Market Wraps

Evening Wrap: ASX 200 closing in on record high as investors scoop up gold, technology, and biotech stocks

Thu 06 Jun 24, 5:32pm (AEST)

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Share article

The S&P/ASX 200 closed 52.8 points higher, up 0.68%.

Two gains in a row and four out of the last five now for Aussie stocks. Before that, though, we were eight out of ten down – so let's not get too excited, and let's also hope the recent extreme volatility is coming to an end.

It could end with a record high, after all, plenty of our overseas counterparts are doing it. Why can't we? What's our major malfunction? πŸ€”

I'll let you ponder that one for a while, but there weren't too many major malfunctions in the local bourse today as each of the major sectors rose.

Gold bounced back, and Healthcare continues its, um, healthy run. Energy and resources stocks were better today – but hardly lit the market on fire.

Let's dive in!


Today in Review

Thu 06 Jun 24, 4:32pm (AEST)

Name Value % Chg
Major Indices
ASX 200 7,821.8 +0.68%
All Ords 8,074.3 +0.65%
Small Ords 3,015.4 +0.68%
All Tech 3,088.0 +0.64%
Emerging Companies 2,152.4 +0.01%
Currency
AUD/USD 0.6657 +0.14%
US Futures
S&P 500 5,364.0 -0.04%
Dow Jones 38,861.0 -0.06%
Nasdaq 19,076.75 +0.01%
Name Value % Chg
Sector
Information Technology 2,293.0 +1.41%
Financials 7,534.0 +0.95%
Health Care 43,556.7 +0.94%
Industrials 6,997.8 +0.84%
Consumer Staples 12,152.1 +0.69%
Consumer Discretionary 3,467.3 +0.56%
Utilities 9,154.3 +0.52%
Materials 17,840.7 +0.40%
Real Estate 3,710.8 +0.35%
Communication Services 1,494.2 +0.29%
Energy 10,004.6 +0.01%

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Markets

XJO Intraday Chart 6 June 2024
ASX 200 Session Chart

The S&P/ASX 200 (XJO) finished 52.8 points higher at 7,821.8, 0.68% from its session low and just 0.20% from its high. In the broader-based S&P/ASX 300 (XKO), advancers beat decliners by an impressive 186 to 92.

All 11 of the major ASX sectors were up today, and notably one sub-sector Gold (XGD) (+2.2%), which happened to be the best performing of the lot. The price of gold and silver bounced on Wednesday, and each has continued edge higher in Asian trade.

Perhaps too, this very bullish research report from UBS we brought you details on yesterday is also filtering through the market...

Company

Last Price

Change $

Change %

1mo %

1yr %

Silver Lake Resources (SLR)

$1.560

+$0.09

+6.1%

+5.4%

+47.9%

Silver Mines (SVL)

$0.185

+$0.01

+5.7%

+5.7%

-5.1%

Genesis Minerals (GMD)

$1.920

+$0.09

+4.9%

+7.0%

+59.3%

Red 5 (RED)

$0.455

+$0.02

+4.6%

+1.1%

+213.8%

St Barbara (SBM)

$0.235

+$0.01

+4.4%

-6.0%

-2.7%

Perseus Mining (PRU)

$2.44

+$0.1

+4.3%

+4.7%

+31.9%

Regis Resources (RRL)

$1.855

+$0.065

+3.6%

-12.5%

-12.1%

Bellevue Gold (BGL)

$1.970

+$0.06

+3.1%

+12.6%

+47.6%

Gold Road Resources (GOR)

$1.670

+$0.05

+3.1%

+6.4%

-10.2%

West African Resources (WAF)

$1.505

+$0.04

+2.7%

+3.8%

+70.1%

Emerald Resources (EMR)

$3.78

+$0.1

+2.7%

+8.3%

+89.0%

Westgold Resources (WGX)

$2.33

+$0.06

+2.6%

+5.9%

+45.6%

Evolution Mining (EVN)

$3.95

+$0.08

+2.1%

+3.9%

+11.9%

The best of the ASX Gold sub-sector today

Also doing well today were the Information Technology (XIJ) (+1.4%), Financials (XFJ) (+0.95%) , and Health Care (XHJ) (+0.94%) sectors. No major patterns here, apart from the fact that many were longer duration technology and biotechnology stocks (see here for a definition of long duration securities and why they might be rising at the moment).

