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ASX 200 morning report – CSL, WPL & IGO shares in focus

The S&P/ASX 200 (ASX: XJO) didn’t follow global markets higher on Thursday, finishing down 0.4% as CSL Limited (ASX: CSL) dragged both the healthcare sector, down 5.1%, and the market lower.

CSL down on acquisition

The reason was the completion of CSL’s capital raising at an 8% discount to the share price, which naturally sent shares down 8.2%.

Management confirmed that institutions had delivered the $6.3 billion it was expecting for the Vifor Pharma purchase.

Most other sectors finished lower, but technology outperformed, gaining 2.1% behind the likes of Hub24 Ltd (ASX: HUB) and Netwealth Group Ltd (ASX: NWL) which both moved 3% higher.

This was despite a massive 366,000 in new jobs gained in the month of November, sending unemployment down to 4.6% and bond rates sharply higher.

ASX banks in the news

ANZ Banking Group Ltd (ASX: ANZ) admitted to shareholders that they ‘got it wrong’ on their lending book, failing to capitalise on the booming loan market in 2020 and 2021 due to processing delays and technology.

Sticking with the banks, the Commonwealth Bank of Australia (ASX: CBA) finished 0.1% lower and announced another 20 basis point increase to its five year fixed-rate home loans.

RBA speaks

The Reserve Bank Governor spoke for the last time for several weeks, once again reiterating that Australia was very different to the US.

He compared the 6.8% US inflation rate to just 2.1% in Australia, noting that this is the first time in six years it is even in the 2-3% target band despite massive supply chain disruptions.

Bond buying is set to end in May 2022 should all go according to plan, but rate hikes are still at least back into 2023.

BHP-Woodside oil merger approved, IGO expands nickel assets

The ACCC formally approved the BHP Group Ltd (ASX: BHP) and Woodside Petroleum Limited (ASX: WPL) oil tie-up.

Meanwhile, IGO Ltd (ASX: IGO), formerly Independence Group, announced it had finalised a deal to buy nickel miner Western Areas Ltd (ASX: WSA) for an equivalent price of $3.36 per share.

This vastly expands IGO’s presence in the important sector for the decarbonisation trend.

Qantas ready to pounce

Qantas Airways Limited (ASX: QAN) announced a first-half trading update, confirming a slight improvement in its debt position, falling to $5.65 billion from a peak of $6.4 billion, with all 11,000 staff now back on deck.

Management still expect a first-half loss of up to $300 million but see domestic flights beyond COVID-19 levels before June. Global travel is expected to recover more slowly, improving to 75% in the second half.

ASX 200 today

Looking ahead, the ASX 200 is set to open higher this morning despite a negative lead from US markets overnight.

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 CSL.

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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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