Markets
News
Analysis
User
24/7
Economic Calendar
Education
Data
- Names
- Latest
- Prev
A:--
F: --
P: --
A:--
F: --
P: --
A:--
F: --
P: --
A:--
F: --
P: --
A:--
F: --
P: --
A:--
F: --
P: --
A:--
F: --
P: --
A:--
F: --
P: --
A:--
F: --
P: --
A:--
F: --
P: --
A:--
F: --
P: --
A:--
F: --
P: --
A:--
F: --
P: --
A:--
F: --
P: --
A:--
F: --
P: --
A:--
F: --
P: --
A:--
F: --
P: --
A:--
F: --
P: --
A:--
F: --
P: --
A:--
F: --
P: --
A:--
F: --
P: --
A:--
F: --
P: --
A:--
F: --
A:--
F: --
P: --
A:--
F: --
P: --
A:--
F: --
P: --
A:--
F: --
A:--
F: --
A:--
F: --
A:--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
No matching data
Latest Views
Latest Views
Trending Topics
To quickly learn market dynamics and follow market focuses in 15 min.
In the world of mankind, there will not be a statement without any position, nor a remark without any purpose.
Inflation, exchange rates, and the economy shape the policy decisions of central banks; the attitudes and words of central bank officials also influence the actions of market traders.
Money makes the world go round and currency is a permanent commodity. The forex market is full of surprises and expectations.
Top Columnists
Enjoy exciting activities, right here at FastBull.
The latest breaking news and the global financial events.
I have 5 years of experience in financial analysis, especially in aspects of macro developments and medium and long-term trend judgment. My focus is maily on the developments of the Middle East, emerging markets, coal, wheat and other agricultural products.
BeingTrader chief Trading Coach & Speaker, 8+ years of experience in the forex market trading mainly XAUUSD, EUR/USD, GBP/USD, USD/JPY, and Crude Oil. A confident trader and analyst who aims to explore various opportunities and guide investors in the market. As an analyst I am looking to enhance the trader’s experience by supporting them with sufficient data and signals.
Latest Update
Risk Warning on Trading HK Stocks
Despite Hong Kong's robust legal and regulatory framework, its stock market still faces unique risks and challenges, such as currency fluctuations due to the Hong Kong dollar's peg to the US dollar and the impact of mainland China's policy changes and economic conditions on Hong Kong stocks.
HK Stock Trading Fees and Taxation
Trading costs in the Hong Kong stock market include transaction fees, stamp duty, settlement charges, and currency conversion fees for foreign investors. Additionally, taxes may apply based on local regulations.
HK Non-Essential Consumer Goods Industry
The Hong Kong stock market encompasses non-essential consumption sectors like automotive, education, tourism, catering, and apparel. Of the 643 listed companies, 35% are mainland Chinese, making up 65% of the total market capitalization. Thus, it's heavily influenced by the Chinese economy.
HK Real Estate Industry
In recent years, the real estate and construction sector's share in the Hong Kong stock index has notably decreased. Nevertheless, as of 2022, it retains around 10% market share, covering real estate development, construction engineering, investment, and property management.
Hongkong, China
Ho Chi Minh, Vietnam
Dubai, UAE
Lagos, Nigeria
Cairo, Egypt
White Label
Data API
Web Plug-ins
Affiliate Program
View All
No data
Not Logged In
Log in to access more features
FastBull Membership
Not yet
Purchase
Log In
Sign Up
Hongkong, China
Ho Chi Minh, Vietnam
Dubai, UAE
Lagos, Nigeria
Cairo, Egypt
White Label
Data API
Web Plug-ins
Affiliate Program
The S&P/ASX 200 closed 21.7 points higher, up 0.27%.
27.1 points or just 0.33%. That's all that lies between the benchmark S&P/ASX 200 and a new record high close.
It's not like we're champing at the bit to knock it off though. Today's high of 8145, and Friday's similarly unsustainable high of 8144 suggests there's a touch of trepidation in knocking the old level.
Today's close was roughly mid-range and there were roughly just as many stocks falling today as rising...
What will be the catalyst that will power us to a new high? Perhaps it will be Wednesday's FOMC Meeting where we could get the first interest rate cut in a new rate cutting cycle. 0.25% or 0.50% could be the difference between the Aussie share market storming to a new high, or fading away from it in abject disappointment!
You'll find the usual reporting of the major stock-specific moves, the broker responses to them, as well as all of the key upcoming economic data in tonight's Evening Wrap plus I have detailed technical analysis on Chinese stocks and Iron Ore in today's ChartWatch. So....
Let's dive in!
Today in Review
Mon 16 Sep 24, 5:01pm (AEST)
Name | Value | % Chg |
---|---|---|
Major Indices | ||
ASX 200 | 8,121.6 | +0.27% |
All Ords | 8,341.1 | +0.21% |
Small Ords | 2,992.8 | -0.28% |
All Tech | 3,359.8 | +0.06% |
Emerging Companies | 2,150.7 | -0.67% |
Currency | ||
AUD/USD | 0.6726 | +0.34% |
US Futures | ||
S&P 500 | 5,626.5 | -0.06% |
Dow Jones | 41,421.0 | -0.01% |
Nasdaq | 19,491.5 | -0.20% |
Name | Value | % Chg |
---|---|---|
Sector | ||
Communication Services | 1,606.5 | +1.08% |
Financials | 8,451.1 | +0.95% |
Consumer Discretionary | 3,794.4 | +0.52% |
Real Estate | 4,025.5 | +0.49% |
Information Technology | 2,605.6 | +0.39% |
Consumer Staples | 12,779.7 | +0.38% |
Industrials | 7,508.6 | +0.03% |
Materials | 16,141.4 | -0.28% |
Energy | 8,594.5 | -0.46% |
Utilities | 8,642.8 | -1.03% |
Health Care | 44,960.4 | -1.06% |
Markets
ASX 200 Session Chart
The S&P/ASX 200 (XJO) finished 21.7 points higher at 8,121.6, roughly 0.3% from its session high/low. Reflecting the middling performance in the benchmark, in the broader-based S&P/ASX 300 (XKO), advancers lagged decliners by 126 to 144.
The Communication Services (XTJ) (+1.1%) sector was the best performing sector today, outpacing its cousin the Information Technology (XIJ) (+0.40%) sector which was still, to be fair, also a market beater.
These two, and the other sectors to log better-then-XJO returns Monday fall into a group of “interest rate sensitives” that tend to do well in the current environment of falling market yields. Those yields continue to decline in anticipation of the Federal Reserve meeting on Wednesday. The Financials (XFJ) (+0.95%) sector, Consumer Discretionary (XDJ) (+0.52%) sector, and the Real Estate (XRE) (+0.50%) sector each prospered today.
RBA Rate Tracker shows five 0.25% RBA cash rate cuts over the next 18 months for the first time in this cycle
Market yields are falling globally, because they are all very much interlinked, and despite our far more hawkish RBA, and the fact that our RBA is starting from a generally lower base at 4.35% compared to most other central banks – local market yields are also dipping. So much so, that interest rate futures are now pricing in five 0.25% RBA cash rate cuts over the next 18 months – the first time this has occurred in this rate cycle.
Company | Last Price | Change $ | Change % | 1mo % | 1yr % |
Zip Co. (ZIP) | $2.41 | +$0.1 | +4.3% | +10.0% | +745.6% |
Domain Australia (DHG) | $2.92 | +$0.12 | +4.3% | -3.0% | -25.1% |
Kogan.Com (KGN) | $4.83 | +$0.14 | +3.0% | +10.8% | -5.8% |
Superloop (SLC) | $1.825 | +$0.045 | +2.5% | +15.1% | +157.0% |
Growthpoint Properties Australia (GOZ) | $2.70 | +$0.06 | +2.3% | +18.4% | +19.5% |
Westpac Banking Corporation (WBC) | $32.79 | +$0.69 | +2.2% | +10.6% | +53.4% |
Centuria Capital Group (CNI) | $1.905 | +$0.04 | +2.1% | +21.0% | +33.2% |
Lendlease Group (LLC) | $7.16 | +$0.15 | +2.1% | +12.8% | -2.2% |
Centuria Office Reit (COF) | $1.230 | +$0.025 | +2.1% | +2.5% | +0.4% |
Nine Entertainment (NEC) | $1.240 | +$0.025 | +2.1% | -11.1% | -38.0% |
EVT (EVT) | $10.59 | +$0.2 | +1.9% | -6.7% | -9.1% |
Infomedia (IFM) | $1.630 | +$0.03 | +1.9% | -4.1% | +3.5% |
Macquarie Technology Group (MAQ) | $79.88 | +$1.44 | +1.8% | -10.5% | +15.2% |
Guzman y Gomez (GYG) | $39.00 | +$0.69 | +1.8% | +17.9% | 0% |
Seek (SEK) | $22.75 | +$0.4 | +1.8% | +3.8% | +3.0% |
Suncorp Group (SUN) | $18.26 | +$0.3 | +1.7% | +6.3% | +33.2% |
Lovisa (LOV) | $31.89 | +$0.52 | +1.7% | -11.6% | +64.0% |
Power (PWH) | $9.25 | +$0.15 | +1.6% | -6.6% | -15.0% |
Audinate Group (AD8) | $9.41 | +$0.15 | +1.6% | -0.4% | -30.9% |
Xero (XRO) | $144.40 | +$2.3 | +1.6% | +2.7% | +20.9% |
The best performing stocks from the best performing ASX sectors today
Doing it tough today was the Health Care (XHJ) (-1.1%) sector. Nothing really specific there, perhaps with rates falling there isn’t a great deal of need to play defence. Heavyweights Pro Medicus (-3.3%), CSL (-1.2%), and perennial underperformer Ramsay Health Care (-1.1%) were largely to blame. No news on each...
Also bringing up the rear, were commodities-related sectors like Utilities (XUJ) (-1.0%) and its cousin sector Energy (XEJ) (-0.5%), along with the beleaguered Resources (XJR) (-0.31%) sector. Check out today’s ChartWatch for one potential reason why these sectors, and the commodities that power them, are declining.
Company | Last Price | Change $ | Change % | 1mo % | 1yr % |
Telix Pharmaceuticals (TLX) | $17.82 | -$1.23 | -6.5% | -7.1% | +52.3% |
Emerald Resources (EMR) | $3.84 | -$0.24 | -5.9% | +0.3% | +56.1% |
Polynovo (PNV) | $2.45 | -$0.13 | -5.0% | -6.1% | +85.6% |
Stanmore Resources (SMR) | $2.67 | -$0.13 | -4.6% | -17.3% | -11.4% |
Ramelius Resources (RMS) | $2.18 | -$0.1 | -4.4% | +6.3% | +67.7% |
Westgold Resources (WGX) | $2.76 | -$0.12 | -4.2% | -6.4% | +55.5% |
Vulcan Energy Resources (VUL) | $3.76 | -$0.16 | -4.1% | -1.8% | +27.0% |
Iluka Resources (ILU) | $5.90 | -$0.21 | -3.4% | +4.2% | -26.0% |
Pro Medicus (PME) | $162.17 | -$5.45 | -3.3% | +7.6% | +126.7% |
Champion Iron (CIA) | $5.58 | -$0.18 | -3.1% | -3.3% | -7.2% |
Perseus Mining (PRU) | $2.52 | -$0.07 | -2.7% | +0.8% | +44.0% |
Nickel Industries (NIC) | $0.820 | -$0.02 | -2.4% | -0.6% | +4.5% |
IGO (IGO) | $5.27 | -$0.12 | -2.2% | +3.7% | -60.0% |
Karoon Energy (KAR) | $1.450 | -$0.03 | -2.0% | -19.9% | -41.2% |
Whitehaven Coal (WHC) | $5.90 | -$0.11 | -1.8% | -21.1% | -4.2% |
Paladin Energy (PDN) | $9.20 | -$0.17 | -1.8% | -12.5% | +1.1% |
Fortescue (FMG) | $17.19 | -$0.31 | -1.8% | -0.9% | -12.3% |
Origin Energy (ORG) | $9.55 | -$0.17 | -1.7% | -1.1% | +11.2% |
Healius (HLS) | $1.715 | -$0.03 | -1.7% | +15.9% | -26.8% |
AGL Energy (AGL) | $11.39 | -$0.19 | -1.6% | -3.2% | +3.7% |
The worst performing stocks from the worst performing ASX sectors today
ChartWatch
SSE Composite (SSEC) (China) & China Mainland Real Estate Index (HSMPI)
Death of a thousand cuts
The last time we covered Chinese stocks was in ChartWatch in the Evening Wrap on 10 September.
