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The Match Out: Iron ore continues to rally

Picture of James Gerrish
James Gerrish
Picture of James Gerrish

James Gerrish

James is the Portfolio Manager and Primary Author at Market Matters — a groundbreaking service that gives Australian investors access to an institutional-level of data, analysis and action. He is also Senior Portfolio Manager at Shaw and Partners, one of Australia’s leading financial services firms with $30 billion of assets under management. With a wealth of knowledge and expertise James brings a pragmatic, active approach to investing. He’s straight-talking, concise and one of the most respected financial voices in Australia, regularly appearing on CNBC Asia, Sky News, Ausbiz and the ABC.
More analysis

Here’s today’s The Match Out report from Market Matters’ James Gerrish. Key point: the S&P/ASX 200 (INDEXASX: XJO) finished up +1.29% to 7279.

Markets @ Midday: Listen here at lunchtime or find all Market Matters Podcasts on Spotify.

The stars aligned for a strong finish to the week, and the ASX delivered with its best one-day rally in more than 8 weeks today.

All sectors were higher today, led by a resurgent materials sector thanks to strong commodity prices. It was a very broad-based rally today with 80% of the S&P/ASX 200 (INDEXASX: XJO) finishing higher with money keen to pile into the market.

The index posted a gain of 122pts/+1.71% this week, recouping the losses of last week.

  • The ASX 200 added +92pts/ +1.29% to 7279.
  • The Materials sector was best on ground (+2.54%) while Tech (+1.93%), Energy (+1.68%) & Consumer Discretionary (+1.09%) were also notable gainers.
  • While still closing higher today, Utilities (+0.28%) and Healthcare (+0.29%) were the key laggards.
  • Data out of China was strong as Industrial production (+4.5% YoY) and Retail Sales (+4.6% YoY) were better than expected, further supporting the rally, particularly in China-facing stocks. The buying followed on from yesterday’s surprise stimulus in the form of a cut to the Reserve Requirement Ratio (RRR)
  • Metcash Limited (ASX: MTS) -0.54% hosted their AGM today. Sales YTD were up +6% for food ex-tobacco, +3.2% for Hardware and +1.7% for Liquor. Tobacco sales (-11%) have been impacted by illicit trade while further signs of consumer weakness have been noted despite the growth so far in FY24.
  • Novonix Ltd (ASX: NVX) +37.96% continues to surpass targets at their Tennessee battery facility with costs, volumes and sustainability numbers in line with expectations, lifting production capacity targets.
  • Qantas Airways Limited (ASX: QAN) +0.36% took another hit, the ACCC rejecting their collaboration with China Eastern today.
  • Telco data showed Telstra Group Ltd (ASX: TLS) and TPG Telecom Ltd (ASX: TPG) are losing market share, mostly to Aussie Broadband Ltd (ASX: ABB) and Vocus Group Limited (ASX: VOC).
  • Iron Ore rallied a further 1.51% in Asia today taking Rio Tinto Ltd (ASX: RIO) to a one-month high, up 3% in the session.
  • Gold was up 0.4% to US$1919 at our close, most gold stocks enjoyed the move.
  • Asian stocks were mostly higher, Hong Kong +1%, Japan +1.1% while China was off -0.50%
  • US Futures are higher, all by around 0.2%

S&P/ASX 200 (INDEXASX: XJO) Index

S&P/ASX 200 (INDEXASX: XJO) Index

Sectors this week – Source Bloomberg

Stocks this week – Source Bloomberg

Broker Moves

  • Clean Seas Seafood Ltd (ASX: CSS) Rated New Buy at PAC Partners
  • Monadelphous Group Ltd (ASX: MND) Raised to Overweight at Jarden Securities
  • Myer Holdings Ltd (ASX: MYR) Cut to Reduce at CLSA; PT 64 Australian cents

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*Active Income Portfolio FY 23 of 15.36% achieved between 01/07/22 to 30/06/23.

At the time of publishing, the author or their clients may have a financial interest in some of companies or securities mentioned.

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