Evening Wrap: ASX 200 baulks at record despite ANZ surge, results hammer Pro Medicus -24%, AMP -27%

The S&P/ASX 200 closed 28.7 points higher, up -0.32%.

The ASX 200 edged closer to record highs as heavyweight earnings beats in banks and utilities did the heavy lifting, even as results season delivered another messy, high-dispersion tape elsewhere.

Financials (XFJ) (+2.5%) ripped higher after ANZ Group Holdings (+8.4%) surged to a 6-year record on a stronger than expected quarterly update, while Commonwealth Bank of Australia (CBA) (+5.4%) extended its post-results rally.

Origin Energy (ORG) (+3.8%) powered Utilities (XUJ) (+2.8%) after a solid earnings beat and an upgraded Energy Markets outlook.

Information Technology (XIJ) (-6.1%) was the clear drag, led by Xero (XRO) (-8.1%) and Wisetech Global (-6.6%). Pro Medicus (PME) (-24%) hobbled Health Care (XHJ) (-5.1%) after its earnings, despite reporting solid headline growth and underscoring just how unforgiving this results season has been.

In commodities, spot silver and gold remained flat, but miners pushed higher, with BHP Group (BHP) (+2%) and Rio Tinto (RIO) (+2.2%) lifting. Northern Star Resources (NST) (+3.2%) also jumped after reporting a 41% rise in half-year profit.

Be sure to click/scroll through for the usual reporting of the major sector and stock-specific moves, the broker responses to them, as well as all the key economic data in tonight's Evening Wrap.

Also, I have detailed technical analysis on the Nasdaq Composite and the S&P/ASX 200 in today's ChartWatch.

Let's dive in!

Markets

ASX 200 Session Chart

The S&P/ASX 200 (XJO) finished 28.7 points higher at 9,043.5, 0.32% from its session low and 0.68% from its session high. Despite the benchmark's gain, in the broader-based S&P/ASX 300 (XKO), decliners beat advancers by a lopsided 214 to 64.

Fund flows: Sit back and enjoy the show! 🍿

Quite a bit of excitement this morning, wasn’t there? So exciting, in fact, that a rival financial news media outlet reported that we’d actually made a new high:

"The S&P/ASX 200 Index rose 57.9 points, or 0.6 per cent, to 9072.7 at 12.01pm AEDT, after an all-time high of 9076.1 – surpassing its previous intraday high of 9115.2. Five of the 11 sectors were stronger."

— Unnamed financial news source 😉

Hey, we all make mistakes, much like those who charged in to buy this morning — or at least that’s likely how many of them probably felt after watching that steady sell down from precisely 1pm AEDT.

Someone big hit the button on a substantial programmed sell order at 1pm, and the computer did the rest! Resistance was futile! 🤖

Also futile, it seems, was the local share market's ability to escape the present fund flow environment of:

• Winners (note, the plural!*) 😎🏆

  • Financials (XFJ) (+2.6%)

  • Resources (XJR) (+1.0%)

• Losers (unfortunately, still the same sorry bunch!) 😭

  • Communication Services (XTJ) (-1.5%)

  • Real Estate (XPJ) (-2.0%)

  • Consumer Discretionary (XDJ) (-2.1%)

  • Health Care (XHJ) (-5.5%)

  • Information Technology (XIJ) (-6.2%)

(*No Swinger sector anymore as the XFJ has officially joined the winners list! 🥳)

Such moves, which granted — are no surprise to any long-suffering reader of this Evening Wrap — may illicit the following response among investors:

Surely, after all this bloodshed… Enough is enough… Surely these stocks are cheap and overdue for a bounce!? 🤔

Answering this question would require you to have a deep understanding of global fund flows, changing macroeconomic and geopolitical risk dynamics, the future movements of discount rates, company fundamentals, and most importantly: what the demand- and supply-sides intend to do next. 🧮

If, like me, you’re underqualified in at least one of those fields, then perhaps it’s best not to trouble our pretty heads. I propose that our views (on anything) carry little influence beyond those we can physically restrain in place long enough to listen to them…

