Changes are happening - please bear with us while we update our site.

Join Free
Log in

Changes are happening - please bear with us while we update our site. Click here to give us your advice and feedback.

Join Free
Log in

More green on the screen to round out a strong week

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 +0.88% to 7,442.70.

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

The strong momentum continued today, though this time led by the resources sectors as commodity prices found their feet.

Shares finished ~0.3% off their highs with some profit taking through the afternoon but today’s rally makes it the 6th consecutive positive day for the ASX200 which is now up ~10% since the late November low of 6751.

This week alone the index was up +247pts/+3.44%, higher for the third consecutive week

  • The ASX 200 finished up +64pts/+0.88% at 7442.
  • The Materials sector (+1.94%) was best on ground, followed by Energy (+1.86%)
  • The worst sector was Real Estate (-0.46%) followed by Utilities (-0.28%) and Tech (-0.08%)
  • Link Administration Holdings Ltd (ASX: LNK) +7.94% announced an MOU with Australia’s largest Superfund, AusSuper with $300b in assets and 3.3m members. The deal will extend their agreement to 2028, a win for Link where concerns were raised after Hesta pulled their agreement earlier this year.
  • Adbri Ltd (ASX: ABC) +8.61% expects their Kwinana cement plant to come online in 2Q 2024 in line with earlier forecasts. Strong demand for building products int eh 2H helped the company lift EBITDA guidance to $310-320m, up from at least $300m and 5% above consensus.
  • Dexus (ASX: DXS) -3.02% cut their office portfolio valuations by 6% and industrial by 2.1% ahead of the end of the year. The landlord will pay a 26.7c dividend for the half.
  • Iluka Resources Limited (ASX: ILU) -3.38% said their new rare earths refinery may cost up to 20% more than market expectations with the project facing a number of challenges.
  • AMP Ltd (ASX: AMP) -1.57% continues to withhold $350m of capital which was earmarked for shareholders as the wealth management company works with regulators.
  • Iron Ore was marginally higher in Asia, adding +0.3%, Fortescue Ltd (ASX: FMG) once again hitting all-time highs.
  • Gold was flat in Asia, taking a breather from the recent rally to trade at $US2035/oz
  • Asian stocks were strong – Nikkei +0.86%, Hang Seng +3.00% & China +0.32%.
  • US Futures are all up around +0.15%

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

  • Allkem Ltd (ASX: AKE) Raised to Overweight at Jarden Securities; PT A$11.40
  • Pro Medicus Limited (ASX: PME) Rated New Overweight at JPMorgan Chase & Co (NYSE: JPM); PT A$100
  • Mach7 Technologies Ltd (ASX: M7T) Rated New Overweight at JPMorgan; PT A$1.05
  • Alumina Limited (ASX: AWC) Raised to Overweight at Barrenjoey; PT A$1.10
  • Orora Ltd (ASX: ORA) Raised to Positive at Evans & Partners Pty Ltd; PT A$3
  • Volpara Health Technologies Ltd (ASX: VHT) Cut to Hold at Bell Potter; PT A$1.15

Major Movers Today

If you’re reading this article on Rask, chances are, you’re in the market for passive income. Whether you’re in retirement or growing your assets — income matters!

So how’s this: our team at Market Matters has delivered a 15.3% return from our Income Portfolio*.

How does that happen? I can tell you, it’s not by chance.

In our brand-new free investing report — we break down “the good, the bad & the ugly”, reviewing the standout ASX income stars, as well as analysing our underachievers.

Get an inside look at our key investments and understand our strategies around nurturing winners and managing laggards. The free report will also cover detailed insights into our approach for trimming, holding, or even doubling down.

As investors continue to look for strong income performance, in a turbulent market, this is a free report not-to-be missed. 

Simply click here to get my free report and take your income investment strategies to the next level.

Get my ASX income Report (FREE)

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.

*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.

Powered by

Skip to content