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ASX 200 morning report – TWE, QAN & RIO shares in focus

The S&P/ASX 200 (ASX: XJO) managed to break a three-week losing streak to finish 0.6% higher over the five trading days.

It was ultimately driven by a strong Friday session, the market up 0.7%, which benefitted from a strong start to the US earnings season but more importantly, positive economic news in Australia.

Asset managers tumble

On Friday, fund managers Pendal Group Ltd (ASX: PDL) and Platinum Asset Management Ltd (ASX: PTM) were the weakest performers, down 11% and 7%, respectively.

Competitor Magellan Financial Ltd (ASX: MFG) was among the leaders, moving 3 % higher.

Featured: Hamish Douglass’ #1 money & investing secret

Treasury share price juiced

The Treasury Wine Estates Ltd (ASX: TWE) share price sold off another 5% after management flagged that the closure of bars and restaurants in Australia meant sales were behind schedule.

This was no surprise however traders were seemingly pricing in a more optimistic scenario.

Rio Tinto’s miss, Qantas sells land

Rio Tinto Limited (ASX: RIO) was the only major ASX miner finishing lower, down 1%, after flagging its third straight miss on export targets.

Qantas Airways Limited (ASX: QAN) jumped 2% after booking an $800 million benefit by selling a parcel of land near its Sydney headquarters to property investor LOGOS.

ASX weekly movers

Across the week it was all about mining, with the ASX materials sector adding 3% and ASX tech not far behind, delivering a 1.7% gain as bond yields continue to settle.

Netwealth Group Ltd (ASX: NWL) and Hub24 Ltd (ASX: HUB) were the standouts, both gaining more than 20% on record platform inflows.

On the flipside, fund manager Pendal and e-commerce platform Redbubble Ltd (ASX: RBL) struggled to keep up with inflated expectations.

ASX 200 today

The ASX 200 is heading towards a positive start to the week, with ASX futures indicating the market will open higher this morning. This comes after all three US benchmarks climbed on Friday.

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

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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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