Company

Last Price

Change $

Change %

1mo %

1yr %

Race Oncology (RAC)

$1.750

+$0.18

+11.5%

+38.9%

+19.0%

Dimerix (DXB)

$0.540

+$0.05

+10.2%

+61.2%

+671.4%

Nanosonics (NAN)

$3.10

+$0.18

+6.2%

+5.1%

-40.4%

Regal Partners (RPL)

$3.55

+$0.17

+5.0%

+22.4%

+31.0%

Zip Co Limited. (ZIP)

$1.195

+$0.055

+4.8%

-8.4%

+132.0%

Integral Diagnostics (IDX)

$2.46

+$0.1

+4.2%

-1.6%

-25.9%

Avita Medical Inc. (AVH)

$2.83

+$0.1

+3.7%

-4.4%

-31.1%

Immutep (IMM)

$0.425

+$0.015

+3.7%

-8.7%

+45.2%

Healius (HLS)

$1.375

+$0.045

+3.4%

+7.4%

-52.2%

GQG Partners Inc. (GQG)

$2.58

+$0.08

+3.2%

+3.6%

+87.0%

Wisetech Global (WTC)

$100.22

+$2.76

+2.8%

+3.3%

+31.8%

Genetic Signatures (GSS)

$0.750

+$0.02

+2.7%

+6.4%

+5.9%

Polynovo (PNV)

$2.27

+$0.06

+2.7%

-0.9%

+51.8%

Netwealth Group (NWL)

$21.34

+$0.45

+2.2%

+4.2%

+64.3%

The best performers from the Information Technology, Financials, and Health Care sectors

Doing it tough today, if you could call it that, were the Energy (XEJ) (+0.01%) and Resources (XJR) (+0.33%) sectors – still lagging after a horror week.

Communication Services (XTJ) (+0.29%) was also near the bottom of the sector performance list, but this is more likely due to a bit of a hangover after its heroics yesterday.


ChartWatch

NASDAQ Composite Index

NASDAQ Composite Index 5 June 2024
NASDAQ stocks love lower rates

Today's ChartWatch should be read in conjunction with the article I wrote earlier today which discussed the current environment for stocks, along with the trends, price action, and candles for the NASDAQ Composite and the S&P/ASX 200.

Here (and below), I'll just cap off the key levels.

Key points of demand: 16445-16539 looks very solid now, and also appears well backed up by dynamic demand at the short term uptrend ribbon – as evidenced by the long downward pointing shadow on the 31 May candle. The short term uptrend remains intact as long as the Comp continues to close above these levels.

Key points of supply: Ha ha ha! It's all blue sky here. Perhaps next round number at 18k? 20k?

S&P/ASX 200 (XJO)

S&P-ASX 200 Index 5 June 2024
Not as good as the NASDAQ 😭

Key points of demand: 7601 and the dynamic demand at the long term uptrend ribbon (seriously, how good is the long term uptrend ribbon!?). The long term uptrend remains intact as long as the XJO continues to close above the long term uptrend ribbon.

Key points of supply: 7900-7911. Will a close above here = πŸš€? πŸ€”


Economy

Today

  • There weren't any major economic data announcements in our time zone today.

Later this week:

Thursday

  • 22:15 EUR Main Refinancing Rate & Monetary Policy Statement (-0.25% to 4.25%)

Friday

  • 22:30 USA Non-Farm Employment Change May (189,000 forecast vs 175,000 April)

  • 22:30 USA Average Hourly Earnings May (+0.3% m/m forecast vs +0.2% m/m April)


Latest News


Interesting Movers

Trading higher

  • +6.5% Latin Resources (LRS) - No news, bounced off long term uptrend ribbon πŸ”ŽπŸ“ˆ

