024 Investor Presentation, but ditto tough day for gold stocks generally

• -8.7% Develop Global (DVP) - No news, ditto resources stocks struggling in general today on China stimulus disappointment, also LME metals prices generally sharply lower on Friday

• -7.9% Iluka Resources (ILU) - No news, fall is consistent with prevailing short and long term downtrends, one of the most featured charts in ChartWatch Daily Scans Downtrends lists 🔎📉

• -7.6% Clearview Wealth (CVW) - Continued negative response to Friday's 2024 AGM Addresses to Shareholders and proceedings and Thursday's Response to ASX Price Query, fall is consistent with prevailing short and long term downtrends

• -7.3% Fortescue (FMG) - Ditto lousy day for ASX iron ore stocks, fall is consistent with prevailing short and long term downtrends, has been a regular in ChartWatch Daily Scans Downtrends lists for a few months now 🔎📉

• -6.8% The A2 Milk Company (A2M) - No news, fall is consistent with prevailing short and long term downtrends, has been a regular in ChartWatch Daily Scans Downtrends lists for a few months now 🔎📉

• -5.9% Lotus Resources (LOT) - No news, fall is consistent with prevailing short and long term downtrends, has been a regular in ChartWatch Daily Scans Downtrends lists for a few months now 🔎📉

• -4.9% Endeavour Group (EDV) - F25 First Quarter Trading Update, fall is consistent with prevailing short and long term downtrends, one of the most featured charts in ChartWatch Daily Scans Downtrends lists 🔎📉

• -4.3% Deterra Royalties (DRR) - Ceasing to be a substantial holder, ditto lousy day for ASX iron ore stocks, fall is consistent with prevailing short and long term downtrends, has been a regular in ChartWatch Daily Scans Downtrends lists for a few months now 🔎📉

• -4.1% Droneshield (DRO) - No news, fall is consistent with prevailing short and long term downtrends, has been a regular in ChartWatch Daily Scans Downtrends lists for a few months now 🔎📉

Broker Notes

• Amaero International (3DA)

  • Retained at buy at Shaw and Partners; Price Target: $0.60

• The A2 Milk Company (A2M)

  • Retained at buy at Citi; Price Target: $7.04

• Aristocrat Leisure (ALL)

  • Retained at buy at Citi; Price Target: $74.00 from $59.00

• ANZ Group (ANZ)

  • Retained at sell at Citi; Price Target: $25.25 from $25.00

  • Retained at underweight at Macquarie; Price Target: $26.50

  • Retained at underweight at Morgan Stanley; Price Target: $27.80 from $27.50

  • Downgraded to reduce from hold at Morgans; Price Target: $25.29 from $26.13

  • Retained at hold at Ord Minnett; Price Target: $27.50

  • Downgraded to neutral from buy at UBS; Price Target: $32.00

• APA Group (APA)

  • Retained at outperform at Macquarie; Price Target: $8.13 from $8.23

• Avita Medical (AVH)

  • Retained at buy at Bell Potter; Price Target: $4.60 from $3.60

  • Retained at add at Morgans; Price Target: $4.56

• Credit Corp Group (CCP)

  • Retained at outperform at Macquarie; Price Target: $19.62 from $18.01

• Cochlear (COH)

  • Upgraded to outperform from sector perform at RBC Capital Markets; Price Target: $332.00 from $280.00

• CSL (CSL)

  • Retained at buy at Citi; Price Target: $345.00

  • Retained at accumulate at Ord Minnett; Price Target: $320.00

• Domain Australia (DHG)

  • Upgraded to buy from overweight at Jarden; Price Target: $3.35 from $3.45

• Domino's Pizza Enterprises (DMP)

  • Retained at hold at Morgans; Price Target: $30.70 from $33.20

• Endeavour Group (EDV)

  • Retained at neutral at Citi; Price Target: $5.18

• Fortescue (FMG)

  • Initiated at neutral at CICC; Price Target: $18.10

• GQG Partners (GQG)

  • Retained at buy at Ord Minnett; Price Target: $3.35

• IPH (IPH)

  • Initiated at buy at Ord Minnett; Price Target: $6.40

• Incitec Pivot (IPL)

  • Retained at neutral at Citi; Price Target: $3.10

• Jumbo Interactive (JIN)

  • Retained at buy at Citi; Price Target: $14.70

  • Retained at overweight at Morgan Stanley; Price Target: $19.50

• Lindsay Australia (LAU)