All I know, is that trends can extend far beyond what I / you think makes any sense. Also, I'm pretty confident that when stuff is actually cheap, there'll be excess demand for it (i.e., demand ⬆️ vs supply ⬇️ so that D > S = P ⬆️)

Until then, and assuming you’ve followed the trends and thus avoided the loser sectors — I suggest you just sit back and enjoy the show! 🍿

Stock Specific: Another one bites the dust... (and another one bites and...) 🪦

As I looked down the Interesting Moves biggest fallers list (scroll about 10 meters below this sentence 👇), I noted that it's a cavalcade of long black candles on stocks that were in very well-established downtrends. This means that nearly all of today's biggest falls appeared as Feature Downtrends in my ChartWatch ASX Scans series many weeks, and often, months ago.

Pro Medicus (PME) chart with ChartWatch *LIVE* Webinar scratchings! 🧐

Pro Medicus (PME) (-24%) is perhaps the most rewarding of that sorry lot for me. It lost nearly a quarter of its value today and I wouldn't have a clue why. 🤷 I didn't even bother to read whatever news announcement caused such a calamitous decline (but you can in the Interesting Moves below!).

Why would I? It's not like when I called it a Feature Downtrend (i.e., highest conviction) 25 times since 29-October last year — that even one of those times — I considered the fundamentals anyway. Simply, S > D = P ⬇️ MOTN.

I know this is far less interesting to you than knowing when PME will be cheap enough to finally buy. I've kind of addressed that issue above — i.e., when D is sustainably in excess of S — but can I add that from a technical perspective, major cycle lows are consistent with:

1. Massive demand-side candle (i.e., white-bodied, but more likely a very, very long downward pointing shadow signifying a final blowoff low as forced sellers panic early, and big-money positional buyers buy the dip).

2. Massive volatility (i.e. OTR bar well above average) — consistent with something BIG and IMPORTANT going on!

3. Massive volume — ditto, but representing the final washout of longs, meeting the positional buying of big-money buy the dippers, plus strategic short covering from those, who like me... saw this coming a very long time ago! 😉

Put these 3 factors together, and maybe, just maybe, you just saw the bottom of (insert tech/health/consumer discretionary/software/telco stock name here!)'s wipe out... 🤞

Today's best blue chip gainers

Today's worst blue chip losers

ChartWatch

Nasdaq Composite Index

Analysis

The old “excess supply at the short term downtrend ribbon” issue…

Pure coincidence, of course. It’s not like the big US fund managers are watching my trend ribbons and deciding they’re a good place to buy or sell…

Or are they? 😉

Anything that works in technical analysis is purely coincidental. Nobody can predict the future because it is uncertain!

But it’s probably also fair to say that some aspects of technical analysis — when used by enough market moving investors — can become self-fulfilling.

I do believe there’s an element of this going on with respect to trend following, as many of the large algorithmic-based hedge funds are using technical models to trade. This often extends trends, both up and down, further than they might otherwise have run based purely on the fundamentals.

Anyways, back to the Comp chart. I’d love to know your thoughts on that last candle! 🤔 There does appear to be some nagging supply tipping in around that short term downtrend ribbon — which is exactly what we’d expect to occur MOTN (More Often Than Not).

I note, the downtrend ribbon happens to also coincide with the super-important trough low of 23232 on 29-Jan. That’s a long downward pointing shadow — there was substantial demand at those lows… which we'll find MOTN will tend to switch to latent supply down the track.

Basically the buyers on that day realised their subsequent mistake, and they’re now being offered with roughly break-even prices — and some of them appear to be taking it.

Saving the day Wednesday, almost literally, is that modest downward pointing shadow. It demonstrates there’s still a decent amount of excess demand lurking in the system — looking to buy the dip. I note it occurred around the lows of Monday’s candle/ highs of Friday’s candle. This is also quite typical.

In summary, the rally from 22461 remains sound, the pause at the short term uptrend ribbon appears to be caused by only mildly motivated supply for now. Elevated volume on Wednesday, when combined with the downward pointing shadow, hints at active buy the dip… But similarly, also stubborn supply around the short term downtrend ribbon/23232 trough low.

