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S&P/ASX 200 (INDEXASX: XJO) ends a solid week on the front foot

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.
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Here’s today’s The Match Out report from Market Matters’ James Gerrish. Key point: the S&P/ASX 200 (INDEXASX: XJO) finished up +0.30% to 7,194.90.

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

The market opened on the backfoot, down early, before rallying ~50pts into the close to finish at session highs, clearly a bullish tone to end the week with the solid intra-day move.

The lack of selling as December wears on is the theme we’ve been highlighting in recent reports with a few examples taking shape in recent sessions.

We maintain our bullish bias targeting the 7400 level on the ASX 200.

  • The ASX 200 finished up +21pts/ +0.30% to 7194
  • The Energy sector (+1.04%) was higher, while Materials (+0.63%) & Healthcare (0.35%) outperformed.
  • IT (-0.56%), Utilities (-0.15%) and Staples (-0.04%) the weakest links.
  • For the week, the ASX 200 put on +1.72% with the Real-Estate sector the standout up +3.5%. t
  • Woodside Energy Group Ltd (ASX: WDS) -0.53% fell while Santos Ltd (ASX: STO) +6.15% rose on merger talk, although WDS is bigger so it would be more of a takeover sort of scenario if it played out.
  • Ramsay Health Care Ltd Fully Paid Ord. Shrs (ASX: RHC) +0.52% received FIRB approval to sell its 50-50 Asian joint venture to Columbia Asia Healthcare.
  • Lithium stocks look to have bottomed, Pilbara Minerals Ltd (ASX: PLS) +3.63%, Mineral Resources Ltd (ASX: MIN) +2.9% & IGO Ltd (ASX: IGO) +1.87% all rallied.
  • The Fund Managers have had a good week on the back of Perpetual Ltd (ASX: PPT) +1.38% being bid for by Washington H Sl Pttnsn nd Cmpny Ltd (ASX: SOL), however Magellan Financial Group Ltd (ASX: MFG) +2.56% also had a FUM update that implied good portfolio performance in November.
  • Soul Patts (SOL) – 0.48% also hosted their AGM today, investment performance was a little soft to start FY23, -0.4% in the 3 months to October. The Perpetual (PPT) suitor has $469m in dry powder ready to invest and expects to see activity increase in 2024 – get active!
  • Iron ore up ~2.4% in Asia to $US133.90,/mt supported by strong export data from China.
  • Asian stocks were mixed, Hong Kong edged up 0.2%, Japan fell -1.8% while China added +0.43%.
  • US Futures are pricing a flat open.
  • Employment data due out in the US tonight, +183k jobs to be added with the unemployment rate stable at 3.9%.

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

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

Sectors This Week – Source Bloomberg

Stocks This Week – Sources Bloomberg

Broker Moves

  • Gold Road Resources Ltd (ASX: GOR) Cut to Neutral at Macquarie Group Ltd (ASX: MQG); PT A$2
  • Genesis Minerals Ltd (ASX: GMD) Cut to Neutral at Macquarie; PT A$2
  • Alumina Limited (ASX: AWC) Raised to Neutral at Macquarie; PT 80 Australian cents
  • Regis Healthcare Ltd (ASX: REG) Raised to Buy at Ord Minnett; PT A$3.50
  • Data#3 Limited (ASX: DTL) Rated New Overweight at Wilsons; PT A$9.09
  • Aussie Broadband Ltd (ASX: ABB) Rated New Positive at Evans & Partners Pty Ltd
  • Deep Yellow Limited (ASX: DYL) Rated New Speculative Buy at Morgans Financial Limited
  • Resolute Mining Ltd (ASX: RSG) Rated New Buy at Panmure Gordon

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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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