In that update, we lamented the ongoing dire short and long term trends in Chinese general and property stock index charts (in that update I used the FTSE China A50 Index Futures instead of the SSEC). I also drew a straight line from these charts to our own Energy (XEJ) and Resources (XJR) sectors (both charts are a “ditto” with the two above since mid-May).
This is just a quick update to point out that as I type this, the SSEC is less than two points from closing at its worst level since the worst day it experienced during the COVID-19 panic of March 2020, and the HSMPI is a similar margin from printing its worst close in all the data I have on file, which goes back to 2016.
If one thinks about how much progress other major global stock markets have made over those two periods respectively, the magnitude of destruction of value in Chinese equities becomes shockingly apparent. If a country’s stock market is the best barometer of its economic health – then these charts are damming proof that the Chinese economic situation is precarious.
The future is unknown, and today’s candle on each could be the beginning of the next major bull market in Chinese stocks – Beijing could announce the most incredible set of stimulus measures this evening…
But, for now, there is absolutely nothing from a technical standpoint, that is based upon the analysis of demand and supply and how they manifest themselves in price – to suggest the prevailing short and long term downtrends cannot continue.
Iron Ore 62% (Front month, back-adjusted) SGX
C'mon seasonal rally...c'mon...
The last time we covered iron ore was in ChartWatch in the Evening Wrap on 3 September.
In that update, I pondered:
It’s something of a race against time for iron ore. The seasonal low can kick in any time between now and December and the end of year seasonal rally can be substantial. The big question for me is: Is there one more push down before it starts to clear out the last remaining bulls?
The last couple of candles appear to fit with the “one last push” theory, but, given short and long term downtrends – and the unerring consistency thereof (plus the two above-mentioned charts!), whether it’s one push or 10, the result is likely a lower iron ore price in the short term.
95.55 is the most recent point of supply, occurring no surprise to any long-suffering reader of ChartWatch, smack bang at the dynamic supply of the short term downtrend ribbon.
Demand is 89.60. From previous updates, you might remember that there’s nothing below that until 73.60 😱.
A close below 89.60 would likely seal the deal on an enduring break of the 94-99.20 historical demand zone. There really could be no further doubt.
Alternatively, given the future is unknown and anything can happen: Long white candles and or long downward pointing shadows, followed by a return to risking peaks and rising troughs, as well as a close above 95.55, and eventually above 103 and the long term downtrend ribbon – and the great seasonal rally of 2024 has begun!
Economy
Today
There weren't any major data releases in our time zone today
Later this week
Tuesday
22:30 USA Core Retail Sales August (+0.2% forecast vs +0.4% July)
Wednesday
00:00 USA NAHB Housing Market Index September (41 forecast vs 39 August)
22:30 USA Building Permits & Housing Starts August (1.41 million & 131 million forecast 1.40 million & 1.24 million in July)
Thursday
04:00 USA FOMC Meeting & Statement
Federal Funds Rate (+5.25% forecast vs +5.50% previous = first 0.25% cut in cycle!)
04:30 USA FOMC Press Conference
11:30 AUS Employment Change August (+25,800 vs +58,200 July)
21:00 UK Bank of England (BOE) Official Bank Rate (no change at 5.0% forecast)
Friday
11:00 CHN Peoples Bank of China (PBOC) 1 & 5-year Loan Prime Rate (no change at 3.35% and 3.85% forecast)
TBA Bank of Japan (BOJ) Policy Rate (no change at 0.25% forecast)
Latest News
Precious Metals adt ard
ASX silver stocks to watch after Citi’s “very bullish and high conviction” US$38/oz call
Mon 16 Sep 24, 1:55pm (AEST)
Gold bgl cmm
Gold is trading at record levels: These are Macquarie's top ASX gold picks
Mon 16 Sep 24, 1:23pm (AEST)
Data Insights bkw chc
The 10 most overbought and oversold ASX 200 stocks – Week 37
Mon 16 Sep 24, 11:02am (AEST)
Data Insights all amp
ASX 200 stocks hitting fresh 52-week highs and lows – Week 37
Mon 16 Sep 24, 10:28am (AEST)
Technical Analysis ann aue
ChartWatch ASX Scans: Ansell, Echoiq, Envirosuite, Global X Physical Gold ETF, Judo Capital, Resolute Mining, Perpetual
Mon 16 Sep 24, 9:00am (AEST)
Market Wraps
Morning Wrap: ASX 200 to open near all-time highs, Nasdaq logs best week since November 2023
Mon 16 Sep 24, 8:35am (AEST)
More News
Interesting Movers
Trading higher
+20.5% Austal (ASB) - Austal awarded US$450 million contract to expand US shipyard
+14.8% BCI Minerals (BCI) - No news since 10 Sep Approval to commence operations at the Mardie Project, rise is consistent with prevailing short term uptrend, long term trend is transitioning from down to up 🔎📈
+8.2% Avita Medical (AVH) - No news, putting together some decent candles and price action lately, but still yet to challenge dynamic supply of long term downtrend ribbon 🤔
+5.9% Australian Agricultural Company (AAI) - Alcoa to Sell Stake in Maaden JV to Maaden
+4.3% Pantoro (PNR) - No news, segments of the ASX gold sector still popping today on recent new highs in gold price, rise is consistent with prevailing short and long term uptrends 🔎📈
+4.3% Zip Co. (ZIP) - No news, rise is consistent with prevailing short and long term uptrends 🔎📈
+4.2% Evolution Mining (EVN) - Ditto gold sector strength, rise is consistent with prevailing short and long term uptrends 🔎📈
+4.1% Opthea (OPT) - No news since 9 Sep Opthea Corporate Presentation - September 2024, rise is consistent with prevailing short term uptrend, long term trend is transitioning from down to up 🔎📈
+3.7% Firefly Metals (FFM) - Downhole geophysics points to new high-grade copper zones, ditto gold sector strength, rise is consistent with prevailing short and long term uptrends 🔎📈
+3.3% Sigma Healthcare (SIG) - No news, rise is consistent with prevailing short and long term uptrends 🔎📈
+3.0% Southern Cross Electrical Engineering (SXE) - No news, rise is consistent with prevailing short and long term uptrends 🔎📈
Trading lower
-11.3% Immutep (IMM) - New Positive Efficacy Data for Efti in Head and Neck Cancer
-10.1% Cettire (CTT) - No news, fall is consistent with prevailing long term downtrend 🔎📉
-7.7% Sayona Mining (SYA) - No news, fall is consistent with prevailing short and long term downtrends 🔎📈
-6.5% Telix Pharmaceuticals (TLX) - No news
-6.1% Jupiter Mines (JMS) - No news, fall is consistent with prevailing short and long term downtrends 🔎📈
-5.9% Lotus Resources (LOT) - No news, fall is consistent with prevailing long term downtrend 🔎📉
-5.9% Emerald Resources (EMR) - Production Guidance Unchanged Following Minor Wall Slip
-5.5% Renascor Resources (RNU) - No news, fall is consistent with prevailing long term downtrend 🔎📉
-5.0% Polynovo (PNV) - No news since 13 Sep Annual Report
-4.6% Stanmore Resources (SMR) - No news, fall is consistent with prevailing short and long term downtrends 🔎📈
-4.4% Tabcorp (TAH) - No news, fall is consistent with prevailing short and long term downtrends 🔎📈
Broker Notes
29METALS (29M)
Retained at neutral at Macquarie; Price Target: $0.38 from $0.35
Atlantic Lithium (A11)
Retained at outperform at Macquarie; Price Target: $0.30 from $0.40
The A2 Milk Company (A2M)
Retained at buy at Citi; Price Target: $7.04
Retained at equal-weight at Morgan Stanley; Price Target: $5.90
Aeris Resources (AIS)
Retained at outperform at Macquarie; Price Target: $0.24 from $0.23
Aristocrat Leisure (ALL)
Retained at overweight at Morgan Stanley; Price Target: $52.30
Atlas Arteria (ALX)
Retained at hold at Morgans; Price Target: $4.97 from $4.98
ANZ Group (ANZ)
Retained at sell at Citi; Price Target: $25.00
Aspen Group (APZ)
Retained at buy at Bell Potter; Price Target: $2.40
Abacus Storage King (ASK)
Retained at buy at Shaw and Partners; Price Target: $1.35
Avjennings (AVJ)
Retained at buy at Bell Potter; Price Target: $0.45
Accent Group (AX1)
Retained at overweight at Morgan Stanley; Price Target: $2.50
Antipa Minerals (AZY)
Retained at buy at Shaw and Partners; Price Target: $0.04
Bendigo and Adelaide Bank (BEN)
Retained at sell at Citi; Price Target: $9.75
Bank of Queensland (BOQ)
Retained at sell at Citi; Price Target: $5.30
Beach Energy (BPT)
Retained at buy at Bell Potter; Price Target: $1.40
Brazilian Rare Earths (BRE)
Retained at neutral at Ord Minnett; Price Target: $6.40
Breville Group (BRG)
Retained at overweight at Morgan Stanley; Price Target: $35.00
BWP Trust (BWP)
Upgraded to equal-weight from underweight at Morgan Stanley; Price Target: $4.00 from $3.80
Brambles (BXB)
Retained at overweight at Morgan Stanley; Price Target: $20.00
Retained at buy at Ord Minnett; Price Target: $20.30
Retained at buy at UBS; Price Target: $19.10
Commonwealth Bank of Australia (CBA)
Retained at sell at Citi; Price Target: $91.50
Champion Iron (CIA)
Initiated at buy at Bell Potter; Price Target: $7.15
Retained at outperform at Macquarie; Price Target: $7.00 from $7.50
Collins Foods (CKF)
Retained at neutral at Citi; Price Target: $7.88
Capricorn Metals (CMM)
Retained at outperform at Macquarie; Price Target: $7.20 from $6.30
Carnaby Resources (CNB)
Retained at outperform at Macquarie; Price Target: $0.88
Cooper Energy (COE)
Retained at hold at Bell Potter; Price Target: $0.23
Comet Ridge (COI)
Retained at buy at Bell Potter; Price Target: $0.27
Coles Group (COL)
Retained at equal-weight at Morgan Stanley; Price Target: $18.80
Charter Hall Retail Reit (CQR)
