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Little resistance shown by equities in a soft session

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 down -1.82% to 7,704.20.

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

A few cracks appeared in equities today, the index giving back all of the gains banked from last week and peeling back from all-time highs. It was a broad sell-off for the market, with all sectors closing lower in the ASX200’s biggest drop since 10 March 2023, a year ago almost to the day.

  • The ASX 200 finished down -142pts/-1.82% at 7733.
  • The Tech sector held up the best (-0.33%) while Staples (-0.41%) also outperformed.
  • Materials (-2.56%), Financials (-2.17%) and Energy (-2.07%) lagged.
  • The Big 4 Banks took off ~40pts today, BHP Group Ltd (ASX: BHP) knocked off -17pts by its own hand while Fortescue Ltd (ASX: FMG) (-8pts) and CSL Ltd (ASX: CSL) (-6pts) also chipped in, the later also trading ex-dividend today.
  • Victoria, SA & Tas on a Public Holiday meant there was little appetite to fight the trend which was set early. The market finished ~1% lower than the pre-market SPI futures implied, rolling off with little resistance.
  • Pretty limited day in terms of news flow as a result of the Public Holidays as well.
  • Worley Ltd (ASX: WOR) -1.9% announced a few new contracts including a deal with Shell for their Holland Hydrogen 1 plant as well as an extension so their deal with Aramco for a further 5 years. Margins on these deals are the key now.
  • Deep Yellow Limited (ASX: DYL) -4.71% emerged from a trading halt after raising $220m to advance their Tumas Uranium project in Namibia. A further $79.5m is expected to be raised following a shareholder vote, alongside a $30m Share Purchase Plan for holders.
  • Regional Express Holdings Ltd (ASX: REX) +5.06% jumped on a partnership deal with Etihad to connect into international flights from Sydney or Melbourne.
  • Iron Ore was weaker in Asia, down 0.76%.
  • Gold was up  marginally, just +US$2,  trading at US$2181 at our close.
  • Asian stocks were mixed. The Nikkei 225 (INDEXNIKKEI: NI225) struggled, down -2.89% on the back of strength in the Yen. The BOJ is one only a handful of central banks that is looking at hiking rates.
  • Elsewhere Hong Kong was up +1.26% and Chinese stocks added +0.20%.
  • US Futures are weaker, S&P 500 (INDEXSP: .INX) futures -0.18%, Nasdaq Composite (INDEXNASDAQ: .IXIC) faring worse off -0.3%.

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

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

Broker Moves

  • Virgin Money UK CDI (ASX: VUK) GDRs Cut to Neutral at Macquarie Group Ltd (ASX: MQG); PT A$4.25

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