  • +6.5% Coronado Global Resources Inc. (CRN) - 2024 AGM Presentation Materials, coking coal prices have been rising since mid-May - up around 9.5%

  • +6.2% Nanosonics (NAN) - No news πŸ€”

  • +6.1% Silver Lake Resources (SLR) - Court approves Scheme of Arrangement, generally stronger ASX precious metals sector on bounce in gold and silver prices Wednesday, rise is consistent with prevailing short and long term uptrends πŸ”ŽπŸ“ˆ

  • +5.9% Aurelia Metals (AMI) - No news πŸ€”

  • +5.7% Silver Mines (SVL) - No news, generally stronger ASX precious metals sector on bounce in gold and silver prices Wednesday, bounced off long term uptrend ribbon πŸ”ŽπŸ“ˆ

  • +5.0% Regal Partners (RPL) - No news, rise is consistent with prevailing short and long term uptrends πŸ”ŽπŸ“ˆ

  • +4.9% Genesis Minerals (GMD) - No news, generally stronger ASX precious metals sector on bounce in gold and silver prices Wednesday, rise is consistent with prevailing short and long term uptrends πŸ”ŽπŸ“ˆ

  • +4.8% Zip Co Limited. (ZIP) - No news, continued positive response to yesterday's NEWS

  • +4.6% Red 5 (RED) - Court approves Scheme of Arrangement, generally stronger ASX precious metals sector on bounce in gold and silver prices Wednesday, rise is consistent with prevailing short and long term uptrends πŸ”ŽπŸ“ˆ

  • +4.5% McMillan Shakespeare (MMS) - No news, retained at outperform at Macquarie (see Broker Notes section)

  • +4.5% Iperionx (IPX) - No news, generally stronger ASX precious metals sector on bounce in gold and silver prices Wednesday, rise is consistent with prevailing short and long term uptrends πŸ”ŽπŸ“ˆ

  • +4.3% Perseus Mining (PRU) - No news, generally stronger ASX precious metals sector on bounce in gold and silver prices Wednesday, rise is consistent with prevailing short and long term uptrends πŸ”ŽπŸ“ˆ

Trading lower

  • -16.0% Core Lithium (CXO) - No news, fall is consistent with prevailing short and long term downtrends πŸ”ŽπŸ“‰

  • -13.7% Skycity Entertainment Group (SKC) - TRADING AND DIVIDEND UPDATE and UPDATE ON SOUTH AUSTRALIAN CASINO DUTY DISPUTE, fall is consistent with prevailing short and long term downtrends πŸ”ŽπŸ“‰

  • -9.6% Centaurus Metals (CTM) - No news, closed below short and long term trend ribbons πŸ”ŽπŸ“‰

  • -7.5% IDP Education (IEL) - Regulatory and Market Update, fall is consistent with prevailing short and long term downtrends πŸ”ŽπŸ“‰

  • -4.3% Brainchip Holdings (BRN) - No news, closed below short and long term trend ribbons πŸ”ŽπŸ“‰

  • -4.1% Droneshield (DRO) - No news, had to pull back eventually…

  • -4.0% WA1 Resources (WA1) - No news, but note several very large black candles in recent price action πŸ”ŽπŸ“‰


Broker Notes

  • Alpha HPA (A4N)

    • Retained at buy at Bell Potter; Price Target: $2.00 from $1.95

  • Eagers Automotive (APE)

    • Retained at neutral at Macquarie; Price Target: $10.60

  • ARB Corporation (ARB)

    • Retained at neutral at Macquarie; Price Target: $40.10

    • Retained at buy at Ord Minnett; Price Target: $44.00

  • Autosports Group (ASG)

    • Retained at outperform at Macquarie; Price Target: $3.10

  • Bapcor (BAP)

    • Retained at outperform at Macquarie; Price Target: $5.25

  • Bega Cheese (BGA)

    • Retained at buy at Bell Potter; Price Target: $5.00

  • Bellevue Gold (BGL)

    • Retained at buy at UBS; Price Target: $2.30 from $2.05

  • BHP Group (BHP)

