Changes are happening - please bear with us while we update our site.

Changes are happening - please bear with us while we update our site. Click here to give us your advice and feedback.

ASX 200 morning report – NXL, JHX & WPL shares in focus

The S&P/ASX 200 (ASX: XJO) hit a four-day high, finishing 0.6% to the positive on Tuesday; yes, a four-day high, showing the short-term focus of the market at the moment.

The energy and materials sectors were the biggest contributors, jumping by 1.6% each.

For energy, it was the case of oil prices hitting another medium-term high overnight, sending the likes of Woodside Petroleum Limited (ASX: WPL) 2.1% higher.

This despite the company effectively writing off its large investment in the Kitimat JV in Canada, costing US$60 million just to exit the asset.

Gold shining again

Gold bullion has been the story of the week, moving closer to US$1,900 per ounce as both inflation concerns and volatility increase. Evolution Mining Ltd (ASX: EVN) shares finished 4.9% higher.

As has been proven time and again in the commodities sector, a rising price does guarantee strong returns.

But this wasn’t enough to save fellow ASX miner Santa Barbara Ltd (ASX: SBM), which fell 9.0% after downgrading production guidance and flagging higher costs per ounce than expected.

Growth bubble stalling

2020s popular tech names, including Redbubble Ltd (ASX: RBL), down 4.2%, and Kogan.com Limited (ASX: KGN), continue to struggle keeping up with growth expectations.

James Hardie set to resume dividends

Building products supplier James Hardie Industries Plc (ASX: JHX) fell 4.5% after warning that inflation pressures are beginning to build in its supply chain.

As highlighted in this column, these are self-inflicted by a business sector that cut orders and inventory during the pandemic and is now seeking to ramp up quicker than what is possible.

The company cited cost pressures in its pulp, pallet and freight costs which are expected to be a US$150 million headwind to profit. It did report a 9% increase in profit for the half, to US$262.8 million on the back of a 12% increase in sales to US$2.9 billion.

In a positive move, James Hardie’s dividends are set to resume in November after being on hold since the pandemic.

Nuix says sorry

Improvement is being made at what could be the worst IPO in recent memory, Nuix Ltd (ASX: NXL), which jumped 11.5% on Tuesday.

Talking to investors, both the Chair and CEO said sorry, taking responsibility for the fact that the company may not have been prepared for ASX-listed life.

Management committed to improving governance and transparency in their pursuit of a share price recovery.

ASX 200 today

Looking ahead, the ASX 200 is expected to open lower on Wednesday following a weak lead from US markets. For all the latest, check out Rask Media’s US stock market report.

The Golden Rules of Investing

We might be experts in retirement, but with combined financial advice experience of 35+ years, we’ve nearly seen it all. 

In mid-2023, our senior team at Wattle Partners Financial Planning put the finishing touches on a brand-new report “The Golden Rules of Investing“.

In this free report, we outline the key principles that determine all of the portfolio construction and investment decisions of Wattle Partners. Collated over decades, this paper should be seen as a work-in-progress, constantly under review in light of the ever-evolving nature of markets. 

You’ll find the free report on my Author page. Simply click the button below to view the Golden Rules.

Information warning: The information on this website is published by The Rask Group Pty Ltd (ABN: 36 622 810 995) is limited to factual information or (at most) general financial advice only. That means, the information and advice does not take into account your objectives, financial situation or needs. It is not specific to you, your needs, goals or objectives. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. Please read our Terms and Conditions and Financial Services Guide before using this website. The Rask Group Pty Ltd is a Corporate Authorised Representative (#1280930) of AFSL #383169.


Disclosure: At the time of publishing, Drew owns shares in Nuix.

Powered by

Wattle Partners is a financial advice firm, servicing clients around Australia, specialising in retirement planning (pre and post retirement). 

Skip to content