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ASX 200 morning report – MQG, SUN & SCP shares in focus

The S&P/ASX 200 (ASX: XJO) recovered the ground lost on Monday, increasing 1.1% on Tuesday as the iron ore price showed no signs of slowing down.

Having oscillated between a new commodity supercycle and a bear market, a resumption of steel production supported a 2.2% jump in the materials sector and 3.7% for BHP Group Ltd (ASX: BHP).

Every other sector was higher barring technology, which fell 1.6% as Block (ASX: SQ2) shares fell close to 5% again.

Macquarie delivers record quarter

The financials sector also performed strongly, adding 1.4% after Macquarie Group Ltd (ASX: MQG) reported a record quarter.

The Macquarie share price surged 3.9% to above $200 despite little in the way of financial updates, apart from management confirming ‘improved market conditions’ had contributed to a record level of revenue for the company.

The market-facing businesses are benefitting from a global increase in merger and acquisition activity following the pandemic, but the traditional banking and asset management divisions are expected to detract from profits.

Suncorp profit weakens

Shares in Suncorp Group Ltd (ASX: SUN) were among the leaders on the market, gaining 5.5% after the company reported half-year results and revealed a 7.5% increase in insurance premiums.

Despite the positive sales news, the company indicated that its investment portfolio returns on this capital had fallen, resulting in a 20% reduction in profit and ultimately a 3 cent cut to the dividend. Catastrophe payouts remain a detractor from profits but the market was clearly expecting much worse.

Shopping Centres Australia revalued higher

Shares in Shopping Centres Australia Property Group (ASX: SCP) gained more than 3% after the company reported a 25% increase in revenue and a tripling of profit to $432 million in the first half.

Importantly, funds from operations, being rental payments, increased 29%. But the biggest contributor was a revaluation of the underlying property portfolio by $426 million, taking the net tangible asset value to $2.84 from $2.52.

Charter Hall hikes dividend

Sticking with property, the popular Charter Hall Long WALE REIT (ASX: CLW) added 1% after announcing a 5% increase in the already strong dividend yield.

ASX 200 today

Looking ahead, the ASX 200 is set to open higher this morning, following a positive lead from US stock markets.

All eyes will be on the Commonwealth Bank of Australia (ASX: CBA) share price as the bank lifts the lid on its half-year FY22 results. To keep up to date this February, make sure to bookmark Rask Media’s ASX reporting season calendar.

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.

Information warning: The information on this website is published by The Rask Group Pty Ltd (ABN: 36 622 810 995) is limited to factual information or (at most) general financial advice only. That means, the information and advice does not take into account your objectives, financial situation or needs. It is not specific to you, your needs, goals or objectives. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. Please read our Terms and Conditions and Financial Services Guide before using this website. The Rask Group Pty Ltd is a Corporate Authorised Representative (#1280930) of AFSL #383169.


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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