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Some support found: Eyes on US inflation tonight

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 +0.11% to 7,712.50.

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

A far more stable session today after yesterday’s fireworks, the local market looked to recoup some of the pain of Monday’s trade early on.

The bounce didn’t last long though, up +32pts/+0.4% at its best early only on close just marginally higher – much of the headwind came from BHP Group Ltd (ASX: BHP) which hit its lowest level since May last year.

  • The ASX 200 finished up +8pts/+0.11% at 7712.
  • The Tech sector was best on Ground (+1.15%) while Utilities (+0.88%) & Consumer Discretionary (+0.61%) also outperformed.
  • Energy (-0.77%), Staples (-0.39%), Industrials (-0.28%) and Telcos (-0.16%) were the four to finish lower.
  • Alumina Ltd (ASX: AWC) +8.09% entered into a binding agreement to be taken over by Joint Venture partner Alcoa Corp (NYSE: AA). The deal at 0.02854 AA US shares for each AWC is worth ~$1.315/sh based on last night’s close.
  • Metcash Ltd (ASX: MTS) +3.15% held an investor day today to cover off on their plans for the years ahead including the integration of Super Foods, a company they bought not long ago. The trading update was better than expected, total sales +0.9% for the first 10 months of the financial year. More on this in tomorrow’s AM report.
  • Appen Ltd (ASX: APX) +29.52% has surged in recent weeks, the ASX sending out a please explain regarding the rally. We expect to hear more from the company tomorrow
  • Bellevue Gold Ltd (ASX: BGL) +10.31% up on a strong production update, gold numbers up ~27% in Feb vs Jan with grades improving, on track to meet guidance as they ramp up production at Deacon.
  • Pilbara Minerals Ltd (ASX: PLS) +4.25% signed a decent offtake agreement with China’s Yahua, up to 160kt in 2025 and 2026.
  • Adairs Ltd (ASX: ADH) +8.23% up the Chairman resigning – the stock hit 2 year highs on Chenoweth’s departure…
  • Gold was softened marginally, just -US$4/oz,  trading at US$2177 at our close.
  • Asian stocks were again mixed. The Nikkei 225 (INDEXNIKKEI: NI225) continues to lag, -0.4% today, joined in the red by China -0.25%. Hong Kong was better though, adding +2.1%.
  • US Futures are stronger, S&P 500 (INDEXSP: .INX) futures +0.4%, Nasdaq Composite (INDEXNASDAQ: .IXIC) better at +0.6%.
  • US Inflation data is in focus tonight, the market looking for Core +0.3% month on month, and Headline +0.4%.

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

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

Broker Moves

  • Zip Co Ltd (ASX: ZIP) Raised to Buy at Citigroup Inc (NYSE: C); PT A$1.40
  • Regal Partners Ltd (ASX: RPL) Rated New Buy at Ord Minnett; PT A$3.60
  • Ora Banda Mining Ltd (ASX: OBM) Rated New Buy at Moelis & Co (NYSE: MC)
  • Transurban Group (ASX: TCL) Cut to Neutral at Macquarie Group Ltd (ASX: MQG); PT A$13.69
  • Proteomics International Laboratories Ltd (ASX: PIQ) Cut to Hold at Morgans Financial Limited; PT A$1.38

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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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