That supply must be consumed to facilitate higher prices. 🚨

We’ll get the next piece of the puzzle tonight. Can I suggest the odds between the following scenarios are roughly even… 33-33-33:

1. Demand from those buying the dip into the long term uptrend ribbon consumes / overcomes the supply at the short term downtrend ribbon/23232.

2. Supply holds out for another night… based on the last couple of “pause” candles, it probably won’t overcome this last little demand-side push…

3. Short term downtrend ribbon proves too great a hurdle… it steps up its attack and closes the Comp below Wednesday’s candle low of 22902… we rebound back towards the long term uptrend ribbon.

View

Still on the fence here… Shifting uncomfortably between the pickets! I am at 1/2RP portfolio risk limit 🪣 (RP = Risk Position — it reflects my personal allowable capital allocation limit for my investments in US stocks. So 1/2RP is 50%, 2/3RP is 67% and FRP is 100%).

Key levels

22461 is the critical point of demand. If the Comp closes below that price, we can assume the supply side is very much in control. On a close below 21898 the long term uptrend is likely under significant pressure = ⚠️. 23722-24020 is the nearest critical static zone of supply, but the short term downtrend ribbon (presently 23305-23325) may also impede upside price action.

S&P/ASX 200 (XJO)

Analysis

Today’s OTP candle is probably one of the most logical we’ve seen for quite some time… that is, among many far less logical candles since the formation of the 8944 peak! 🤦

• Morning: Follow through excess demand from yesterday’s full-white-bodied candle. Remember, long, full-white-bodied candles are the epitome of unquenched excess demand! ✅

• Afternoon: Latent supply from the October record highs of 9110-9116 kicked in… Extra supply met, then overwhelmed demand… Prices pared back = upward pointing shadow. Remember, upward pointing shadows point to where excess supply is lurking in the system! ✅

Today’s price action is hardly inspiring, but net-net, I think we can still say that the short term uptrend remains intact.

Take out that baffling (for me, at least!) move from 8944 to the 8683/long term uptrend ribbon and today’s move is consistent with everything that has occurred since the 8383 major swing low.

But! We can expect 9110-9116 to put up at least some fight. Today, as suggested before, was very logical.

Just as logical, would be to see the demand-side continue to probe latent supply at 9110-9116, potentially even with one or two more similar indecision candles like today’s.

We will know when we know:

• Scenario 1:

  • Emphatic, close at/near high of session white-bodied candle in or above the 9110-9116 supply zone = 👍

  • Signals motivated demand vs zero motivated supply (because they simply don’t have any historical hang-up points to peg selling to… anything is possible mentality) = 👍

  • If accompanied by above average volume, would signal the final supply removal and influx of fresh demand as a perceived major hurdle cleared

• Scenario 2:

  • Long black-bodied and or long upward pointing shadow, closing at/near low of session = 👎

  • Signals large supply-side controlled rejection of 9110-9116, demand-side powerless or unwilling to stop them = 👎

  • If accompanied by above average volume, would signal that the final demand-side FOMO hit up against a strategic wall of supply who were aiming to take advantage of the extra liquidity typically found at technical breakout = 👎

These are the two major / most important scenarios. Which one can we expect? Ha! I can’t tell the future, remember! But if it helps, I can assign some probabilities to the outcomes based on my experience.

I’m going 70:30 👍vs 👎!

View

I am 2/3 RP 🪣 (i.e., my personal allowable capital allocation limit for my investments in Australian stocks is 67%).

Key levels

8675-8683 is the closest point of demand, but far more important, is the dynamic demand we'd typically associate with the long term trend ribbon (presently 8620-8725). A close below 8620 would neutralise the present short and long term uptrends. 9110-9116 is the next key zone of supply.

