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ASX 200 set to climb – NWL, HUB & RBL shares in focus

The S&P/ASX 200 (ASX: XJO) broke a three-day losing streak to finish 0.5% higher on Thursday. However, a late sell-off in the ASX banking sector meant gains of as much as 1.2% were reversed.

The financials and energy sector were the primary drags, down 0.9% and 0.5% as investors seek out higher quality, less cyclical businesses.

ASX tech platforms jump

The ASX tech sector was once again the standout, jumping over 4% and the industrial sector gaining on another strong report from investment platforms Hub24 Ltd (ASX: HUB) and Netwealth Group Ltd (ASX: NWL).

These stocks finished 15% and 8% higher, respectively, after reporting record inflows on their administration, reporting and super platforms.

In the case of Netwealth, the group reported $4 billion in inflows in the September quarter, taking the total to $52 billion and now expects a total of $12.5 billion over the full year.

It was a similar story for Hub24, reporting $3 billion in inflows, a quarterly record taking funds under administration to $63.2 billion; this doubled the group’s market share.

Despite the positive news, analysts have begun to suggest the record inflows may begin to slow giving growing pressure on the financial advice sector.

Featured: Inside the EML Payments share price flop & the bull case for Tesla

Redbubble struggles post-pandemic

Popular day trading stock Redbubble Ltd (ASX: RBL) slumped another 12% after reporting first-quarter results, revealing a 34% fall in gross profit in the September quarter.

As highlighted previously, the company benefitted from a massive spike in demand for masks during the pandemic, a trend that was clearly ‘transitory’ and not justifying the high multiple.

A2 Milk on the up, South32 buys copper

A2 Milk Company Ltd’s (ASX: A2M) recovery continued, jumping 4.3% as signs that the Daigou channel is beginning to improve buoyed sentiment.

Meanwhile, shares in diversified miner and ex-BHP unit South32 Ltd (ASX: S32) jumped close to 5% after announcing the purchase of a 45% stake in Sierra Gorda, a copper mine in Chile for US$1.55 billion. This marks another ASX miner seeking to position itself for a battery boom.

Unemployment pain

The lingering pain of the pandemic lockdowns was on show on Thursday with the economy losing 138,000 jobs in September, taking the total losses since August to $280,000.

There are 110,000 fewer people in work but more concerningly, the participation rate dropped by 0.7%, for the third consecutive month, suggesting many are giving up on finding work.

ASX 200 today

The ASX 200 is expected to push higher when the market opens on Friday, following a strong lead from US markets overnight. All three US benchmarks finished higher, with the S&P 500 and Nasdaq gaining 1.7% each. To find out more, check out my 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.

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At the time of publishing, the author of this article does not have a financial or commercial interest in any of the companies mentioned.

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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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