Retained at equal-weight at Morgans; Price Target: $3.95 from $3.88
Conrad Asia Energy (CRD)
Retained at buy at Bell Potter; Price Target: $1.90
Coronado Global Resources (CRN)
Retained at outperform at Macquarie; Price Target: $1.70 from $1.80
Capstone Copper Corp. (CSC)
Retained at outperform at Macquarie; Price Target: $12.70 from $12.40
Centaurus Metals (CTM)
Retained at outperform at Macquarie; Price Target: $0.65 from $0.70
Cedar Woods Properties (CWP)
Retained at buy at Bell Potter; Price Target: $6.50
Core Lithium (CXO)
Retained at neutral at Macquarie; Price Target: $0.09 from $0.10
De Grey Mining (DEG)
Retained at outperform at Macquarie; Price Target: $2.10 from $1.80
Domino's Pizza Enterprises (DMP)
Retained at overweight at Morgan Stanley; Price Target: $44.00
Deterra Royalties (DRR)
Retained at outperform at Macquarie; Price Target: $4.20 from $3.90
Dexus Convenience Retail Reit (DXC)
Retained at buy at Bell Potter; Price Target: $3.10
Endeavour Group (EDV)
Retained at neutral at Citi; Price Target: $5.18
Retained at overweight at Morgan Stanley; Price Target: $6.20
Evolution Mining (EVN)
Retained at outperform at Macquarie; Price Target: $4.50 from $4.40
GDI Property Group (GDI)
Retained at buy at Bell Potter; Price Target: $0.80
Global Lithium Resources (GL1)
Retained at neutral at Macquarie; Price Target: $0.21 from $0.25
Galan Lithium (GLN)
Retained at neutral at Macquarie; Price Target: $0.12
Genesis Minerals (GMD)
Retained at outperform at Macquarie; Price Target: $2.70 from $2.40
Gold Road Resources (GOR)
Retained at outperform at Macquarie; Price Target: $2.10 from $1.90
Guzman y Gomez (GYG)
Retained at overweight at Morgan Stanley; Price Target: $38.50
Hastings Technology Metals (HAS)
Retained at hold at Ord Minnett; Price Target: $0.46
Healthco Healthcare and Wellness Reit (HCW)
Retained at buy at Bell Potter; Price Target: $1.50
Downgraded to underweight from equal-weight at Morgan Stanley; Price Target: $1.30 from $1.41
Hub24 (HUB)
Retained at overweight at Morgan Stanley; Price Target: $62.00 from $56.50
Harvey Norman (HVN)
Retained at underweight at Morgan Stanley; Price Target: $3.90
IDP Education (IEL)
Retained at overweight at Morgan Stanley; Price Target: $21.50
IGO (IGO)
Retained at outperform at Macquarie; Price Target: $5.60 from $6.10
Iluka Resources (ILU)
Retained at outperform at Macquarie; Price Target: $7.10 from $7.00
IPH (IPH)
Retained at outperform at Macquarie; Price Target: $7.31
JB HI-FI (JBH)
Retained at underweight at Morgan Stanley; Price Target: $60.60
Jupiter Mines (JMS)
Retained at outperform at Macquarie; Price Target: $0.22 from $0.34
KMD Brands (KMD)
Retained at equal-weight at Morgan Stanley; Price Target: $0.35
Lifestyle Communities (LIC)
Retained at sell at Bell Potter; Price Target: $8.20
Lovisa (LOV)
Retained at equal-weight at Morgan Stanley; Price Target: $33.25
Arcadium Lithium (LTM)
Retained at outperform at Macquarie; Price Target: $5.10 from $6.60
Liontown Resources (LTR)
Retained at neutral at Macquarie; Price Target: $0.70 from $1.00'
Lynas Rare Earths (LYC)
Retained at outperform at Macquarie; Price Target: $7.50
Retained at accumulate at Ord Minnett; Price Target: $7.40
Mount Gibson Iron (MGX)
Retained at outperform at Macquarie; Price Target: $0.38 from $0.48
Macquarie Group (MQG)
Retained at sell at Citi; Price Target: $176.00
Metcash (MTS)
Retained at neutral at Citi; Price Target: $4.00
Retained at overweight at Jarden; Price Target: $4.40
Retained at buy at Jefferies; Price Target: $4.10
Retained at overweight at JP Morgan; Price Target: $4.50 from $4.30
Retained at equal-weight at Morgan Stanley; Price Target: $3.83
Retained at buy at Ord Minnett; Price Target: $4.30
Retained at buy at UBS; Price Target: $3.90 from $4.00
National Australia Bank (NAB)
Retained at sell at Citi; Price Target: $26.50
Newmont Corporation (NEM)
Retained at outperform at Macquarie; Price Target: $60.00 from $55.00
New Hope Corporation (NHC)
Retained at neutral at Macquarie; Price Target: $4.30 from $4.70
Nickel Industries (NIC)
Retained at outperform at Macquarie; Price Target: $0.95 from $1.13
Northern Star Resources (NST)
Upgraded to overweight from neutral at JP Morgan; Price Target: $16.80 from $14.50
Retained at outperform at Macquarie; Price Target: $19.00 from $17.00
Northern Minerals (NTU)
Retained at buy at Ord Minnett; Price Target: $0.04
Piedmont Lithium (PLL)
Retained at neutral at Macquarie; Price Target: $0.11 from $0.15
Pilbara Minerals (PLS)
Retained at neutral at Macquarie; Price Target: $3.25
Patriot Battery Metals (PMT)
Retained at outperform at Macquarie; Price Target: $0.70 from $0.90
Premier Investments (PMV)
Retained at overweight at Morgan Stanley; Price Target: $39.50
Perseus Mining (PRU)
Retained at outperform at Macquarie; Price Target: $3.40 from $3.20
Initiated at buy at UBS; Price Target: $3.00
REA Group (REA)
Retained at buy at Citi; Price Target: $230.00
Red 5 (RED)
Retained at outperform at Macquarie; Price Target: $0.50 from $0.46
Regis Healthcare (REG)
Retained at buy at Ord Minnett; Price Target: $6.40 from $4.90
Regional Express (REX)
Retained at outperform at Macquarie; Price Target: $0.40
Region Group (RGN)
Downgraded to underweight from overweight at Morgan Stanley; Price Target: $2.44 from $2.50
Ramelius Resources (RMS)
Retained at neutral at Macquarie; Price Target: $2.30 from $2.20
Regis Resources (RRL)
Retained at outperform at Macquarie; Price Target: $2.90 from $2.70
Resolute Mining (RSG)
Retained at outperform at Macquarie; Price Target: $0.82 from $0.75
St Barbara (SBM)
Retained at outperform at Macquarie; Price Target: $0.33 from $0.28
Steadfast Group (SDF)
Retained at outperform at Macquarie; Price Target: $6.80
Sandfire Resources (SFR)
Retained at outperform at Macquarie; Price Target: $10.00 from $9.80
Santana Minerals (SMI)
Retained at buy at Bell Potter; Price Target: $2.76 from $2.15
Strike Energy (STX)
Retained at buy at Bell Potter; Price Target: $0.32
Super Retail Group (SUL)
Retained at underweight at Morgan Stanley; Price Target: $14.50
Sayona Mining (SYA)
Retained at underperform at Macquarie; Price Target: $0.02 from $0.03
Syrah Resources (SYR)
Retained at outperform at Macquarie; Price Target: $0.32 from $0.80
Tabcorp (TAH)
Retained at overweight at Morgan Stanley; Price Target: $0.90
The Lottery Corporation (TLC)
Retained at equal-weight at Morgan Stanley; Price Target: $5.35
Talga Group (TLG)
Retained at outperform at Macquarie; Price Target: $0.60 from $2.00
Temple & Webster Group (TPW)
Retained at overweight at Morgan Stanley; Price Target: $13.15
Treasury Wine Estates (TWE)
Retained at neutral at Citi; Price Target: $12.97
Retained at overweight at Morgan Stanley; Price Target: $14.60
West African Resources (WAF)
Retained at outperform at Macquarie; Price Target: $2.00 from $1.90
Westpac Banking Corporation (WBC)
Retained at sell at Citi; Price Target: $24.75
Wesfarmers (WES)
Retained at underweight at Morgan Stanley; Price Target: $55.70
Westgold Resources (WGX)
Retained at outperform at Macquarie; Price Target: $3.70 from $3.20
Whitehaven Coal (WHC)
Retained at outperform at Macquarie; Price Target: $7.50
Woolworths Group (WOW)
Retained at overweight at Morgan Stanley; Price Target: $38.00
Scans
Top Gainers
Code | Company | Last | % Chg |
---|---|---|---|
MTH | Mithril Silver an... | $0.19 | +52.00% |
OZM | Ozaurum Resources... | $0.048 | +37.14% |
MCM | MC Mining Ltd | $0.185 | +32.14% |
C1X | Cosmos Exploratio... | $0.043 | +30.30% |
TON | Triton Minerals Ltd | $0.013 | +30.00% |
View all top gainers
Top Fallers
Code | Company | Last | % Chg |
---|---|---|---|
RAU | Resouro Strategic... | $0.31 | -20.51% |
GNM | Great Northern Mi... | $0.013 | -18.75% |
IBX | Imagion Biosystem... | $0.023 | -17.86% |
OPL | Opyl Ltd | $0.014 | -17.65% |
TMG | Trigg Minerals Ltd | $0.019 | -17.39% |
View all top fallers
52 Week Highs
Code | Company | Last | % Chg |
---|---|---|---|
ASB | Austal Ltd | $2.70 | +20.54% |
SLS | Solstice Minerals... | $0.23 | +15.00% |
SIX | Sprintex Ltd | $0.062 | +14.82% |
AWJ | Auric Mining Ltd | $0.315 | +10.53% |
KPO | Kalina Power Ltd | $0.011 | +10.00% |
View all 52 week highs
52 Week Lows
Code | Company | Last | % Chg |
---|---|---|---|
RAU | Resouro Strategic... | $0.31 | -20.51% |
IBX | Imagion Biosystem... | $0.023 | -17.86% |
OPL | Opyl Ltd | $0.014 | -17.65% |
RFA | Rare Foods Austra... | $0.013 | -13.33% |
NTU | Northern Minerals... | $0.021 | -12.50% |
View all 52 week lows
Near Highs
Code | Company | Last | % Chg |
---|---|---|---|
GCI | Gryphon Capital I... | $2.04 | 0.00% |
IHD | Ishares S&P/ASX D... | $14.49 | +0.70% |
FFM | Firefly Metals Ltd | $0.94 | +6.82% |
AYLD | Global X S&P/ASX ... | $10.70 | 0.00% |
HVN | Harvey Norman Hol... | $4.87 | +3.40% |
View all near highs
Relative Strength Index (RSI) Oversold
Code | Company | Last | % Chg |
---|---|---|---|
GRR | Grange Resources Ltd | $0.25 | +2.04% |
DBF | Duxton Farms Ltd | $1.35 | 0.00% |
SPK | Spark New Zealand... | $3.11 | 0.00% |
SMP | Smartpay Holdings... | $0.925 | -2.63% |
FHE | Frontier Energy Ltd | $0.215 | 0.00% |
View all RSI oversold
VALENCIA, Calif., Sept. 12, 2024 (GLOBE NEWSWIRE) -- AVITA Medical, Inc. (NASDAQ: RCEL, ASX: AVH), a commercial-stage regenerative medicine company focused on first-in-class devices for wound care management and skin restoration, today announced that David O’Toole, Chief Financial Officer, will present at the 2024 Cantor Global Healthcare Conference on Wednesday, September 18, 2024, at 9:10 a.m. Eastern Time.
A live webcast of the presentation will be accessible under the Events & Presentations section of the Company's website at https://ir.avitamedical.com. A replay of the webcast will be available following the conclusion of the event.