Economy

Today

• 11:00 AUS MI Inflation Expectations

  • Result: +5% m/m vs +4.6% in January

Later this week

Friday

• 00:30 USA Weekly Unemployment Rate (222k forecast vs 231k in December)

• 02:30 AUS CB Leading Index m/m (+0.2% in December)

Saturday

• 00:30 USA January Core Consumer Price Index (CPI) (+0.3% m/m forecast vs +0.2% m/m in December)

Latest News

Interesting Movers

Trading higher

• +16.7% Boab Metals (BML) – No news, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +13.0% Wildcat Resources (WC8) – No news, rise is consistent with prevailing long term uptrend 🔎📈

• +8.5% ANZ Group Holdings (ANZ) – 2026 First Quarter Trading Update, general strength across the broader Banks sector today, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +6.2% Forrestania Resources (FRS) – No news, general strength across the broader Precious Metals sector today, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +5.7% DPM Metals (DPM) – No news since 11-Feb DPM Metals Reports Record Financial Results in 2025, general strength across the broader Precious Metals sector today, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +5.4% Commonwealth Bank of Australia (CBA) – No news since 11-Feb 2026 Half Year Results Presentation, general strength across the broader Banks sector today.

• +4.0% Northern Star Resources (NST) – FY26 Half Year Results Presentation, general strength across the broader Precious Metals sector today, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +3.9% Origin Energy (ORG) – Origin Reports Half Year Results, general strength across the broader Energy sector today.

• +3.7% PLS Group (PLS) – No news, rise is consistent with prevailing long term uptrend 🔎📈

• +3.7% Southern Cross Gold Consolidated (SX2) – No news, general strength across the broader Precious Metals sector today, rise is consistent with prevailing long term uptrend 🔎📈

• +3.4% Unico Silver (USL) – No news, general strength across the broader Precious Metals sector today, rise is consistent with prevailing long term uptrend 🔎📈

• +3.4% BetaShares Global Energy Comp Currency Hedged ETF (FUEL) – No news (Energy sector ETF), rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +2.6% Rio Tinto (RIO) – No news, general strength across the broader Base Metals sector today, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +2.6% Nickel Industries (NIC) – No news, general strength across the broader Base Metals sector today, rise is consistent with prevailing short and long term uptrends, a recent regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +2.3% National Australia Bank (NAB) – No news, general strength across the broader Banks sector today, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +2.0% BHP Group (BHP) – No news, general strength across the broader Base Metals sector today, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

Trading lower

• -32.6% (TPW) – H1FY26 Investor Presentation, general weakness across the broader Consumer Discretionary sector today, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -26.6% AMP (AMP) – AMP FY 25 Investor Presentation.

• -23.9% Pro Medicus (PME) – HY26 Results Presentation, general weakness across the broader HealthCare sector today, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -13.8% Qoria (QOR) – No news, general weakness across the broader Information Technology sector today, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -12.9% Siteminder (SDR) – No news, general weakness across the broader Information Technology sector today, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -12.2% IDP Education (IEL) – No news, general weakness across the broader Consumer Discretionary sector today, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -11.0% Lovisa Holdings (LOV) – No news, general weakness across the broader Consumer Discretionary sector today.

• -10.5% Coronado Global Resources (CRN) – No news, general weakness across the broader Coal sector today.

• -9.4% Generation Development Group (GDG) – Release of shares from escrow, downgraded to neutral from overweight at JPMorgan and price target to $1.65 from $2.35, general weakness across the broader Insurance sector today, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -9.2% Appen (APX) – No news, general weakness across the broader Information Technology sector today.

• -8.6% Hub24 (HUB) – No news, general weakness across the broader Information Technology sector today, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -8.4% Xero (XRO) – No news, general weakness across the broader Information Technology sector today, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -8.3% Life360 (360) – No news, general weakness across the broader Information Technology sector today, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -7.8% HMC Capital (HMC) – No news, general weakness across the broader Real Estate sector today, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -7.5% Polynovo (PNV) – Update on fire event at R&D facility - fully insured, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -7.3% Nuix (NXL) – No news, general weakness across the broader Information Technology sector today, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -7.0% Netwealth Group (NWL) – No news, general weakness across the broader Information Technology sector today, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -6.9% Technology One (TNE) – No news, general weakness across the broader Information Technology sector today, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -6.9% CSL (CSL) – Continued negative response to 11-Feb CSL Half Year Results Investor Presentation, general weakness across the broader HealthCare sector today, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -6.9% Block (XYZ) – No news, general weakness across the broader Information Technology sector today, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -6.9% Telix Pharmaceuticals (TLX) – No news, general weakness across the broader HealthCare sector today, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -6.7% Insurance Australia Group (IAG) – IAG 1H26 Results Presentation, general weakness across the broader Insurance sector today, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -6.6% Wisetech Global (WTC) – No news, general weakness across the broader Information Technology sector today, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

