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ASX 200 morning report – Z1P, FMG & LNK shares 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) finished the week on a stronger note, gaining 0.8% on Friday behind a strong recovery in the mining sector, which gained 2.3%.

The likes of Fortescue Metals Group Limited (ASX: FMG) and BHP Group Ltd (ASX: BHP) added 2% and 2.8%, respectively, on the back of a rise in the iron ore price. This came after the Chinese Government indicated support for the embattled property sector was on its way.

Featured video: Fortescue Metals ASX share review on

Every other sector was higher apart from healthcare, which continues to see capital rotate out of companies with defensive earnings into more volatile cyclicals.

Zip’s European expansion, another bid for Link

Zip Co Ltd (ASX: Z1P) gained close to 4% after announcing it had settled on its purchase of Twisto, a European digital payments player that will support an expansion in the region.

Shares in Link Administration Holdings Ltd (ASX: LNK) were also up 3.5% after the group received an offer for its poorly timed loan servicing business in Europe.

ASX 200 weekly movers

The day’s strength couldn’t overcome a mainly negative week with the market falling 0.2% over the five days as the inflation risk rumbled through valuations.

Materials were the standout, gaining 4.7% with those linked to renewable energy like Chalice Mining Ltd (ASX: CHN), which added 44%, and gold mining including Evolution Mining Ltd (ASX: EVN), up 12%, the leaders.

Every sector apart from mining finished lower over the five days, with technology and healthcare the hardest hit on concerns of higher interest rates impacting valuations.

The Nearmap Ltd (ASX: NEA) share price was the biggest detractor, down 19% as the market reacted to the company’s trading update and guidance at its AGM.

PolyNovo Ltd (ASX: PNV) wasn’t far behind, tumbling 14% after its CEO stepped down, effective immediately.

ASX 200 today

Looking ahead, the ASX 200 is expected to open relatively flat on Monday despite US markets posting a positive finish to the week. To find out more, check out my US stock market report.

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

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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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