  • Retained at add at Morgans; Price Target: $1.15

• Lynas Rare Earths (LYC)

  • Retained at sell at Citi; Price Target: $5.50

• News Corporation (NWS)

  • Retained at buy at Goldman Sachs; Price Target: $52.00

  • Retained at hold at Ord Minnett; Price Target: $50.00

• Orica (ORI)

  • Retained at overweight at Morgan Stanley; Price Target: $21.50

• Propel Funeral Partners (PFP)

  • Retained at buy at Bell Potter; Price Target: $6.80 from $6.40

• REA Group (REA)

  • Retained at buy at Bell Potter; Price Target: $258.00 from $239.00

  • Retained at buy at Goldman Sachs; Price Target: $249.00 from $245.00

  • Upgraded to underweight from sell at Jarden; Price Target: $181.00 from $177.00

  • Retained at hold at Morgans; Price Target: $210.00 from $204.00

  • Retained at hold at Ord Minnett; Price Target: $240.00 from $225.00

  • Retained at buy at UBS; Price Target: $268.00 from $263.00

• Ramsay Health Care (RHC)

  • Retained at hold at Ord Minnett; Price Target: $42.40

• Stockland (SGP)

  • Retained at buy at Citi; Price Target: $6.00

• Vulcan Energy Resources (VUL)

  • Retained at buy at Canaccord Genuity; Price Target: $11.50

• Woodside Energy Group (WDS)

  • Retained at neutral at Goldman Sachs; Price Target: $26.90 from $27.20

  • Retained at hold at Ord Minnett; Price Target: $25.50 from $26.50

• WEB Travel Group (WEB)

  • Downgraded to underweight from equal-weight at Morgan Stanley; Price Target: $3.70 from $7.00

Scans

Top Gainers

View all top gainers

Top Fallers

View all top fallers

52 Week Highs

View all 52 week highs

52 Week Lows

View all 52 week lows

Near Highs

View all near highs

Relative Strength Index (RSI) Oversold

View all RSI oversold

Welcome to my ChartWatch Daily ASX Scans series. Here I present scan lists based on my trend following technical analysis methodology. My goal is to alert you to the best uptrends and downtrends on the ASX.

Uptrends Scan List

Today's Uptrends Scan List

Feature Charts from today's Uptrends List 🔎📈

The stocks that I feel are showing the strongest excess demand from today's Uptrends List are: Life360 , Aristocrat Leisure , ANZ Group , Appen , Altech Batteries , Commonwealth Bank of Australia , BetaShares Crypto Innovators ETF , Global X Fang+ ETF , Findi F, Fisher & Paykel Healthcare Corporation , Generation Development Group G, Hub24 , Iperionx , JB HI-FI , MA Financial Group M, Vaneck Australian Banks ETF , Objective Corporation O, Pointsbet , Pro Medicus , Polymetals Resources P, Silex Systems , Tasmea T, Titomic T.

Charts of each below:

Downtrends Scan List

Today's Downtrends Scan List

Feature Charts from today's Downtrends List 🔎📉

The stocks that I feel are showing the strongest excess supply from today's Downtrends List are: Domain Australia , Iluka Resources , IPH , Kelsian Group K, TPG Telecom .

Charts of each below:

ChartWatch Primer

For a detailed explanation of Carl's technical analysis methodology, be sure to check out this ChartWatch Primer.

Important considerations when using the ChartWatch Daily ASX Scans:

1. The future is unknown. Anything can happen to change the trends in the lists above. A stock in a perfect uptrend or downtrend may not remain that way by the close of trading today. 2. These lists are not exhaustive, they are curated by Carl. You will find that certain stocks might not appear in a particular list on consecutive days but might reappear when Carl feels it deserves to return to the list. 3. This is not a recommendation service, merely an aid to help you better understand the workings of Carl’s technical analysis model in a practical way. Carl will not alert you to stocks that have dropped off a list because their trend has changed – it is up to you to apply the criteria to determine why a particular stock might not still be included. 4. This is general, educational information only – always do your own research.

European equities traded in the US as American depositary receipts were moving sharply lower late Friday morning, falling 1.5% to 1,333.73 on the S&P Europe Select ADR Index, which is down about 2.5% for the week.

From continental Europe, the gainers were led by 3D printer company Materialise and biotech firm BioNTech (BNTX), which rose 7.5% and 5.8% respectively. They were followed by biopharmaceutical companies Grifols and Cellectis (CLLS), which were up 1.1% each.

