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S&P/ASX 200 (INDEXASX:XJO) hits new all-time highs, books a very solid quarter

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 +0.51% to 7,819.60.

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

A bullish session to end a positive quarter for equities with the market rallying ~3% in the last month,  propelling the ASX200 to fresh all-time highs. Have a wonderful Easter break with family and friends.

  • The ASX 200 added +77pts/ +0.99% to 7896.
  • Materials  (+1.8%), Property (+1.68%) and Communications (+1.45%) the shining lights.
  • Financials (+0.38%), IT (+0.4%) & Healthcare (+0.50%) were up, but lagged the broader rally.
  • Lithium stocks rallied after Albemarle Corporation (NYSE: ALB) in the US said they sold spodumene for $1298/dmt in an auction, about two weeks earlier, Pilbara Minerals Ltd (ASX: PLS) received $1200/dmt implying the market for Lithium is becoming more constructive for the producers.
  • Fisher & Paykel Healthcare Corporatn Ltd (ASX: FPH) -2.75% slipped on a recall of their breathing support system. The issue only impacts devices made before 2017 and will result in a ~$12 m impact for FY24, less than 5% of recent guidance.
  • Audinate Group Ltd (ASX: AD8) -2.15% Chairman sold a few shares, taking some off the table after a strong run. We don’t see this as a huge negative, shares have softened after the stock entered the ASX200 index.
  • Hotel Property Investments Ltd (ASX: HPI) +3.36% saw Charter Hall Group (ASX: CHC) take a ~15% stake in the business, ought of 360 Capital Group Ltd (ASX: TGP). First glance this looks a positive for all parties.
  • Beach Energy Ltd (ASX: BPT) +3.67% rallied on plans to axe 30% of staff as part of a restructuring. BPT is looking interesting again.
  • Iron Ore was flat lower today, however the miners enjoyed the markets bullish vibe, Fortescue Ltd (ASX: FMG) +2.02%, BHP Group Ltd (ASX: BHP) +1.35% and Rio Tinto Ltd (ASX: RIO) +0.69%
  • Stocks in Asia were mixed,  Hong Kong down -3%, Chinese equities dipped -1.4%, while Japan added +0.25%.

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

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

Sectors this quarter – Source Bloomberg

Stocks this quarter – Source Blomberg

Broker Moves

  • IGO Ltd (ASX: IGO) Cut to Underweight at Morgan Stanley (NYSE: MS); PT A$5.95
  • Alumina Ltd (ASX: AWC) Cut to Equal-Weight at Morgan Stanley; PT A$1.30
  • 29Metals Ltd (ASX: 29M) Cut to Underweight at Jarden Securities
  • Platinum Asset Management Ltd (ASX: PTM) Raised to Buy at Bell Potter; PT A$1.20
  • Infomedia Limited (ASX: IFM) Cut to Hold at Bell Potter; PT A$1.80

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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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