Market Wraps

Evening Wrap: ASX 200 bounces to finish May in positive territory

Fri 31 May 24, 5:14pm (AEST)

The S&P/ASX 200 closed 74 points higher, up 0.96%.

The local sharemarket finished the week on a positive note, pushing May's performance into positive territory, up 0.49%. With Carl away, today's wrap will be pretty brief.

Let's dive in.


Today in Review

Fri 31 May 24, 4:35pm (AEST)

Name Value % Chg
Major Indices
ASX 200 7,701.7 +0.96%
All Ords 7,970.8 +0.95%
Small Ords 3,022.9 +1.76%
All Tech 3,075.0 +0.84%
Emerging Companies 2,218.7 +1.15%
Currency
AUD/USD 0.6636 +0.04%
US Futures
S&P 500 5,243.5 -0.18%
Dow Jones 38,212.0 -0.05%
Nasdaq 18,545.5 -0.33%
Name Value % Chg
Sector
Consumer Staples 11,833.8 +1.91%
Energy 10,193.3 +1.77%
Industrials 6,872.5 +1.33%
Consumer Discretionary 3,406.9 +1.11%
Health Care 42,417.1 +1.09%
Financials 7,288.0 +0.99%
Communication Services 1,463.0 +0.87%
Materials 18,057.4 +0.84%
Information Technology 2,307.7 +0.67%
Utilities 8,972.2 +0.32%
Real Estate 3,605.3 -0.21%

Enjoying the Evening Wrap? Sign up to get it sent directly to your inbox after every trading day.

ASX 200 Session Chart

2024-05-31 16 15 20-S&P ASX 200 (LIVE DATA) Share Prices & Charts - Market Index
ASX 200 higher and finished at best levels (Source: Market Index)

Markets

The ASX 200 was down as much as 3.6% since mid-May and currently experiencing a little bit of an oversold bounce. But with bond yields knocking on the door of key levels (e.g. US 2-year yield still at 4.93%), an unexpected contraction in Chinese manufacturing data, still-hawkish central banks and recent supply fears – this adds a bit of doubt as to how much we can bounce. Let's see if the market can continue today's strength ... or continue to unravel.

That said, tonight is a pretty heavy night for economic data, with Eurozone inflation, India GDP, Canada GDP and US personal consumption expenditures price index (the Fed's preferred inflation measure). An unexpectedly positive US PCE reading could point stocks in the right direction.

Economy

China’s Manufacturing PMI unexpectedly slipped into contraction in May, down to 49.5 from 50.4 in April. This reversal follows two consecutive months of gains and threatens the nation's GDP growth target of around 5% this year.

German retail sales unexpectedly eased 1.2% month-on-month in April after a 2.6% jump in May.


Latest News


Interesting Movers

Trading higher

  • +15.3% Telix Pharma (TLX) – Trial results

  • +11.5% Catapult Group (CAT) – Earnings (Thu)

  • +8.2% Meridian Energy (MEZ) – NZAS signs long-term conditional contract

  • +6.2% Bega Cheese (BGA) – CLSA upgrade

  • +4.95% Cettire (CTT) – Bell Potter conference

  • Gold miners: BGL +6.2%), RMS +5.9%, NST +2.8%, WGX +2.7%, PRU +2.6%, EVN +2.4%

Trading lower

  • -6.2% Talga Group (TLG) – Vittangi Graphite Project scoping study

  • -2.2% Energy Resources of Australia (ERA) – Application to takeovers panel (Thu)


Broker notes

Xero (XRO): Citi reiterates Buy with $158.20 target price

  • Overnight, Xero announced price increases in the UK and also put through packaging changes similar to the changes made in Australia

  • "Overall, the pricing changes provide more value/inclusions in the higher-tier plans which aligns with Xero’s strategy to move customers up the ladder. We see the packaging changes impacting ARPU from FY26e onwards."

Xero (XRO): Goldman reiterates Buy with $164.00 target price

  • "Although some may also see this as a ‘pull-forward’ of future price rises, and potentially at the expense of subscriber growth, we would disagree, noting that the higher near term revenues as a result of these changes will also allow for greater product investment, underpinning future subscriber/ARPU growth in the UK."


Scans 

Top Gainers

Code Company Last % Chg
IS3 I Synergy Group Ltd $0.014 +40.00%
MGA Metalsgrove Minin... $0.08 +33.33%
KGD Kula Gold Ltd $0.013 +30.00%
MDX Mindax Ltd $0.053 +29.27%
ZMM ZIMI Ltd $0.023 +27.78%
View all top gainers

Top Fallers

Code Company Last % Chg
MPR Mpower Group Ltd $0.012 -22.58%
BEL Bentley Capital Ltd $0.023 -20.69%
BCK Brockman Mining Ltd $0.02 -20.00%
FCT Firstwave Cloud T... $0.016 -20.00%
OKJ Oakajee Corporati... $0.012 -20.00%
View all top fallers

52 Week Highs

Code Company Last % Chg
FAL Falcon Metals Ltd $0.315 +16.67%
TLX TELIX Pharmaceuti... $18.07 +14.80%
POL Polymetals Resour... $0.40 +14.29%
CAT Catapult Group In... $1.91 +12.35%
SVM Sovereign Metals Ltd $0.64 +10.35%
View all 52 week highs

52 Week Lows

Code Company Last % Chg
MPR Mpower Group Ltd $0.012 -22.58%
BEL Bentley Capital Ltd $0.023 -20.69%
BCK Brockman Mining Ltd $0.02 -20.00%
FCT Firstwave Cloud T... $0.016 -20.00%
OKJ Oakajee Corporati... $0.012 -20.00%
View all 52 week lows

Near Highs

Code Company Last % Chg
FDEM Fidelity Global D... $29.35 -0.81%
KKC KKR Credit Income... $2.35 +1.29%
AGN Argenica Therapeu... $0.785 +1.95%
WXHG SPDR S&P World Ex... $25.02 +0.24%
SEMI Global X Semicond... $17.27 -1.09%
View all near highs

Relative Strength Index (RSI) Oversold

Code Company Last % Chg
WLE Wam Leaders Ltd $1.308 -0.19%
NVX Novonix Ltd $0.69 0.00%
SPK Spark New Zealand... $3.79 +1.61%
NSC Naos Small Cap Op... $0.495 -1.00%
QVE QV Equities Ltd $0.945 +0.53%
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.

Get the latest news and insights direct to your inbox

Subscribe free

Get free post-market insights with our Evening Wrap

Create an account to receive our concise, data-driven post-market recap, sent directly to your inbox, every day.

Along with the Evening Wrap, you'll join 100k+ investors who receive our Morning Wrap and Weekend Newsletter.