Broker Moves

Aussie Broadband (ABB)

• Retained at buy at Canaccord Genuity; Price Target: $6.85

• Retained at neutral at Jarden; Price Target: $5.50 from $5.25

• Retained at buy at Jefferies; Price Target: $6.40 from $6.00

• Retained at neutral at Macquarie; Price Target: $4.85

• Retained at buy at Ord Minnett; Price Target: $6.22 from $6.07

Adairs (ADH)

• Retained at neutral at UBS; Price Target: $2.05

AGL Energy (AGL)

• Retained at buy at Citi; Price Target: $11.80 from $11.50

• Retained at outperform at Macquarie; Price Target: $10.40

• Retained at equal-weight at Morgan Stanley; Price Target: $9.66

• Retained at buy at UBS; Price Target: $11.00 from $10.70

Aristocrat Leisure (ALL)

• Retained at buy at UBS; Price Target: $70.00 from $72.70

AMP (AMP)

• Retained at buy at Citi; Price Target: $2.10

Amotiv (AOV)

• Retained at buy at Citi; Price Target: $9.30

ARB Corporation (ARB)

• Retained at buy at Citi; Price Target: $42.25

Arena REIT (ARF)

• Retained at outperform at Macquarie; Price Target: $3.99 from $4.00

• Retained at buy at UBS; Price Target: $4.09 from $4.05

ASX (ASX)

• Retained at neutral at UBS; Price Target: $57.60

Broken Hill Mines (BHM)

• Initiated at speculative buy at Euroz Hartleys; Price Target: $1.87

Brazilian Rare Earths (BRE)

• Retained at speculative buy at Canaccord Genuity; Price Target: $8.00 from $7.30

• Retained at speculative buy at Ord Minnett; Price Target: $7.50

Breville Group (BRG)

• Retained at buy at Citi; Price Target: $36.03

• Retained at buy at UBS; Price Target: $37.50

Bravura Solutions (BVS)

• Upgraded to buy from hold at Canaccord Genuity; Price Target: $2.73 from $2.00

• Retained at neutral at Macquarie; Price Target: $2.28 from $3.02

Catapult Sports (CAT)

• Retained at buy at Bell Potter; Price Target: $5.50 from $6.50

• Initiated at buy at Ord Minnett; Price Target: $4.33

Commonwealth Bank of Australia (CBA)

• Retained at sell at Goldman Sachs; Price Target: $137.85 from $134.00

• Retained at underperform at Jefferies; Price Target: $143.07 from $139.60

• Retained at underperform at Macquarie; Price Target: $124.00 from $120.00

• Retained at underweight at Morgan Stanley; Price Target: $131.00

• Retained at sell at Morgans; Price Target: $124.26 from $99.81

• Retained at sell at Ord Minnett; Price Target: $120.00

• Retained at sell at UBS; Price Target: $130.00 from $125.00

Centuria Industrial REIT (CIP)

• Retained at buy at Bell Potter; Price Target: $3.60 from $3.75

• Retained at neutral at Macquarie; Price Target: $3.20 from $3.23

• Retained at buy at UBS; Price Target: $3.78 from $3.84

Charter Hall Long Wale REIT (CLW)

• Retained at neutral at Citi; Price Target: $4.70

Computershare (CPU)

• Retained at buy at Citi; Price Target: $37.60 from $39.60

• Retained at buy at Goldman Sachs; Price Target: $38.00 from $40.00

• Downgraded to underweight from overweight at Jarden; Price Target: $30.00 from $39.00

• Retained at buy at Jefferies; Price Target: $41.50 from $46.00

• Upgraded to equal-weight from underweight at Morgan Stanley; Price Target: $32.40 from $32.10

CSL (CSL)

• Downgraded to neutral from buy at Bank of America; Price Target: $180.00 from $265.00