The decliners from continental Europe were led by medical device maker EDAP TMS (EDAP) and semiconductor company Sequans Communications , which dropped 6.6% and 4.3% respectively. They were followed by conglomerate Philips and biopharmaceutical company DBV Technologies , which were down 3.6% and 1.2% respectively.

From the UK and Ireland, the gainers were led by biopharmaceutical company Akari Therapeutics and hospitality company InterContinental Hotels Group , which advanced 3.6% and 2.1% respectively. They were followed by cruise line operator Carnival and biopharmaceutical company Mereo BioPharma Group , which increased 1.7% and 0.6% respectively.

The decliners from the UK and Ireland were led by biotech firm Autolus Therapeutics and biopharmaceutical company TC Biopharm , which dropped 6.1% and 6% respectively. They were followed by insurance company Prudential and mining company BHP Group , which lost 5% and 4.9% respectively.

The S&P/ASX 200 closed 26.8 points higher, up 0.33%.

Sometimes it's a fine line between agony and ecstasy in financial markets. Either you were on the right side of the Trump trade today or you weren't – it really was that simple.

If you've already checked your portfolio prior to reading this, you'll know which of your stocks were lavished with love and money, and which were downright torched!

Click/scroll through for the usual reporting of the major sector and stock-specific moves, the broker responses to them, as well as all of the key upcoming economic data in tonight's Evening Wrap.

Let's dive in!

Today in Review

Thu 07 Nov 24, 5:22pm (AEDT)

Markets

ASX 200 Session Chart

The S&P/ASX 200 (+6.1%), Alcoa Corporation (+5.6%), Bluescope Steel (+5.5%), Sims (+4.3%), Block (+3.5%),and News Corporation (+2.4%) etc...)

You also got showered in cash if your business model prefers higher rather than lower market yields – given market yields have rocketed in anticipation of President-elect Trump's expansionary fiscal policies (so CPU again, but insurers like QBE Insurance Group (+4.8%), Insurance Australia Group (+2.8%), and Suncorp Group (+2.1%) also love higher market yields, and so too do debt collectors like Credit Corp Group (+4.9%)!).

Interestingly, several lithium stocks also bounced back today (IGO (+4.3%), Liontown Resources (+3.8%), Pilbara Minerals (+3.4%), and Mineral Resources (+3.4%)), bucking the idea that a Trump win is bad for the EV industry and renewables in general.

Other areas of the China EV/China tariffs/renewables story still got belted today, so go figure on lithium’s strength (lithium minerals prices were very modestly higher in China today, up around 1% – but I don’t think that’s it).

There was a theory doing the rounds that lithium and other resources including iron ore and energy stocks were rising on hopes of further China stimulus measures would be announced during tomorrow's standing committee of the National People’s Congress (NPC).

This is vaguely plausible given BHP Group (+%), Fortescue (+%), and Rio Tinto's (+%)) gains in iron ore and Woodside Energy (+3.2%) and Santos’s (+2.4%) recovery in energy.

Today's best performing ASX stocks

Anything else renewables related (especially copper) got belted, but the biggest beltings were reserved for gold stocks. It was a total shambles in that sector, as can be seen in the table below and in the Interesting Moves section further down.

Today's worst performing ASX stocks

ChartWatch

No ChartWatch today given I pretty much covered everything in this article: How Trump’s win has impacted markets in 10 incredible charts

Economy

Today

• CNY Trade Balance October RMB 679 billion vs RMB 560 billion forecast and RMB 583 billion in September

  • Strong export growth, +12.7% y/y vs +5.0% forecast and +2.4% y/y in September indicates strong global demand for China's goods and services

  • But, imports -2.3% was worse than expected (vs -1.5% y/y forecast and +0.3% y/y in September indicates still sluggish domestic economic activity

Later this week

Thursday

• 23:00 UK Bank of England (BOE) Official Bank Rate announcement and Monetary Policy Summary

Friday

• 06:00 USA FOMC Meeting and Federal Fund Rate announcement (-0.25% forecast to 4.50-4.75%)

• 06:30 USA Federal Reserve Chairman Jerome Powell press conference

Saturday

• 02:00 USA University of Michigan Consumer Sentiment Index (70.6 forecast vs 70.5 previous)

• 12:30 CHN Consumer Price Index (CPI) October y/y (+0.3% p.a. vs +0.4% p.a. in September)

• 12:30 CHN Producer Price Index (PPI) October y/y (-2.5% p.a. vs -2.8% p.a. in September)

Latest News

Markets 360 all

How Trump’s win has impacted markets in 10 incredible charts

Thu 07 Nov 24, 2:13pm (AEDT)

Markets cvw dhg

Stocks making the biggest moves at noon: Sigma Healthcare, Gold Miners, Lithium and more

Thu 07 Nov 24, 12:32pm (AEDT)

Markets a2m aai

Which ASX 200 stocks benefited the most from Trump's election win?

