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Early weakness entices bargain-hunting

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 -0.56% to 7,670.30.

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

The market was hit particularly hard early on today, down ~120 points at the 11.30am low before buyers of the dip came roaring in, cutting those losses by 2/3rds with a very strong afternoon session into an index re-weight at the close.

  • The ASX 200 fell -43pts/ -0.56% to 7670, although it felt like a decent session by the end.
  • Energy  (+2.01%) was the standout, Utilities (+1.03%) and Property (+0.76%) also did well.
  • Materials (-1.91%) were still on the nose, Consumer Discretionary (-1.03%) and IT (-0.85%) weighed.
  • A softer week overall for the ASX down 2.25% with only 2 sectors closing higher i.e. fairly broad-based selling.
  • Tabcorp Holdings Ltd (ASX: TAH) -5.23% fell as the CEO resigned following inappropriate and offensive language in the workplace.
  • EML Payments Ltd (ASX: EML) +11.5% rallied on news they sold their struggling Sentenial business for ~$54m, a good result for a company that is meant to lose $2m in EBITDA in FY24. This follows the line in the sand drawn on the PCSIL business that has regulatory issues, we like the moves.
  • Iress Ltd (ASX: IRE) +1.42% sold their UK Mortgage business for $164m into Private Equity. Iress has been offloading non-core assets, this being the biggest so far.
  • NRW Holdings Limited (ASX: NWH) +1.67% mining & services contractor announced several contract wins, mostly extensions/variations, but all in worth ~$270m.
  • Strong buying in Centuria Industrial Reit (ASX: CIP) +2.29% and Centuria Capital Group (ASX: CNI) +4.09% today, even Centuria Office REIT (ASX: COF) +2.03% was bought.
  • Gold was up $US2 in Asia, trading at $US2164/oz at our close, Gold stocks pulled back.
  • Iron Ore was off -0.75% at $US107.60
  • Stocks in Asia were down,  Hong Kong -2%, Chinese equities dipped -0.18%, while Japan was off -0.50%
  • US Futures are down a touch.

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

  • Southern Cross Gold Ltd (ASX: SXG) Rated New Speculative Hold at Bell Potter
  • Hartshead Resources NL (ASX: HHR) Cut to Speculative Hold at Bell Potter

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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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