About AVITA Medical, Inc.AVITA Medical® is a commercial-stage regenerative medicine company transforming the standard of care in wound care management and skin restoration with innovative devices. At the forefront of our platform is the RECELL® System, approved by the U.S. Food and Drug Administration for the treatment of thermal burn wounds and full-thickness skin defects, and for repigmentation of stable depigmented vitiligo lesions. RECELL harnesses the regenerative properties of a patient’s own skin to create Spray-On Skin™ Cells, delivering a transformative solution at the point-of-care. This breakthrough technology serves as the catalyst for a new treatment paradigm enabling improved clinical outcomes. In the United States, AVITA Medical also holds the exclusive rights to market, sell, and distribute PermeaDerm®, a biosynthetic wound matrix, and Cohealyx™, an AVITA Medical-branded collagen-based dermal matrix.
In international markets, the RECELL System is approved to promote skin healing in a wide range of applications including burns, full-thickness skin defects, and vitiligo. The RECELL System is TGA-registered in Australia, has received CE-mark approval in Europe, and has PMDA approval in Japan.
To learn more, visit www.avitamedical.com.
Authorized for release by the Chief Financial Officer of AVITA Medical, Inc.
Investor & Media Contact: Jessica Ekeberg Phone +1-661-904-9269 investor@avitamedical.com media@avitamedical.com
VALENCIA, Calif., Sept. 10, 2024 (GLOBE NEWSWIRE) -- AVITA Medical, Inc. (NASDAQ: RCEL, ASX: AVH), a commercial-stage regenerative medicine company focused on first-in-class devices for wound care management and skin restoration, today announced that management will participate in Lake Street Capital Markets’ 8th Annual Best Ideas Growth (BIG8) Conference in New York on September 12, 2024.
Jim Corbett, Chief Executive Officer, will host one-on-one meetings with institutional investors throughout the day. For more information or to schedule a meeting, please contact your Lake Street representative.
About AVITA Medical, Inc.AVITA Medical® is a commercial-stage regenerative medicine company transforming the standard of care in wound care management and skin restoration with innovative devices. At the forefront of our platform is the RECELL® System, approved by the U.S. Food and Drug Administration for the treatment of thermal burn wounds and full-thickness skin defects, and for repigmentation of stable depigmented vitiligo lesions. RECELL harnesses the regenerative properties of a patient’s own skin to create Spray-On Skin™ Cells, delivering a transformative solution at the point-of-care. This breakthrough technology serves as the catalyst for a new treatment paradigm enabling improved clinical outcomes. In the United States, AVITA Medical also holds the exclusive rights to market, sell, and distribute PermeaDerm®, a biosynthetic wound matrix, and Cohealyx™, an AVITA Medical-branded collagen-based dermal matrix.
In international markets, the RECELL System is approved to promote skin healing in a wide range of applications including burns, full-thickness skin defects, and vitiligo. The RECELL System is TGA-registered in Australia, has received CE-mark approval in Europe, and has PMDA approval in Japan.
To learn more, visit www.avitamedical.com.
Authorized for release by the Chief Financial Officer of AVITA Medical, Inc.
Investor & Media Contact: Jessica Ekeberg Phone +1-661-904-9269 investor@avitamedical.com media@avitamedical.com
The S&P/ASX 200 closed 46.8 points higher, up 0.58%.
Well that's the end of another August reporting season!
Was it a good or bad one? Well, I like to let prices guide me when gauging the health or lack-thereof of the Aussie share market.
Today's close of 8,091.9 was the highest end-of-week close on record. Yes, the 8149 all-time high still eludes us, but if we assume investors vote on the health of a stock market with their cash, then one could conclude we're doing ok for now.
As for today's Wrap, you'll find all the usual updates on all the usual suspects, plus over 150 broker notes, as well as scans, economic data, and more within...so for the last time this week and this month...
Let's dive in!
Today in Review
Fri 30 Aug 24, 5:18pm (AEST)
Name | Value | % Chg |
---|---|---|
Major Indices | ||
ASX 200 | 8,091.9 | +0.58% |
All Ords | 8,316.7 | +0.64% |
Small Ords | 3,005.8 | +1.29% |
All Tech | 3,358.8 | +0.47% |
Emerging Companies | 2,178.7 | +2.32% |
Currency | ||
AUD/USD | 0.6801 | +0.04% |
US Futures | ||
S&P 500 | 5,621.5 | +0.20% |
Dow Jones | 41,450.0 | +0.03% |
Nasdaq | 19,471.0 | +0.40% |
Name | Value | % Chg |
---|---|---|
Sector | ||
Industrials | 7,449.5 | +1.65% |
Energy | 9,322.2 | +1.27% |
Real Estate | 3,804.4 | +0.97% |
Materials | 16,499.6 | +0.71% |
Financials | 8,225.5 | +0.68% |
Communication Services | 1,616.5 | +0.53% |
Utilities | 8,868.9 | +0.52% |
Information Technology | 2,531.1 | +0.23% |
Consumer Staples | 12,848.5 | -0.01% |
Health Care | 45,822.5 | -0.10% |
Consumer Discretionary | 3,811.6 | -0.46% |
Markets
ASX 200 Session Chart
The S&P/ASX 200 (XJO) finished 46.8 points higher at 8,091.9, 0.6% from its session low and smack-bang on its session high. In the broader-based S&P/ASX 300 (XKO), advancers beat decliners by an overwhelming 215 to 65. This is important because broad-based moves which close at the high of the session are more likely to be sustainable.
For the week, the XJO finished up 68 points or 0.85% higher, 1% from its intraweek low and just 0.19% from its intraweek high.
The Gold (XGD) (+1.9%) sub-index was the best performing sector today, helped by another record high close for COMEX gold futures overnight. As can be seen from the sector performance table below, gains were widely spread. There’s plenty of solid charts in this sector, and many stocks that regularly appear in The ChartWatch Scans Uptrends List – so it’s an area of the market worth keeping an eye on.
Company | Last Price | Change $ | Change % | 1mo % | 1yr % |
---|---|---|---|---|---|
Iperionx (IPX) | $2.72 | +$0.26 | +10.6% | +15.3% | +147.3% |
Pantoro (PNR) | $0.125 | +$0.01 | +8.7% | +40.4% | +115.5% |
Red 5 (RED) | $0.340 | +$0.02 | +6.3% | -8.1% | +54.5% |
Genesis Minerals (GMD) | $2.27 | +$0.13 | +6.1% | +7.6% | +45.5% |
Westgold Resources (WGX) | $3.04 | +$0.16 | +5.6% | +14.7% | +96.8% |
Catalyst Metals (CYL) | $2.28 | +$0.1 | +4.6% | +17.5% | +365.3% |
Capricorn Metals (CMM) | $5.99 | +$0.15 | +2.6% | +10.1% | +37.7% |
Emerald Resources (EMR) | $4.00 | +$0.1 | +2.6% | +8.1% | +73.9% |
Newmont Corporation (NEM) | $78.27 | +$1.93 | +2.5% | +4.2% | 0% |
Regis Resources (RRL) | $1.870 | +$0.04 | +2.2% | +11.6% | +20.6% |
St Barbara (SBM) | $0.255 | +$0.005 | +2.0% | +13.3% | +37.8% |
Northern Star Resources (NST) | $15.26 | +$0.26 | +1.7% | +7.4% | +31.2% |
De Grey Mining (DEG) | $1.220 | +$0.015 | +1.2% | -0.8% | -10.6% |
West African Resources (WAF) | $1.430 | +$0.015 | +1.1% | -3.4% | +68.2% |
Evolution Mining (EVN) | $4.24 | +$0.04 | +1.0% | +5.7% | +18.4% |
Ramelius Resources (RMS) | $2.22 | +$0.02 | +0.9% | +13.3% | +70.1% |
The best of the ASX gold sector today
Also doing well today was the Industrials (XNJ) (+1.7%) sector – but this was mainly to do with a 17% gain in Downer EDI (DOW), following the release of its FY24 results.
The Energy (XEJ) (+1.3%) sector was a little more interesting, its outperformance was aided by stronger crude oil, natural gas, and coking coal prices over the past 24 hours. It makes sense then that stocks like Karoon Energy (KAR) (+9.8), Yancoal (YAL) (+2.5%), and sector heavyweight Woodside Energy (WDS) (+2.1%) did well. The uranium price also edged higher overnight, and this helped several of our beaten down uranium stocks bounce.
Company | Last Price | Change $ | Change % | 1mo % | 1yr % |
---|---|---|---|---|---|
Karoon Energy (KAR) | $1.730 | +$0.155 | +9.8% | -10.6% | -25.3% |
Bannerman Energy (BMN) | $2.30 | +$0.12 | +5.5% | -23.1% | +15.0% |
Yancoal Australia (YAL) | $5.40 | +$0.13 | +2.5% | -24.4% | +2.1% |
Boss Energy (BOE) | $2.84 | +$0.06 | +2.2% | -22.2% | -17.7% |
Woodside Energy Group (WDS) | $27.19 | +$0.55 | +2.1% | -3.0% | -28.7% |
Beach Energy (BPT) | $1.250 | +$0.025 | +2.0% | -17.8% | -18.8% |
Coronado Global Resources (CRN) | $1.190 | +$0.02 | +1.7% | -17.4% | -23.7% |
Deep Yellow (DYL) | $1.085 | +$0.015 | +1.4% | -16.5% | +20.6% |
Whitehaven Coal (WHC) | $6.69 | +$0.08 | +1.2% | -14.1% | +1.1% |
Santos (STO) | $7.22 | +$0.06 | +0.8% | -10.2% | -5.1% |
Finally, a good day for the Energy sector
Really, the only sector that you could say did it tough today was the Consumer Discretionary (XDJ) (-0.46%) sector – but most of this modest loss was due to a poorly received set of FY24 results from Harvey Norman (HVN) (-6.3%).
Economy
Today
AUS Retail Sales m/m
0.0% (flat) vs +0.3% forecast and +0.5% previous
Later this week
Friday
19:00 EUR CPI Flash Estimate y/y (+2.2% p.a. forecast vs +2.6% p.a. previous)
22:30 USA Core PCE Price Index m/m (+0.2% m/m forecast vs +0.2% m/m previous)
Latest News
Broker Watch fmg min
Fortescue or MinRes? Which beaten down ASX miner should you choose for your portfolio?
Fri 30 Aug 24, 1:35pm (AEST)
Data Insights evn
How does gold perform after the Fed cuts interest rates?