• Retained at hold at Bell Potter; Price Target: $175.00 from $195.00

• Retained at buy at Citi; Price Target: $200.00

• Retained at outperform at CLSA; Price Target: $200.00 from $225.00

• Retained at overweight at Morgan Stanley; Price Target: $242.00

• Retained at buy at Morgans; Price Target: $241.34 from $249.51

• Retained at hold at Ord Minnett; Price Target: $198.00 from $217.00

• Downgraded to sector perform from outperform at RBC Capital Markets; Price Target: $176.00 from $230.00

• Retained at buy at UBS; Price Target: $235.00 from $275.00

Domino's Pizza Enterprises (DMP)

• Retained at buy at UBS; Price Target: $25.50

Dexus Industria REIT (DXI)

• Retained at buy at Bell Potter; Price Target: $3.00 from $3.10

• Upgraded to outperform from hold at CLSA; Price Target: $2.76 from $2.89

• Retained at outperform at Macquarie; Price Target: $2.93 from $2.90

Evolution Mining (EVN)

• Retained at hold at Canaccord Genuity; Price Target: $14.20 from $13.85

• Retained at neutral at Citi; Price Target: $14.40

• Retained at underperform at Macquarie; Price Target: $11.20

• Retained at hold at Morgans; Price Target: $14.50 from $14.30

• Retained at sell at UBS; Price Target: $13.00 from $12.90

GQG Partners Inc. (GQG)

• Downgraded to neutral from overweight at JPMorgan; Price Target: $1.65 from $2.35

• Retained at buy at UBS; Price Target: $2.00 from $2.10

HomeCo Daily Needs REIT (HDN)

• Retained at neutral at Macquarie; Price Target: $1.33 from $1.27

• Retained at equal-weight at Morgan Stanley; Price Target: $1.45

• Retained at buy at UBS; Price Target: $1.55

Humm Group (HUM)

• Retained at buy at Ord Minnett; Price Target: $0.87

• Retained at buy at Shaw and Partners; Price Target: $0.85 from $0.80

Insurance Australia Group (IAG)

• Retained at buy at Citi; Price Target: $9.00

• Retained at buy at UBS; Price Target: $9.10

James Hardie Industries Plc (JHX)

• Retained at buy at Citi; Price Target: $42.60

• Retained at outperform at CLSA; Price Target: $45.00 from $42.00

• Retained at overweight at Jarden; Price Target: $40.50 from $37.17

• Retained at outperform at Macquarie; Price Target: $43.40 from $41.30

• Retained at overweight at Morgan Stanley; Price Target: $42.00

• Retained at buy at Morgans; Price Target: $45.75 from $35.50

• Retained at neutral at UBS; Price Target: $41.00 from $37.00

Northern Star Resources (NST)

• Retained at buy at Canaccord Genuity; Price Target: $33.80 from $34.15

Orora (ORA)

• Retained at neutral at Citi; Price Target: $2.30

Origin Energy (ORG)

• Retained at buy at UBS; Price Target: $14.00

Scentre Group (SCG)

• Retained at buy at Citi; Price Target: $4.60

SiteMinder (SDR)

• Retained at buy at Citi; Price Target: $6.75

SGH (SGH)

• Upgraded to buy from hold at Bell Potter; Price Target: $56.00 from $51.80

• Downgraded to neutral from overweight at JPMorgan; Price Target: $54.50

• Downgraded to neutral from outperform at Macquarie; Price Target: $54.30 from $53.05

Santana Minerals (SMI)

• Retained at speculative buy at Canaccord Genuity; Price Target: $2.20 from $2.30

Torque Metals (TOR)

• Retained at speculative buy at Canaccord Genuity; Price Target: $0.55

Temple & Webster Group (TPW)

• Retained at neutral at Citi; Price Target: $15.38

Unico Silver (USL)

• Initiated at speculative buy at Euroz Hartleys; Price Target: $1.68

Wildcat Resources (WC8)

• Retained at buy at Shaw and Partners; Price Target: $1.20 from $0.70

Wesfarmers (WES)

• Retained at neutral at UBS; Price Target: $90.00

Scans