Thu 07 Nov 24, 11:39am (AEDT)

Technical Analysis 360 all

ChartWatch ASX Scans: AMP, Austal, Global Cybersecurity ETF, Block, MA Financial, Nuix, Xero, Dexus, Iluka, Santos, Woodside Energy

Thu 07 Nov 24, 9:00am (AEDT)

Market Wraps

Morning Wrap: ASX 200 to rise + S&P 500, Dow and Nasdaq soar to record levels on Trump win

Thu 07 Nov 24, 8:37am (AEDT)

Market Wraps apx brn

Evening Wrap: ASX 200 cheers likely Trump win (except mining, especially battery metals stocks which got belted!)

Wed 06 Nov 24, 5:45pm (AEDT)

More News

Interesting Movers

Trading higher

• +24.9% Sigma Healthcare (SIG) - Sigma & Chemist Warehouse deal not opposed and Sigma welcomes the ACCC's decision, rise is consistent with prevailing short and long term uptrend, has been a regular in ChartWatch Daily Scans Uptrends lists 🔎📈

• +8.5% Neuren Pharmaceuticals (NEU) - Continued positive response to yesterday's PRV sold for US$150m - Neuren to receive one third, but also today's Q3 2024 update

• +6.2% Weebit Nano (WBT) - No news, generally positive two days for ASX technology sector

• +6.1% Computershare (CPU) - No news, CPU's profitability increases when market yields rise - market yields have spiked on Trump win

• +5.6% Alcoa Corporation (AAI) - No news, large US dollar earnings, beneficiary of Trump win and associated appreciation of US stocks and the US dollar

• +5.5% Bluescope Steel (BSL) - No news, ditto US earnings beneficiary post Trump win

• +5.4% Worley (WOR) - No news, general view is that Trump win is positive for energy development, broad strength in ASX Energy sector today

• +4.9% Credit Corp Group (CCP) - No news, beneficiary of higher market yields, rise is consistent with prevailing short term uptrend, long term trend is transitioning from down to up, will be in tomorrow's ChartWatch Daily Scans Uptrends list! 🔎📈

• +4.8% QBE Insurance Group (QBE) - No news, ditto insurance stocks also love higher market yields, rise is consistent with prevailing short and long term uptrend, will be in tomorrow's ChartWatch Daily Scans Uptrends list! 🔎📈

Trading lower

• -30.8% Clearview Wealth (CVW) - 2024 Annual General Meeting Addresses to Shareholders and Response to ASX Price Query, fall is consistent with prevailing short and long term downtrend 🔎📈

• -17.3% Spartan Resources (SPR) - New Position South of Pepper Gold Deposit and ASX gold sector belted today on drop in gold price post-Trump win (see this article Chart 7 for more details as to why)

• -11.0% Droneshield (DRO) - No news, but general view is that a Trump win is less favourable for defense stocks given proclivity to de-escalate conflicts / withdrawal of US intervention in conflicts

• -10.8% Chalice Mining (CHN) - Presentation - 2024 Macquarie Western Australia Forum

• -10.1% Resolute Mining (RSG) - No news, ditto gold sector belted today…

• -8.7% Ioneer (INR) - No news, fears Trump win threatens US Department of Energy’s Loan Programs Office loan for Rhyolite Ridge Project

• -8.6% Silver Mines (SVL) - No news, ditto gold sector belted today… (silver also got belted)

• -8.4% Westgold Resources (WGX) - No news, ditto gold sector belted today…

• -8.3% Syrah Resources (SYR) - No new, but also likely related to Trump win, general view is unfavorable for renewables/EV industry/China EV production (via punitive tariffs) and therefore EV materials explorers, developers, and producers

• -7.7% Bellevue Gold (BGL) - No news, ditto gold sector belted today…

• -7.0% Domino's Pizza Enterprises (DMP) - AGM Address and Presentation 2024 but also continued negative response to 5 Nov Announcement regarding CEO, fall is consistent with prevailing short and long term downtrend, one of the most Featured stocks in ChartWatch Daily Scans Downtrends lists 🔎📈