Fri 30 Aug 24, 12:11pm (AEST)
Earnings Highlights qan
Qantas FY24 Earnings Call Highlights
Fri 30 Aug 24, 10:50am (AEST)
Earnings Highlights wes
Wesfarmers FY24 Earnings Call Highlights
Fri 30 Aug 24, 9:22am (AEST)
Technical Analysis bgl bmn
ChartWatch ASX Scans: Bega Cheese, Catalyst Metals, EZZ Life Science, Ramelius, Ora Banda, Karoon Energy, Liontown, Red 5
Fri 30 Aug 24, 9:00am (AEST)
Market Wraps
Morning Wrap: ASX 200 to rise, Dow hits all-time high as Nasdaq lags + TPG and Downer results
Fri 30 Aug 24, 8:34am (AEST)
More News
Interesting Movers
Trading higher
+22.2% Ioneer (INR) - Second big rally in two days (split by a big loss) - no news! 🤔
+16.9% Downer EDI (DOW) - Annual Report to shareholders and FY24 Results Presentation
+14.3% Botanix Pharmaceuticals (BOT) - Botanix Appendix 4E & Announcement of Commercial Day Webinar, rise is consistent with prevailing short and long term uptrends 🔎📈
+12.4% Spartan Resources (SPR) - Company Secretary Appointment/Resignation, rise is consistent with prevailing short and long term uptrends 🔎📈
+11.0% Immutep (IMM) - Appendix 4E & 2024 Full Year Statutory Accounts, rise is consistent with prevailing short term uptrend, long is transitioning from down to up 🔎📈
+10.6% Iperionx (IPX) - No news, rise is consistent with prevailing short and long term uptrends 🔎📈
+9.8% Karoon Energy (KAR) - No news since 28 Aug 2024 Half Year Results Presentation
+9.4% Bega Cheese (BGA) - Continued positive response to yesterday's 2024 Full Year Results Presentation, rise is consistent with prevailing short and long term uptrends 🔎📈
+9.2% IPD Group (IPG) - Appendix 4E and Financial Report 30 June 2024 and FY24 Investor Presentation
+8.7% Pantoro (PNR) - No news, strong ASX gold sector today, rise is consistent with prevailing short and long term uptrends 🔎📈
+8.4% Mesoblast (MSB) - MSB Annual Financial Results and Operational Update and Annual Financial Results Presentation
+8.4% Clarity Pharmaceuticals (CU6) - No news, rise is consistent with prevailing short and long term uptrends 🔎📈
+8.3% TPG Telecom (TPG) - Appendix 4D and Half-Year Financial Report and Half-Year Results Investor Presentation
+7.8% Fleetpartners Group (FPR) - On-Market Share Buy-Back Program Update
+7.7% PYC Therapeutics (PYC) - FDA Grants Rare Pediatric Disease Designation to PYC-001 and Q3 2024 Investor Webinar Presentation, rise is consistent with prevailing short and long term uptrends 🔎📈
+7.6% Fletcher Building (FBU) - Fletcher Building Industry Response to WA Plumbing Issues
+7.3% Rpmglobal (RUL) - No news, strong bounce off long term uptrend ribbon 🔎📈
+6.7% Australian Finance Group (AFG) - AFG FY24 Results Investor Presentation
+6.3% Red 5 (RED) - Generally positive broker response to yesterday's FY24 Financial Results and FY25 Outlook, see Broker Notes section below
+6.1% Genesis Minerals (GMD) - Generally strong ASX gold sector today, plus yesterday's FY24 Financial Results, rise is consistent with prevailing short and long term uptrends 🔎📈
+5.6% Westgold Resources (WGX) - Generally strong ASX gold sector today, plus yesterday's FY24 Full Year Results Presentation, rise is consistent with prevailing short and long term uptrends 🔎📈
Trading lower
-17.7% Appen (APX) - Appendix 4D & Interim Financial Report and Investor Presentation and 2024 Half -Year Results and 2024 Outlook
-13.2% Predictive Discovery (PDI) - Guinea Update
-11.9% Jupiter Mines (JMS) - Preliminary Final Report, fall is consistent with prevailing short and long term downtrends 🔎📉
-9.8% Dicker Data (DDR) - Appendix 4D & FY24 Interim Financial Report and H1 FY2024 Results Presentation, fall is consistent with prevailing short and long term downtrends 🔎📉
-8.2% Syrah Resources (SYR) - No news, fall is consistent with prevailing short and long term downtrends, serial constituent of ChartWatch Scans ASX Downtrends list 🔎📉
-6.8% Ramsay Health Care (RHC) - Preliminary Final Report and Investor Presentation & Speech FY2024 Results Briefing, fall is consistent with prevailing short and long term downtrends - possibly the most Featured stock in ChartWatch Scans ASX Downtrends list! 🔎📉
-6.3% Harvey Norman (HVN) - FY24 Annual Report and Appendix 4E and Presentation of Results for FY24
-5.7% Anteris Technologies (AVR) - No news, fall is consistent with prevailing short and long term downtrends 🔎📉
-4.4% Tabcorp (TAH) - Continued negative response to 28 Aug Full Year Results - Investor Presentation, fall is consistent with prevailing short and long term downtrends, serial constituent of ChartWatch Scans ASX Downtrends list 🔎📉
-3.9% Platinum Asset Management (PTM) - No news, fall is consistent with prevailing short and long term downtrends, serial constituent of ChartWatch Scans ASX Downtrends list 🔎📉
-3.6% Peninsula Energy (PEN) - No news, fall is consistent with prevailing short and long term downtrends 🔎📉
-3.4% Ampol (ALD) - No news, fall is consistent with prevailing short and long term downtrends, serial constituent of ChartWatch Scans ASX Downtrends list 🔎📉
Broker Notes
Australian Clinical Labs (ACL)
Retained at buy at Citi; Price Target: $3.60 from $3.35
Upgraded to positive from negative at E&P; Price Target: $3.30 from $2.80
Retained at neutral at Macquarie; Price Target: $2.95 from $2.55
Retained at buy at Ord Minnett; Price Target: $3.35 from $3.20
Retained at outperform at RBC Capital Markets; Price Target: $4.00 from $3.25
Adrad (AHL)
Retained at buy at Bell Potter; Price Target: $1.12 from $1.15
AI-Media Technologies (AIM)
Retained at add at Morgans; Price Target: $0.70
Air New Zealand (AIZ)
Retained at outperform at Macquarie; Price Target: NZ$0.69 from NZ$0.72
Atlas Arteria (ALX)
Retained at buy at Jefferies; Price Target: $6.16 from $6.27
Retained at neutral at Macquarie; Price Target: $5.10
Retained at equal-weight at Morgan Stanley; Price Target: $5.55
Retained at hold at Morgans; Price Target: $4.98 from $5.12
Retained at sector perform at RBC Capital Markets; Price Target: $5.75 from $5.50
Aurelia Metals (AMI)
Retained at buy at Ord Minnett; Price Target: $0.26 from $0.27
ANZ Group (ANZ)
Retained at sell at Citi; Price Target: $25.00
Alliance Aviation Services (AQZ)
Retained at add at Morgans; Price Target: $4.10 from $4.75
Retained at buy at Ord Minnett; Price Target: $4.10 from $4.41
Airtasker (ART)
Retained at add at Morgans; Price Target: $0.52
Bluebet (BBT)
Retained at buy at Ord Minnett; Price Target: $0.38
Bendigo and Adelaide Bank (BEN)
Retained at sell at Citi; Price Target: $9.75
Bega Cheese (BGA)
Retained at buy at Bell Potter; Price Target: $5.75 from $5.35
Retained at hold at Morgans; Price Target: $4.91 from $4.35
Retained at hold at Ord Minnett; Price Target: $4.40 from $3.70
Retained at neutral at UBS; Price Target: $4.80 from $4.50
Boss Energy (BOE)
Retained at buy at Bell Potter; Price Target: $5.70 from $5.75
Retained at buy at Shaw and Partners; Price Target: $4.20
Bank of Queensland (BOQ)
Retained at sell at Citi; Price Target: $5.30
Commonwealth Bank of Australia (CBA)
Retained at sell at Citi; Price Target: $91.50
City Chic Collective (CCX)
Retained at hold at Bell Potter; Price Target: $0.16 from $0.20
Cromwell Property Group (CMW)
Retained at hold at Morgans; Price Target: $0.46
Cooper Energy (COE)
Retained at neutral at Goldman Sachs; Price Target: $0.25 from $0.26
Retained at hold at Ord Minnett; Price Target: $0.24 from $0.22
COG Financial Services (COG)
Retained at buy at Bell Potter; Price Target: $1.75
Clinuvel Pharmaceuticals (CUV)
Retained at buy at Bell Potter; Price Target: $22.25
Retained at add at Morgans; Price Target: $17.00 from $16.00
Downer EDI (DOW)
Retained at neutral at UBS; Price Target: $4.90
EBR Systems (EBR)
Retained at buy at Bell Potter; Price Target: $1.96
Eureka Group (EGH)
Downgraded to hold from outperform at CLSA; Price Target: $0.56 from $0.60
Frontier Digital Ventures (FDV)
Retained at buy at Bell Potter; Price Target: $0.70 from $0.74
Retained at add at Morgans; Price Target: $0.66
Fisher & Paykel Healthcare Corporation (FPH)
Downgraded to neutral from buy at UBS; Price Target: NZ$36 from NZ$32.80
Generation Development Group (GDG)
Retained at hold at Morgans; Price Target: $2.88 from $2.56
Retained at buy at Ord Minnett; Price Target: $3.40 from $3.00
Genesis Minerals (GMD)
Retained at outperform at Macquarie; Price Target: $2.40
Retained at buy at Shaw and Partners; Price Target: $2.75
Retained at neutral at UBS; Price Target: $2.25
Goodman Group (GMG)
Retained at buy at Citi; Price Target: $40.00
Harvey Norman (HVN)
Retained at buy at UBS; Price Target: $5.50
IDP Education (IEL)
Upgraded to neutral from underperform at Bank of America; Price Target: $16.00 from $13.25
Retained at positive at E&P; Price Target: $20.00 from $20.10
Retained at buy at Goldman Sachs; Price Target: $19.85 from $21.75
Retained at overweight at Morgan Stanley; Price Target: $19.20
Upgraded to add from hold at Morgans; Price Target: $18.20 from $17.40
Retained at neutral at UBS; Price Target: $16.45 from $16.10
IGO (IGO)
Retained at sell at Bell Potter; Price Target: $4.60 from $5.00
Retained at neutral at Citi; Price Target: $5.90 from $6.00
Retained at buy at Goldman Sachs; Price Target: $6.35 from $6.75
Upgraded to outperform from neutral at Macquarie; Price Target: $6.10 from $5.60
Retained at neutral at UBS; Price Target: $5.40
Inghams Group (ING)
Retained at sell at Goldman Sachs; Price Target: $2.90 from $3.15
Impedimed (IPD)
Retained at buy at Morgans; Price Target: $0.20
Judo Capital (JDO)
Retained at sell at Citi; Price Target: $1.35
Kelsian Group (KLS)
Retained at buy at Ord Minnett; Price Target: $4.90 from $6.60
Microba Life Sciences (MAP)
Retained at buy at Morgans; Price Target: $0.33 from $0.35
Matrix Composites & Engineering (MCE)
Upgraded to buy from hold at Bell Potter; Price Target: $0.44 from $0.42
Medadvisor (MDR)
Retained at buy at Bell Potter; Price Target: $0.62 from $0.64
Meteoric Resources (MEI)
Retained at buy at Ord Minnett; Price Target: $0.20
Magellan Global Fund (MGG)
Retained at sell at Citi; Price Target: $176.00
Mineral Resources (MIN)
Retained at overweight at Barrenjoey; Price Target: $56.50 from $60.00
Retained at buy at Citi; Price Target: $55.00 from $60.00
Downgraded to hold from outperform at CLSA; Price Target: $41.50 from $60.00
