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

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.

ASX 200 Session Chart

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.

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