• -6.9% Perseus Mining (PRU) - No news, ditto gold sector belted today…

• -6.9% Firefly Metals (FFM) - Restricted shares to be released from escrow, but ditto gold/renewables (copper)/battery materials/China exposure etc…

• -6.7% Vulcan Energy Resources (VUL) - No news, ditto battery materials/China exposure…

• -6.7% Vault Minerals (VAU) - No news, ditto gold sector belted today…

• -6.7% Emerald Resources (EMR) - No news, ditto gold sector belted today…

• -6.5% Evolution Mining (EVN) - No news, ditto gold sector belted today…

• -6.4% Ora Banda Mining (OBM) - Investor Presentation, but ditto gold sector belted today…

• -6.3% Northern Star Resources (NST) - No news, ditto gold sector belted today…

• -6.3% Gold Road Resources (GOR) - Investor Presentation - Macquarie WA Forum, but ditto gold sector belted today…

• -5.8% Ramelius Resources (RMS) - No news, ditto gold sector belted today…

• -5.2% De Grey Mining (DEG) - No news, ditto gold sector belted today…

• -5.0% Regis Resources (RRL) - Legal Proceedings Commenced for Review of McPhillamys , but ditto gold sector belted today…

• -4.9% Wildcat Resources (WC8) - No news, ditto battery materials/China exposure…

Broker Notes

• Amotiv (AOV)

  • Retained at outperform at Macquarie; Price Target: $13.64

• Eagers Automotive (APE)

  • Retained at neutral at Macquarie; Price Target: $10.50

• ARB Corporation (ARB)

  • Retained at neutral at Macquarie; Price Target: $43.80

  • Retained at buy at Ord Minnett; Price Target: $47.00

• Autosports Group (ASG)

  • Retained at outperform at Macquarie; Price Target: $2.80

• Australian Vanadium (AVL)

  • Retained at buy at Shaw and Partners; Price Target: $0.08

• Breville Group (BRG)

  • Retained at outperform at Macquarie; Price Target: $35.10

• Brightstar Resources (BTR)

  • Retained at buy at Shaw and Partners; Price Target: $0.04

• Capitol Health (CAJ)

  • Retained at hold at Bell Potter; Price Target: $0.33

• Collins Foods (CKF)

  • Retained at neutral at Citi; Price Target: $7.88

  • Retained at neutral at Macquarie; Price Target: $8.30

• Coles Group (COL)

  • Retained at outperform at Macquarie; Price Target: $19.50

• Domain Australia (DHG)

  • Retained at hold at Bell Potter; Price Target: $3.20 from $3.50

  • Downgraded to neutral from buy at Citi; Price Target: $3.20 from $3.65

  • Retained at neutral at Goldman Sachs; Price Target: $3.20 from $3.40

  • Retained at neutral at Goldman Sachs; Price Target: $3.10 from $3.50

  • Retained at hold at Goldman Sachs; Price Target: $3.00 from $3.40

  • Retained at underweight at Goldman Sachs; Price Target: $2.70 from $2.90

• Domino's Pizza Enterprises (DMP)

  • Retained at neutral at Macquarie; Price Target: $32.20

• Endeavour Group (EDV)

  • Retained at neutral at Citi; Price Target: $5.18

  • Retained at neutral at Macquarie; Price Target: $5.40

• Flight Centre Travel Group (FLT)

  • Retained at neutral at Goldman Sachs; Price Target: $17.50 from $20.30

• Fleetpartners Group (FPR)

  • Retained at neutral at Macquarie; Price Target: $3.46

• Goodman Group (GMG)

  • Retained at buy at Citi; Price Target: $40.00

  • Retained at neutral at Macquarie; Price Target: $36.47

  • Retained at overweight at Morgan Stanley; Price Target: $42.40

  • Retained at accumulate at Ord Minnett; Price Target: $35.00

• Harvey Norman (HVN)

  • Downgraded to sell from neutral at Goldman Sachs; Price Target: $4.00 from $4.50

  • Retained at outperform at Macquarie; Price Target: $5.00

• Inghams Group (ING)

  • Retained at outperform at Macquarie; Price Target: $3.50

• JB HI-FI (JBH)

  • Retained at sell at Goldman Sachs; Price Target: $66.90 from $54.40

  • Retained at outperform at Macquarie; Price Target: $77.00

• James Hardie Industries (JHX)