Retained at positive at E&P; Price Target: $67.00 from $73.00
Retained at sell at Jarden; Price Target: $32.00 from $44.70
Retained at hold at Jefferies; Price Target: $45.00 from $55.00
Retained at neutral at Macquarie; Price Target: $48.00 from $60.00
Retained at overweight at Morgan Stanley; Price Target: $70.00 from $79.00
Retained at add at Morgans; Price Target: $53.00 from $67.00
Retained at outperform at RBC Capital Markets; Price Target: $73.00 from $78.00
Metro Mining (MMI)
Retained at buy at Shaw and Partners; Price Target: $0.14
Macquarie Group (MQG)
Retained at neutral at Goldman Sachs; Price Target: $84.90 from $90.20
Mesoblast (MSB)
Retained at buy at Bell Potter; Price Target: $1.40
Micro-X (MX1)
Retained at buy at Morgans; Price Target: $0.21
National Australia Bank (NAB)
Retained at sell at Citi; Price Target: $26.50
Newmont Corporation (NEM)
Upgraded to buy from hold at Argonaut Securities; Price Target: US$58
Nickel Industries (NIC)
Retained at buy at Bell Potter; Price Target: $1.47 from $1.41
Downgraded to hold from buy at Canaccord Genuity; Price Target: $0.85 from $0.95
Nexted Group (NXD)
Retained at buy at Ord Minnett; Price Target: $0.50 from $0.75
Nextdc (NXT)
Retained at buy at UBS; Price Target: $19.40 from $20.10
Paladin Energy (PDN)
Retained at buy at Shaw and Partners; Price Target: $16.80
Pepper Money (PPM)
Retained at buy at Goldman Sachs; Price Target: $1.55 from $1.67
Retained at outperform at Macquarie; Price Target: $1.55 from $1.60
Perpetual (PPT)
Retained at buy at Bell Potter; Price Target: $27.60
Retained at neutral at Citi; Price Target: $21.40 from $22.25
Retained at neutral at Macquarie; Price Target: $21.20 from $22.80
Retained at equal-weight at Morgan Stanley; Price Target: $22.40
Retained at buy at UBS; Price Target: $22.80 from $25.00
Pacific Smiles Group (PSQ)
Retained at overweight at Morgan Stanley; Price Target: $2.15 from $1.90
Platinum Asset Management (PTM)
Retained at buy at Bell Potter; Price Target: $1.10
Retained at sell at Goldman Sachs; Price Target: $1.00
Qantas Airways (QAN)
Retained at neutral at Citi; Price Target: $6.60 from $5.85
Retained at outperform at CLSA; Price Target: $7.00 from $6.80
Retained at buy at Goldman Sachs; Price Target: $8.05
Retained at buy at Jefferies; Price Target: $7.98 from $7.85
Retained at overweight at JP Morgan; Price Target: $7.10
Retained at outperform at Macquarie; Price Target: $6.60 from $6.30
Retained at overweight at Morgan Stanley; Price Target: $8.50 from $8.00
Upgraded to buy from accumulate at Ord Minnett; Price Target: $8.00 from $6.90
Retained at buy at UBS; Price Target: $7.95 from $7.50
Qualitas Real Estate Income Fund (QRI)
Retained at buy at Citi; Price Target: $1.60
Red 5 (RED)
Retained at outperform at Macquarie; Price Target: $0.46 from $0.55
Retained at buy at Ord Minnett; Price Target: $0.47 from $0.53
Ramsay Health Care (RHC)
Retained at neutral at UBS; Price Target: $58.00
South32 (S32)
Retained at buy at Citi; Price Target: $3.25
Retained at buy at Goldman Sachs; Price Target: $3.60 from $3.70
Retained at outperform at Macquarie; Price Target: $4.00 from $3.95
Retained at equal-weight at Morgan Stanley; Price Target: $2.95
Retained at buy at UBS; Price Target: $3.55 from $3.80
Steadfast Group (SDF)
Retained at neutral at Goldman Sachs; Price Target: $6.50
Retained at equal-weight at Morgan Stanley; Price Target: $6.64 from $6.17
Sandfire Resources (SFR)
Upgraded to buy from neutral at Bank of America; Price Target: $10.70 from $9.50
Retained at hold at Morgans; Price Target: $9.25 from $9.10
Retained at accumulate at Ord Minnett; Price Target: $9.60 from $9.65
Retained at neutral at UBS; Price Target: $9.20 from $9.40
Smartgroup Corporation (SIQ)
Retained at buy at Bell Potter; Price Target: $9.75 from $10.95
Silex Systems (SLX)
Retained at buy at Canaccord Genuity; Price Target: $6.21
Retained at buy at Euroz Hartleys; Price Target: $7.00 from $6.50
Retained at buy at Shaw and Partners; Price Target: $7.20
SRG Global (SRG)
Retained at buy at Bell Potter; Price Target: $1.40 from $1.35
Retained at buy at Shaw and Partners; Price Target: $1.40
Southern Cross Media Group (SXL)
Retained at neutral at UBS; Price Target: $0.56 from $0.68
Tabcorp (TAH)
Downgraded to hold from add at Morgans; Price Target: $0.50 from $0.80
Downgraded to hold from accumulate at Ord Minnett; Price Target: $0.57 from $0.78
TPG Telecom (TPG)
Retained at neutral at UBS; Price Target: $4.80
Trajan Group (TRJ)
Retained at buy at Ord Minnett; Price Target: $1.40 from $1.10
Vicinity Centres (VCX)
Retained at buy at Ord Minnett; Price Target: $2.35
Westpac Banking Corporation (WBC)
Retained at sell at Citi; Price Target: $24.75
Webjet (WEB)
Retained at overweight at JP Morgan; Price Target: $10.20 from $11.00
Retained at neutral at Macquarie; Price Target: $8.72 from $9.95
Retained at equal-weight at Morgan Stanley; Price Target: $8.15 from $9.30
Retained at buy at Ord Minnett; Price Target: $10.48 from $10.99
Retained at buy at Shaw and Partners; Price Target: $9.80 from $10.70
Retained at buy at UBS; Price Target: $10.00 from $10.60
Wesfarmers (WES)
Retained at sell at Citi; Price Target: $61.00
Retained at hold at CLSA; Price Target: $68.10 from $64.30
Retained at neutral at Goldman Sachs; Price Target: $66.60 from $69.20
Retained at neutral at Macquarie; Price Target: $75.30 from $72.10
Retained at underweight at Morgan Stanley; Price Target: $55.70 from $56.20
Retained at hold at Morgans; Price Target: $68.00 from $62.30
Retained at sell at Ord Minnett; Price Target: $60.00 from $50.00
Downgraded to sell from neutral at UBS; Price Target: $66.00
Worley (WOR)
Retained at buy at Ord Minnett; Price Target: $16.00
Waypoint Reit (WPR)
Retained at underweight at Morgan Stanley; Price Target: $2.56
Retained at accumulate at Ord Minnett; Price Target: $2.72 from $2.51
Scans
Top Gainers
Code | Company | Last | % Chg |
---|---|---|---|
MCM | MC Mining Ltd | $0.21 | +68.00% |
NKL | Nickelx Ltd | $0.028 | +40.00% |
ICI | Icandy Interactiv... | $0.03 | +36.36% |
ATP | Atlas Pearls Ltd | $0.145 | +31.82% |
NIM | Nimy Resources Ltd | $0.085 | +30.77% |
View all top gainers
Top Fallers
Code | Company | Last | % Chg |
---|---|---|---|
AAP | Australian Agricu... | $0.024 | -31.43% |
GIB | Gibb River Diamon... | $0.035 | -25.53% |
MOZ | Mosaic Brands Ltd | $0.036 | -21.74% |
HYT | Hyterra Ltd | $0.041 | -21.15% |
HPR | High Peak Royalti... | $0.06 | -18.92% |
View all top fallers
52 Week Highs
Code | Company | Last | % Chg |
---|---|---|---|
MCM | MC Mining Ltd | $0.21 | +68.00% |
DEL | Delorean Corporat... | $0.105 | +23.53% |
TGH | Terragen Holdings... | $0.044 | +18.92% |
DOW | Downer Edi Ltd | $5.59 | +16.95% |
AGR | Aguia Resources Ltd | $0.035 | +16.67% |
View all 52 week highs
52 Week Lows
Code | Company | Last | % Chg |
---|---|---|---|
MOZ | Mosaic Brands Ltd | $0.036 | -21.74% |
INF | Infinity Lithium ... | $0.041 | -8.89% |
DVL | Dorsavi Ltd | $0.011 | -8.33% |
OLI | Oliver's Real Foo... | $0.011 | -8.33% |
VBS | Vectus Biosystems... | $0.08 | -8.05% |
View all 52 week lows
Near Highs
Code | Company | Last | % Chg |
---|---|---|---|
WVOL | Ishares MSCI Worl... | $40.06 | +0.13% |
PYC | PYC Therapeutics Ltd | $0.14 | +7.69% |
IPX | Iperionx Ltd | $2.72 | +10.57% |
GCI | Gryphon Capital I... | $2.04 | 0.00% |
IHD | Ishares S&P/ASX D... | $14.25 | +0.49% |
View all near highs
Relative Strength Index (RSI) Oversold
Code | Company | Last | % Chg |
---|---|---|---|
ALD | Ampol Ltd | $28.93 | -3.41% |
SPK | Spark New Zealand... | $3.33 | -2.63% |
ACF | Acrow Ltd | $0.94 | -1.05% |
PWH | PWR Holdings Ltd | $9.14 | +2.81% |
EML | EML Payments Ltd | $0.695 | -1.42% |
View all RSI oversold
The S&P/ASX 200 closed 23.9 points higher, up 0.31%.
Lithium prices are in meltdown mode in China at the moment, and I gotta say, that’s not a clickbait exaggeration. The iron ore price decline is nowhere near as spectacular as the lithium one, but it’s starting to get a bit pointy...
These were the dominant themes propelling the ever-ailing Resources sector lower again today. The results in terms of share price moves among affected stocks wasn't pretty.
But that doesn't mean there wasn't a whole heap of great stuff going on today – particularly if you own Healthcare, Tech, Real Estate, and Consumer Discretionary stocks.
We've all all the big news and moves on all of the above in this evening's wrap...so...
Let's dive in!
Today in Review
Wed 14 Aug 24, 4:36pm (AEST)
Name | Value | % Chg |
---|---|---|
Major Indices | ||
ASX 200 | 7,850.7 | +0.31% |
All Ords | 8,070.2 | +0.35% |
Small Ords | 2,972.9 | +0.55% |
All Tech | 3,138.9 | +1.71% |
Emerging Companies | 2,051.5 | +1.12% |
Currency | ||
AUD/USD | 0.6629 | -0.07% |
US Futures | ||
S&P 500 | 5,462.25 | +0.06% |
Dow Jones | 39,924.0 | +0.09% |
Nasdaq | 19,124.5 | +0.11% |
Name | Value | % Chg |
---|---|---|
Sector | ||
Health Care | 45,241.0 | +1.68% |
Information Technology | 2,323.5 | +1.59% |
Real Estate | 3,766.0 | +1.50% |
Consumer Discretionary | 3,796.3 | +1.02% |
Industrials | 7,061.7 | +0.99% |
Utilities | 9,177.4 | +0.94% |
Consumer Staples | 12,717.0 | +0.73% |
Communication Services | 1,560.3 | +0.52% |
Financials | 7,870.4 | +0.48% |
Energy | 9,388.2 | -0.03% |
Materials | 15,954.2 | -1.87% |
Markets
ASX 200 Session Chart
The S&P/ASX 200 (XJO) finished 23.9 points higher at 7,850.7, 0.76% from its session high/low and just 0.31% from its high/low. In the broader-based S&P/ASX 300 (XKO), advancers beat decliners by a solid 173 to 96.
The Health Care (XHJ) (+1.7%) was the best performing sector today, buoyed by strong gains in sector heavyweights Pro Medicus (+7.1%), and CSL (+2.0%) – both on better than expected results releases.
Also doing well today were the interest rate sensitives of Information Technology (XIJ) (+1.6%), Real Estate Investment Trusts (XPJ) (+1.6%) and Consumer Discretionary (XDJ) (+1.0%). Benchmark bond yields fell sharply Tuesday on better than expected wholesale inflation data in the US – this sparked a nice risk rally which we enjoyed (at least initially) today.
There were also plenty of results in the mix and for full details on those be sure to check out today’s Interesting Moves lists.
