Market Wraps

Evening Wrap: ASX 200 bounces, Brambles near all-time highs, Pilbara Minerals fades on record results

Fri 24 Feb 23, 5:01pm (AEST)

The S&P/ASX 200 closed 22 points higher, up 0.30%. 

The local sharemarket finally catches a bid after three days of falling, Japan's inflation hits levels not seen since 1982. another long list of half-year results and funking iron ore reporting.

Let's dive in.


Today in Review

Fri 24 Feb 23, 4:30pm (AEDT)

Name Value % Chg
Major Indices
ASX 200 7,307.0 +0.30%
All Ords 7,512.7 +0.27%
Small Ords 2,876.8 +0.31%
All Tech 2,215.2 +1.63%
Emerging Companies 2,168.6 +0.01%
Currency
AUD/USD 0.6815 +0.10%
US Futures
S&P 500 $4,017.0 -0.04%
Dow Jones $33,157.0 -0.08%
Nasdaq $12,185.25 -0.18%
Name Value % Chg
Sector
Information Technology 1,506.1 +2.39%
Industrials 6,622.0 +1.40%
Real Estate 3,226.6 +1.27%
Consumer Discretionary 3,001.4 +1.22%
Energy 10,799.1 +0.88%
Utilities 8,334.7 +0.78%
Consumer Staples 13,395.1 +0.72%
Communication Services 1,500.4 +0.56%
Financials 6,478.1 +0.56%
Health Care 43,377.1 +0.23%
Materials 18,084.5 -1.22%

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ASX 200 Session Chart

XJO 2023-02-24 16-57-18
ASX 200 finds early strength but closes off session highs (Source: TradingView)

Markets

The ASX 200 snaps a three-day losing streak but finishes the week down -0.5%. It was another day where sector performance was determined mostly by results. A few more views about the market below.

  • Tech outperformed thanks to solid earnings from Block (+5.8%) and continued post-earnings buying from Wisetech (+4.0%)

  • Industrials was another results driven sector with Brambles (+7.5%)

  • Materials underperformed amid weakness across iron ore and copper prices as well as an uptick in the US dollar

Economy

Japan's inflation rate accelerated to 4.3% in January, up from 4.0% in December.

  • Core inflation also up 4.2% from 4.0% in December, marking a 41-year high

UK's consumer confidence rose to -38 in February from -45 in January.

  • The highest level in almost a year and well above consensus expectations of -43


Latest news


Market Insights

Selloff into bounce

What a rough week. Since the February 6th peak, the ASX 200 has seen so many 1-3 day selloffs followed by a little bounce followed by more selling.

On the weekly, the market is finding some support around the 7,300 level. But with so much downward momentum, was Friday just another oversold bounce?

Tonight's economic data includes the US personal consumption index, which act as another major catalyst for markets.

2023-02-24 16 40 20-Window
ASX 200 weekly chart (Source: TradingView)

Funky reporting

Finishing Friday on a more light-hearted note, iron ore miner Grange Resources (ASX: GRR) posted its full-year results today and decided to post its average realised price in Australian dollars ($203.18 per tonne) but costs in US dollars (US$120.60 a tonne).

Look at those outsized margins! Not.

Average realised prices converted to US dollars is US$138.3.


Interesting news and movers

Trading higher

  • +14.4% Infomedia (IFM) – 1H earnings

  • +8.1% Strike Energy (STX) – 1H earnings (Thurs)

  • +7.5% Brambles (BXB) – 1H earnings

  • +5.9% Block (SQ2) – 1H earnings

  • +5.6% Talga Group (TLG) – Capital raise (Thurs)

  • +5.1% Ardent Leisure (ALG) – 1H earnings

  • +4.2% Accent Group (AX1) – 1H earnings (announced Thursday close)

  • +4.8% Eagers Automotive (APE) – 1H earnings (Thurs)

  • +1.1% Pilbara Minerals (PLS) - 1H earnings (Thurs after market)

Trading lower 

  • -27.3% CogState (CGS) – Guidance, responds to ASX query

  • -18.7% Omni Bridgeway (OBL) – 1H earnings and CEO retirement (Thurs)

  • -9.9% Resimac (RMC) – 1H earnings

  • -4.7% Westgold Resources (WGX) – 1H earnings

  • -4.4% Develop Global (DVP) – 1H earnings (Thurs)

  • -4.2% Perpetual (PPT) – 1H earnings (Thurs)

  • -2.6% Polynovo (PNV) – 1H earnings (Thurs)

  • -2.4% PEXA Group (PXA) – 1H earnings (Thurs)


Broker updates 

Broker notes are on pause for today.


Scans

Top Gainers

Code Company Last % Chg
AVH Avita Medical Inc $3.17 +20.53%
BEX Bikeexchange Ltd $0.012 +20.00%
ELE Elmore Ltd $0.018 +20.00%
AAU Antilles Gold Ltd $0.037 +19.36%
EQN Equinox Resources... $0.20 +17.65%
View all top gainers

Top Fallers

Code Company Last % Chg
MAU Magnetic Resource... $0.505 -27.86%
CGS Cogstate Ltd $1.205 -25.85%
M24 Mamba Exploration... $0.13 -25.71%
TGH Terragen Holdings... $0.045 -23.73%
FCL Fineos Corporatio... $1.523 -22.72%
View all top fallers

52 Week Highs

Code Company Last % Chg
AVH Avita Medical Inc $3.16 +20.15%
HLI Helia Group Ltd $3.26 +16.43%
BXB Brambles Ltd $12.97 +7.46%
MRM Mma Offshore Ltd $1.12 +6.16%
KSC K & S Corporation... $2.28 +5.56%
View all 52 week highs

52 Week Lows

Code Company Last % Chg
CGS Cogstate Ltd $1.18 -27.39%
TGH Terragen Holdings... $0.045 -23.73%
OBL Omni Bridgeway Ltd $2.95 -18.73%
CLT Cellnet Group Ltd $0.021 -16.00%
WGN Wagners Holding C... $0.54 -15.63%
View all 52 week lows

Near Highs

Code Company Last % Chg
SMLL Betashares Aust S... $3.53 +0.86%
OZBD Betashares Austra... $43.87 +0.23%
AN3PI Australia and New... $103.30 -0.85%
PCI Perpetual Credit ... $1.005 0.00%
WVOL Ishares Edge MSCI... $34.50 -0.06%
View all near highs

Relative Strength Index (RSI) Oversold

Code Company Last % Chg
MNRS Betashares Global... $5.03 -0.79%
AMI Aurelia Metals Ltd $0.115 +9.52%
SHJ Shine Justice Ltd $0.72 -4.00%
RRL Regis Resources Ltd $1.70 -4.76%
OCL Objective Corpora... $12.36 +3.69%
View all RSI oversold

Written By

Kerry Sun

Content Strategist

Kerry holds a Bachelor of Commerce from Monash University. He is an avid swing trader, focused on technical set ups and breakouts. Outside of writing and trading, Kerry is a big UFC fan, loves poker and training Muay Thai. Connect via LinkedIn or email.

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