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ASX 200 morning report – PMV & ASX gold miners in focus

Picture of Drew Meredith, CFP
Drew Meredith, CFP
Picture of Drew Meredith, CFP

Drew Meredith, CFP

Drew Meredith is one of the founders of Wattle Partners. He is an experienced financial and investment adviser with expertise in self-managed superannuation funds, superannuation strategies, investment analysis and portfolio construction. Drew is a Partner at Wattle Partners.
More analysis

The S&P/ASX 200 (ASX: XJO) gained 0.1% on Friday, taking the market 0.2% higher for the week and ultimately finishing at another all-time high.

On Friday it was the ASX gold miners responding to the expected inflation data in the US, with the likes of Resolute Mining Limited (ASX: RSG) and Newcrest Mining Ltd (ASX: NCM) jumping 7.7% and 3.1%, respectively, as the USD price of gold exceeded $1,900 once again.

Premier Investments growth continues

On a company-specific level, Premier Investments Limited (ASX: PMV) was just 0.4% higher despite confirming that sales would be 16% higher than 2019 levels and 70% higher than 2020.

Management noted the decision to stock up on inventory and invest in its supply chain as key drivers of the strong performance.

Weekly movers and shakers

Over the week it was the financial sector that struggled, with the likes of National Australia Bank Ltd (ASX: NAB) falling 3.8%.

The highlights by far were in the IT and real estate sectors, up 7% and 3.0%, respectively, with Altium Limited (ASX: ALU) skyrocketing 28.6% after receiving a takeover offer, and rumours drove IRESS Ltd (ASX: IRE) 20.4% higher.

ASX 200 today

The ASX 200 is expected to push higher when the market opens on Tuesday according to the latest SPI futures.

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

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