Company | Last Price | Change $ | Change % | 1mo % | 1yr % |
---|---|---|---|---|---|
Appen (APX) | $0.945 | +$0.185 | +24.3% | +81.7% | -51.7% |
Bravura Solutions (BVS) | $1.250 | +$0.125 | +11.1% | +8.2% | +152.5% |
Pro Medicus (PME) | $141.00 | +$9.41 | +7.2% | +4.6% | +104.3% |
Botanix Pharmaceuticals (BOT) | $0.370 | +$0.015 | +4.2% | -3.9% | +146.7% |
DUG Technology (DUG) | $3.00 | +$0.11 | +3.8% | +9.9% | +98.0% |
Lovisa (LOV) | $34.62 | +$1.24 | +3.7% | +2.8% | +63.2% |
Audinate Group (AD8) | $9.00 | +$0.31 | +3.6% | -41.9% | -10.4% |
Temple & Webster Group (TPW) | $12.08 | +$0.37 | +3.2% | +36.0% | +77.4% |
Mesoblast (MSB) | $0.990 | +$0.03 | +3.1% | -16.1% | +198.3% |
Goodman Group (GMG) | $35.16 | +$1.05 | +3.1% | -3.0% | +74.1% |
Telix Pharmaceuticals (TLX) | $18.43 | +$0.47 | +2.6% | -7.5% | +82.3% |
Life360 (360) | $17.79 | +$0.45 | +2.6% | +6.5% | +125.5% |
Wisetech Global (WTC) | $93.58 | +$2.34 | +2.6% | -3.0% | +8.5% |
Super Retail Group (SUL) | $16.13 | +$0.38 | +2.4% | +14.1% | +29.7% |
CSL (CSL) | $300.77 | +$5.99 | +2.0% | -2.3% | +13.0% |
Breville Group (BRG) | $28.99 | +$0.54 | +1.9% | +7.8% | +18.3% |
Harvey Norman (HVN) | $4.92 | +$0.09 | +1.9% | +11.1% | +27.1% |
Nextdc (NXT) | $16.84 | +$0.28 | +1.7% | -5.9% | +29.3% |
HMC Capital (HMC) | $7.93 | +$0.13 | +1.7% | +3.3% | +60.5% |
Premier Investments (PMV) | $32.20 | +$0.5 | +1.6% | +2.9% | +46.8% |
The best performing stocks from the best performing ASX sectors today
Only two of the major sectors closed in the red – you know which two. This time, Energy (XEJ) (-0.03%) escaped with a small loss, but Resources (XJR) (-1.8%) was not nearly so lucky.
The decline in Resources was dominated by two major themes: substantial falls in iron ore and lithium plays (two-and-a-half if you count uranium stocks were also pretty lousy).
Lithium prices are in meltdown mode in China at the moment, and I gotta say, that’s not a clickbait exaggeration. The benchmark November 2024 contract for lithium carbonate on China’s GFEX exchange lost another 4.6% today in a procession that would have been even worse if not for a tiny bounce (to be fair on some decent volume) into the close. That’s a new contract low, it’s also a record low for any benchmark GFEX lithium carbonate contract since they started trading just over a year ago.
The benchmark November 2024 contract for lithium carbonate on China’s GFEX exchange
Elsewhere, spodumene prices were down another 2.5% as per the SMM Spodumene Concentrate Index, and the Platts Australian price is down 10% in the last two trading sessions.
Many on social media are calling this the final capitulation – as if this is some sort of consolation for the fact they’ve held onto the bottom-left-top-right lithium demand narrative until this bitter end – and that end is nigh! I agree, that narrative is probably correct – but there’s always two sides to the price equation – it is clear lithium supply has something to contribute also!
The iron ore price decline is nowhere near as spectacular as the lithium one, but it’s starting to get a bit pointy. If you’re prepared for the bad news (sticking your head in the sand until it all blows over…one day...is also an option), I have fundamental analysis on the iron ore market in an earlier article here…and technical analysis in ChartWatch below.
Company | Last Price | Change $ | Change % | 1mo % | 1yr % |
---|---|---|---|---|---|
Fenix Resources (FEX) | $0.330 | -$0.035 | -9.6% | -18.5% | +10.0% |
Mineral Resources (MIN) | $46.33 | -$2.25 | -4.6% | -19.6% | -32.1% |
Fortescue (FMG) | $17.32 | -$0.84 | -4.6% | -23.3% | -17.5% |
Champion Iron (CIA) | $5.75 | -$0.23 | -3.8% | -9.3% | +2.5% |
Deterra Royalties (DRR) | $3.69 | -$0.14 | -3.7% | -7.5% | -17.8% |
Stanmore Resources (SMR) | $3.38 | -$0.12 | -3.4% | -14.2% | +21.7% |
BHP Group (BHP) | $39.62 | -$1.13 | -2.8% | -8.0% | -13.4% |
Rio Tinto (RIO) | $112.43 | -$2.99 | -2.6% | -3.8% | +3.1% |
Vulcan Energy Resources (VUL) | $3.81 | -$0.1 | -2.6% | -14.6% | -0.3% |
Bluescope Steel (BSL) | $19.84 | -$0.51 | -2.5% | -4.9% | -2.3% |
Bellevue Gold (BGL) | $1.370 | -$0.035 | -2.5% | -29.0% | -12.5% |
South32 (S32) | $2.91 | -$0.05 | -1.7% | -18.5% | -24.4% |
Coronado Global Resources (CRN) | $1.340 | -$0.02 | -1.5% | -3.6% | -17.3% |
Liontown Resources (LTR) | $0.800 | -$0.01 | -1.2% | -16.2% | -70.8% |
WA1 Resources (WA1) | $13.50 | -$0.15 | -1.1% | -17.4% | +137.3% |
Tough times for ASX resources stocks…
ChartWatch
S&P/ASX 200 (XJO)
Overhead points of supply potentially proving pesky...
The last time we covered was in ChartWatch in the Evening Wrap on 12 August.
In that update, I said “ideally, we knock that close above 7889 quickly. If it occurs with strong demand-side candles and a return to good price action – then we’re an excellent chance to reclaim the 8149 high”.
The significance of 7889, as I pointed out, is it’s the “balance point” of the recent correction – a halfway inflection point within the demand-supply spectrum. I also noted the importance of also emphatically closing above the 7861 static point of supply and the dynamic supply expected at the short term downtrend ribbon.
Today’s candle is far from the glowing endorsement of sufficient demand-side control to do any of the above.
Yes, we pushed strongly above all of those levels early, peaking at 7910.2, but by the close, we had faded to 7850.7 so that only the short term downtrend ribbon was bettered – and only just. The upward pointing shadow that this price action creates speaks of nagging and persistent latent excess supply in the system at higher levels.
Candles from here are critical. We want to see that supply eliminated quickly or we run the risk of rolling over here – the balance point being the balance point and all…
As always, white-bodied candles and or downward pointing shadows are the fingerprints of demand, the opposite – fingerprints of supply.
The long term uptrend ribbon remains the key (dynamic) demand zone. Supply sits at today’s high and up to 8149.
Iron Ore 62% (Front month, back-adjusted) SGX
Need to turnaround in a big way...right...about...now!
The last time we covered iron ore was in ChartWatch in the Evening Wrap on 8 August.
In that update, we noted the “extreme pressure” being exerted on the 94.00-99.20 demand zone. Today’s black candle takes us deep into the zone, and if it closes on its low – would be an excellent signal of the supply-side’s total domination of the price action.
I don’t have a great deal to add today apart from bringing this potential (impending?) breakdown to your attention.
The iron ore price must print some demand-side candles (i.e., white-bodied and or downward pointing shadows) very quickly here or it’s going to get nasty. The bigger the better, and preferably on significant volume to signal weak-handed supply has capitulated, shorts are covering back, and positional and speculative demand is coming in.
Looking back up at the chart, it just seems incongruous to mention shorts covering back and/or strategic demand coming back in any time soon!
It’s also worth reading the article I wrote today about the concept of “cost support” in the iron more market, as well as current iron ore market demand-supply dynamics, and broker price forecasts. I also provide a weekly chart that shows the next key zone of demand isn’t until 78-80.
Economy
Today
There weren't any major data releases in our time zone today
Later this week
Wednesday
22:30 USA Core Consumer Price Index (CPI) m/m July (+0.2% m/m and +3.4% p.a. forecast vs +0.1% m/m and +3.4% p.a. June)
Thursday
11:30 AUS Employment Change & Unemployment Rate July
Employment Change: +20,400 forecast vs +50,200 in June
Unemployment Rate: 4.1% forecast vs 4.1% in June
12:00 CHN Data Dump July
Industrial Production y/y +5.3% forecast vs +5.3% June
Retail Sales y/y +2.6% forecast vs +2.0% June
Fixed Asset Investment ytd/y +3.9% forecast vs +3.9% June
Unemployment Rate +5.1% forecast vs +5.0% June
New Home Prices m/m -0.65% forecast vs -0.67% June
22:30 USA Core Retail Sales July (+0.1% m/m vs +0.4% m/m June)
Friday
09:30 AUS RBA Governor Michell Bullock Speaks
Saturday
00:00 USA University of Michigan Consumer Sentiment Index August (66.7 forecast vs 66.4 July)
Latest News
Gold evn nem
Are ASX gold miners printing money again?
Wed 14 Aug 24, 3:48pm (AEST)
Earnings Highlights pme
Pro Medicus FY24 Earnings Call Highlights
Wed 14 Aug 24, 3:45pm (AEST)
Iron Ore bhp fmg
Will the iron ore price crack $100 and trigger more pain for BHP, RIO, MinRes, and Fortescue?