  • Retained at neutral at Citi; Price Target: $50.90

  • Upgraded to overweight from neutral at JP Morgan; Price Target: $55.00 from $52.00

• KMD Brands (KMD)

  • Retained at neutral at Macquarie; Price Target: $0.45

• Maas Group (MGH)

  • Retained at outperform at Macquarie; Price Target: $5.06 from $4.95

• McMillan Shakespeare (MMS)

  • Retained at outperform at Macquarie; Price Target: $20.78

• Metcash (MTS)

  • Retained at neutral at Macquarie; Price Target: $3.45

• Monash IVF Group (MVF)

  • Retained at buy at Bell Potter; Price Target: $1.85

• National Australia Bank (NAB)

  • Retained at sell at Citi; Price Target: $26.50

  • Retained at sell at UBS; Price Target: $35.00

• Nick Scali (NCK)

  • Retained at outperform at Macquarie; Price Target: $15.60

• Pro Medicus (PME)

  • Downgraded to neutral from outperform at Macquarie; Price Target: $180.50 from $152.50

• Premier Investments (PMV)

  • Retained at neutral at Macquarie; Price Target: $34.20

• Prospect Resources (PSC)

  • Retained at buy at Canaccord Genuity; Price Target: $0.30

• Redox (RDX)

  • Downgraded to hold from accumulate at Ord Minnett; Price Target: $3.15 from $3.08

• REA Group (REA)

  • Retained at buy at Citi; Price Target: $230.00

• Scentre Group (SCG)

  • Retained at neutral at Citi; Price Target: $3.60

• SG Fleet Group (SGF)

  • Retained at outperform at Macquarie; Price Target: $3.18

• Sigma Healthcare (SIG)

  • Retained at underperform at Macquarie; Price Target: $1.00

• Smartgroup Corporation (SIQ)

  • Retained at outperform at Macquarie; Price Target: $9.60

• Super Retail Group (SUL)

  • Retained at neutral at Macquarie; Price Target: $16.90

• Suncorp Group (SUN)

  • Retained at neutral at Citi; Price Target: $18.55 from $17.70

  • Retained at buy at Goldman Sachs; Price Target: $19.20 from $18.50

  • Retained at overweight at Morgan Stanley; Price Target: $20.50

  • Retained at accumulate at Ord Minnett; Price Target: $19.65

• Temple & Webster Group (TPW)

  • Retained at outperform at Macquarie; Price Target: $13.55

• Treasury Wine Estates (TWE)

  • Retained at outperform at Macquarie; Price Target: $13.90

• Universal Store (UNI)

  • Retained at outperform at Macquarie; Price Target: $8.40

• Wesfarmers (WES)

  • Retained at neutral at Macquarie; Price Target: $75.30

• Woolworths Group (WOW)

  • Retained at neutral at Macquarie; Price Target: $32.50

• Zip Co. (ZIP)

  • Upgraded to neutral from underperform at Bank of America; Price Target: $3.20 from $1.50

Scans

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Top Fallers

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52 Week Highs

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52 Week Lows

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Near Highs

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Relative Strength Index (RSI) Oversold

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It appears the US election result surprised at least 49% of the US population, but it also appears to have been a major surprise for many parts of the world’s financial markets. Perhaps the biggest surprise was that President-elect Donald Trump’s win would be so emphatic, with Republicans now looking very likely to control both chambers of US Congress.

Whilst stopping short of a filibuster-proof two-thirds majority in the Senate (filibuster rules allow legislation in the US Senate to pass despite any procedural hurdles the other side may throw at it) - Trump will likely have a strong platform to implement his agenda.

A Trump-Republican controlled Congress was widely seen as the most bullish outcome for stock markets, as policies flagged by Trump before the election were seen as the most beneficial for US economic growth. Certainly, the massive gains in US stocks we’ve seen in the last 24 hours appear to reflect this.

However, the outcome doesn’t necessarily benefit all financial instruments and all financial markets around the world. Many markets, indeed potentially economies, stand to come out big losers from events likely to unfold in Washington over the next four years.

Some would argue that when it comes to markets, talk is cheap – it’s what the money does that matters. So, rather than provide you with a 5,000-word essay on the intricacies of how a Trump win will impact various parts of the global financial markets, let’s instead see what the money did in the last 24 hours. In pictures – in charts.

Here are the 10 most incredible charts in financial markets from the last 24 hours:

Charts 1, 2, & 3: US stocks are big Trump winners 🏆

Chart 1: S&P 500 (