Wed 14 Aug 24, 1:42pm (AEST)
Earnings Highlights evn
Evolution Mining FY24 Earnings Call Highlights
Wed 14 Aug 24, 1:22pm (AEST)
Technical Analysis 360 cba
ChartWatch ASX Scans: DUG Technology, Genesis Minerals, Super Retail, Southern Cross Gold, Fortescue, Nanosonics, Nufarm
Wed 14 Aug 24, 9:00am (AEST)
Market Wraps
Morning Wrap: ASX 200 to rise, S&P 500 rallies on soft PPI data + CBA, Pro Medicus results
Wed 14 Aug 24, 8:37am (AEST)
More News
Interesting Movers
Trading higher
+24.3% Appen (APX) - No news, rise is consistent with prevailing short term uptrend, long term trend is transitioning from down to up 🔎📈
+11.1% Bravura Solutions (BVS) - Annual Report for FY24 and FY24 Result and On Market Buyback, rise is consistent with prevailing long term uptrend 🔎📈
+9.4% Iperionx (IPX) - IperionX Achieves First Titanium Furnace Production Run
+9.3% Jupiter Mines (JMS) - No news, tin price has rallied last few trading sessions
+9.1% Latin Resources (LRS) - No news, still in prevailing short and long term downtrends - bounce is small compared to decline since May, dodged the broader ASX lithium sector bullet today 🤔
+8.8% Strike Energy (STX) - No news, still in prevailing short and long term downtrends - bounce is small compared to decline since May, energy commodity prices have been strong last few sessions 🤔
+8.3% Navigator Global Investments (NGI) - No news, bounced off long term uptrend ribbon 🔎📈
+8.1% Immutep (IMM) - First Participant Dosed in Phase I Study of IMP761
+7.2% Electro Optic Systems (EOS) - No news, rise is consistent with prevailing long term uptrend 🔎📈
+7.2% Pro Medicus (PME) - Annual Report 2024 and PME FY2024 results presentation, rise is consistent with prevailing short and long term uptrends 🔎📈
+6.8% Seven Group (SVW) - Seven Group Holdings 2024 Annual Report and FY24 Results Investor Presentation, bounced off long term uptrend ribbon 🔎📈
+6.6% Evolution Mining (EVN) - Appendix 4E and FY24 Financial Report and FY24 Financial Results Presentation, rise is consistent with prevailing long term uptrend 🔎📈
+5.3% Orora (ORA) - 2024 Annual Report and Investor Presentation Results Year Ended 30 June 2024
+4.2% Botanix Pharmaceuticals (BOT) - No news, rise is consistent with prevailing short and long term uptrends 🔎📈
+4.1% Amotiv (AOV) - FY24 Appendix 4E & Financial Report and 2024 Full Year Results Presentation
Trading lower
-9.6% Fenix Resources (FEX) - No news, broad ASX iron ore sector weakness on continued falls in iron ore price (see ChartWatch)
-4.6% Mineral Resources (MIN) - Ditto ASX iron ore, but lithium prices are also down heavily again in China = double whammy! Fall is consistent with prevailing short and long term downtrends 🔎📉
-4.6% Fortescue (FMG) - Ditto ASX iron ore, fall is consistent with prevailing short and long term downtrends 🔎📉
-3.8% Champion Iron (CIA) - Ditto ASX iron ore, fall is consistent with prevailing short and long term downtrends 🔎📉
-3.7% ASX (ASX) - ASX Statement on ASIC Proceedings
-3.7% Deterra Royalties (DRR) - Ditto ASX iron ore, fall is consistent with prevailing short and long term downtrends 🔎📉
-3.4% Stanmore Resources (SMR) - Coking coal prices have also taken a dive (along with iron ore = key steel making ingredients), closed below long term trend ribbon 🔎📉
-3.2% Abacus Storage King (ASK) - No news since yesterday's FY24 Investor Presentation, broker response generally positive…📉
-2.8% Bannerman Energy (BMN) - No news, also a tough day for ASX uranium stocks...fall is consistent with prevailing short and long term downtrends 🔎📉
-2.8% BHP Group (BHP) - Ditto ASX iron ore, fall is consistent with prevailing short and long term downtrends 🔎📉
-2.6% Rio Tinto (RIO) - Ditto ASX iron ore, fall is consistent with prevailing short and long term downtrends 🔎📉
-2.5% Bluescope Steel (BSL) - No news, fall is consistent with prevailing short and long term downtrends 🔎📈
-2.5% Bellevue Gold (BGL) - No news, fall is consistent with prevailing short and long term downtrends 🔎📈
-2.4% Boss Energy (BOE) - No news, also a tough day for ASX uranium stocks...fall is consistent with prevailing short and long term downtrends 🔎📉
Broker Notes
AGL Energy (AGL)
Retained at neutral at Macquarie; Price Target: $11.28
Amotiv (AOV)
Retained at buy at Citi; Price Target: $12.80
Retained at buy at UBS; Price Target: $13.00
Abacus Storage King (ASK)
Retained at buy at Citi; Price Target: $1.40
Retained at buy at Shaw and Partners; Price Target: $1.35
Australian Vanadium (AVL)
Retained at buy at Shaw and Partners; Price Target: $0.08
Aurizon (AZJ)
Downgraded to hold from accumulate at Ord Minnett; Price Target: $3.60 from $4.10
Beach Energy (BPT)
Downgraded to underweight from equal-weight at Morgan Stanley; Price Target: $1.18 from $1.45
BWP Trust (BWP)
Retained at sell at Citi; Price Target: $3.40
Car Group (CAR)
Retained at overweight at Morgan Stanley; Price Target: $42.00 from $40.00
Commonwealth Bank of Australia (CBA)
Retained at sell at Citi; Price Target: $85.00
Retained at underperform at Macquarie; Price Target: $95.00
Retained at sell at UBS; Price Target: $110.00
Challenger (CGF)
Upgraded to buy from neutral at Citi; Price Target: $8.30 from $6.95
Retained at buy at Goldman Sachs; Price Target: $8.00 from $7.50
Retained at buy at Jefferies; Price Target: $8.55 from $7.85
Retained at neutral at JP Morgan; Price Target: $7.50 from $7.00
Retained at equal-weight at Morgan Stanley; Price Target: $7.20 from $7.40
Retained at buy at UBS; Price Target: $8.30 from $8.00
Centuria Capital Group (CNI)
Retained at overweight at Morgan Stanley; Price Target: $2.03
Computershare (CPU)
Retained at buy at Citi; Price Target: $30.00
Downgraded to hold from outperform at CLSA; Price Target: $28.60 from $27.50
Retained at buy at Goldman Sachs; Price Target: $29.50
CSL (CSL)
Retained at buy at Citi; Price Target: $345.00 from $335.00
Retained at buy at Jefferies; Price Target: $352.00 from $355.30
Retained at outperform at Macquarie; Price Target: $330.00
Retained at add at Morgans; Price Target: $330.75 from $315.35
Upgraded to accumulate from hold at Ord Minnett; Price Target: $319.00 from $317.30
Retained at sector perform at RBC Capital Markets; Price Target: $278.00 from $319.00
Retained at buy at UBS; Price Target: $340.00
Droneshield (DRO)
Retained at buy at Shaw and Partners; Price Target: $1.30
Dexus Industria Reit (DXI)
Retained at outperform at Macquarie; Price Target: $3.11
Evolution Mining (EVN)
Retained at buy at Citi; Price Target: $4.40
Retained at outperform at Macquarie; Price Target: $3.81
Guzman y Gomez (GYG)
Initiated at neutral at UBS; Price Target: $31.00
Homeco Daily Needs Reit (HDN)
Retained at buy at UBS; Price Target: $1.40
James Hardie Industries (JHX)
Retained at neutral at Citi; Price Target: $50.90 from $51.10
Retained at buy at Goldman Sachs; Price Target: $55.85 from $57.60
Retained at neutral at JP Morgan; Price Target: $52.00 from $50.00
Retained at outperform at Macquarie; Price Target: $64.00 from $66.60
Retained at overweight at Morgan Stanley; Price Target: $59.00 from $58.00
Retained at hold at Ord Minnett; Price Target: $53.00 from $55.00
Retained at sector perform at RBC Capital Markets; Price Target: $49.00
Retained at buy at UBS; Price Target: $57.50 from $60.00
Lifestyle Communities (LIC)
Retained at buy at Citi; Price Target: $11.70
Retained at buy at Goldman Sachs; Price Target: $12.00
Retained at neutral at UBS; Price Target: $10.97
Netwealth Group (NWL)
Upgraded to neutral from sell at Citi; Price Target: $20.45 from $19.00
Retained at underweight at Jarden; Price Target: $17.20 from $17.75
Retained at underperform at Jefferies; Price Target: $18.15 from $18.60
Upgraded to neutral from underperform at Macquarie; Price Target: $21.00 from $16.75
Retained at overweight at Morgan Stanley; Price Target: $24.00
Upgraded to accumulate from hold at Ord Minnett; Price Target: $22.00
Retained at sector perform at RBC Capital Markets; Price Target: $20.50 from $21.00
Downgraded to marketweight from overweight at Wilsons; Price Target: $21.04 from $23.52
Orora (ORA)
Retained at neutral at Citi; Price Target: $2.30
Region Group (RGN)
Retained at buy at Citi; Price Target: $2.60
Retained at outperform at Macquarie; Price Target: $2.38 from $2.42
Retained at overweight at Morgan Stanley; Price Target: $2.50
Seek (SEK)
Retained at hold at CLSA; Price Target: $19.00 from $21.00
Retained at positive at E&P; Price Target: $26.80 from $27.00
Retained at sell at Goldman Sachs; Price Target: $19.50 from $20.60
Upgraded to outperform from neutral at Macquarie; Price Target: $23.00
Retained at overweight at Morgan Stanley; Price Target: $31.00
Retained at buy at UBS; Price Target: $25.40 from $27.10
Seven Group (SVW)
Retained at buy at UBS; Price Target: $43.00
Seven West Media (SWM)
Retained at sell at UBS; Price Target: $0.16
Temple & Webster Group (TPW)
Retained at hold at Bell Potter; Price Target: $12.20 from $11.40
Retained at buy at Jarden; Price Target: $14.30 from $12.67
Retained at outperform at Macquarie; Price Target: $12.90 from $12.30
Retained at overweight at Morgan Stanley; Price Target: $11.50
Retained at outperform at RBC Capital Markets; Price Target: $14.00 from $13.00
Retained at neutral at UBS; Price Target: $11.20 from $10.30
Scans
Top Gainers
Code | Company | Last | % Chg |
---|---|---|---|
LVH | Livehire Ltd | $0.045 | +87.50% |
HE8 | Helios Energy Ltd | $0.011 | +37.50% |
FRB | Firebird Metals Ltd | $0.135 | +35.00% |
LU7 | Lithium Universe Ltd | $0.016 | +33.33% |
AQC | Australian Pacifi... | $0.155 | +29.17% |
View all top gainers
Top Fallers
Code | Company | Last | % Chg |
---|---|---|---|
MOZG | Mosaic Brands Ltd | $0.30 | -25.00% |
SLM | Solis Minerals Ltd | $0.095 | -20.83% |
TM1 | Terra Metals Ltd | $0.045 | -19.64% |
HMG | Hamelin Gold Ltd | $0.097 | -19.17% |
CPN | Caspin Resources Ltd | $0.052 | -17.46% |
View all top fallers
52 Week Highs
Code | Company | Last | % Chg |
---|---|---|---|
WTM | Waratah Minerals Ltd | $0.405 | +22.73% |
AUCDA | Ausgold Ltd | $0.355 | +14.52% |
AEI | Aeris Environment... | $0.073 | +14.06% |
CBL | Control Bionics Ltd | $0.083 | +10.67% |
CYL | Catalyst Metals Ltd | $2.09 | +7.18% |
View all 52 week highs
52 Week Lows
Code | Company | Last | % Chg |
---|---|---|---|
MOZG | Mosaic Brands Ltd | $0.30 | -25.00% |
CPN | Caspin Resources Ltd | $0.052 | -17.46% |
FGL | Frugl Group Ltd | $0.03 | -16.67% |
AKO | Akora Resources Ltd | $0.098 | -14.78% |
AQN | Aquirian Ltd | $0.16 | -13.51% |
View all 52 week lows
Near Highs
Code | Company | Last | % Chg |
---|---|---|---|
AYLD | Global X S&P/ASX ... | $10.49 | +0.10% |
KOV | Korvest Ltd | $10.99 | +0.83% |
AMP | AMP Ltd | $1.31 | -1.13% |
MVB | Vaneck Australian... | $35.36 | +0.80% |
JEPI | Jpmorgan EQ Prem ... | $51.65 | -0.21% |
View all near highs
Relative Strength Index (RSI) Oversold
Code | Company | Last | % Chg |
---|---|---|---|
MGX | Mount Gibson Iron... | $0.325 | -4.41% |
DEV | DEVEX Resources Ltd | $0.20 | -2.44% |
BOE | Boss Energy Ltd | $2.95 | +0.34% |
PLY | Playside Studios Ltd | $0.55 | -3.51% |
PLL | Piedmont Lithium Inc | $0.11 | -15.39% |
View all RSI oversold
White Label
Data API
Web Plug-ins
Poster Maker
Affiliate Program
The risk of loss in trading financial instruments such as stocks, FX, commodities, futures, bonds, ETFs and crypto can be substantial. You may sustain a total loss of the funds that you deposit with your broker. Therefore, you should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources.
No decision to invest should be made without thoroughly conducting due diligence by yourself or consulting with your financial advisors. Our web content might not suit you since we don't know your financial conditions and investment needs. Our financial information might have latency or contain inaccuracy, so you should be fully responsible for any of your trading and investment decisions. The company will not be responsible for your capital loss.
Without getting permission from the website, you are not allowed to copy the website's graphics, texts, or trademarks. Intellectual property rights in the content or data incorporated into this website belong to its providers and exchange merchants.