    • Retained at buy at Goldman Sachs; Price Target: $49.00

    • Retained at neutral at Macquarie; Price Target: $43.00

  • Champion Iron (CIA)

    • Retained at neutral at Macquarie; Price Target: $7.50

  • Cooper Energy (COE)

    • Retained at hold at Bell Potter; Price Target: $0.21

  • Computershare (CPU)

    • Retained at buy at UBS; Price Target: $32.00 from $31.00

  • De Grey Mining (DEG)

    • Retained at buy at UBS; Price Target: $2.10 from $1.75

  • Deterra Royalties (DRR)

    • Retained at neutral at Macquarie; Price Target: $4.50

  • Evolution Mining (EVN)

    • Retained at buy at UBS; Price Target: $4.60 from $4.20

  • Fineos Corporation Holdings (FCL)

    • Retained at outperform at Macquarie; Price Target: $2.22

  • Fortescue (FMG)

    • Retained at underweight at Macquarie; Price Target: $13.50

  • Fleetpartners Group (FPR)

    • Retained at neutral at Macquarie; Price Target: $3.60

  • Genesis Minerals (GMD)

    • Upgraded to accumulate from hold at Ord Minnett; Price Target: $1.90 from $1.85

    • Upgraded to neutral from neutral at UBS; Price Target: $2.30 from $2.00

  • Gold Road Resources (GOR)

    • Retained at buy at UBS; Price Target: $2.55 from $2.15

  • G.U.D. Holdings (GUD)

    • Retained at outperform at Macquarie; Price Target: $12.65

  • James Hardie Industries (JHX)

    • Retained at buy at UBS; Price Target: $60.00

  • Lovisa Holdings (LOV)

    • Upgraded to outperform from neutral at Macquarie; Price Target: $33.70 from $26.90

  • Mount Gibson Iron (MGX)

    • Retained at outperform at Macquarie; Price Target: $0.50

  • Mineral Resources (MIN)

    • Retained at buy at Citi; Price Target: $79.00

    • Retained at outperform at Macquarie; Price Target: $75.00 from $78.00

  • McMillan Shakespeare (MMS)

    • Retained at outperform at Macquarie; Price Target: $22.63

  • Northern Star Resources (NST)

    • Downgraded to hold from accumulate at Ord Minnett; Price Target: $14.30 from $16.20

    • Upgraded to buy from neutral at UBS; Price Target: $18.50 from $15.00

  • Rio Tinto (RIO)

    • Retained at neutral at Macquarie; Price Target: $123.00

  • Regis Resources (RRL)

    • Upgraded to buy from sell at UBS; Price Target: $2.10 from $1.85

  • Seek (SEK)

    • Retained at lighten at Ord Minnett; Price Target: $20.00 from $19.00

  • Sandfire Resources (SFR)

    • Downgraded to hold from accumulate at Ord Minnett; Price Target: $9.30 from $10.00

  • SG Fleet Group (SGF)

    • Retained at outperform at Macquarie; Price Target: $3.21

  • Smartgroup Corporation (SIQ)

    • Retained at outperform at Macquarie; Price Target: $9.51

  • SSR Mining Inc. Foreign Exempt TSX (SSR)

    • Upgraded to buy from neutral at UBS; Price Target: $10.20 from $8.00

  • Temple & Webster Group (TPW)

    • Retained at buy at Citi; Price Target: $11.00 from $12.00

  • Treasury Wine Estates (TWE)

    • Retained at outperform at Macquarie; Price Target: $13.80

    • Retained at overweight at Morgan Stanley; Price Target: $14.50

    • Retained at buy at UBS; Price Target: $15.00

  • Xero (XRO)

    • Retained at buy at Citi; Price Target: $158.20


Scans

Top Gainers

Code Company Last % Chg
FTL Firetail Resource... $0.115 +150.00%
OSX Osteopore Ltd $0.07 +29.63%
SMN Structural Monito... $0.44 +29.41%
CMP Compumedics Ltd $0.31 +26.53%
MPP Metro Performance... $0.083 +25.76%
View all top gainers

Top Fallers

Code Company Last % Chg
CUS Copper Search Ltd $0.099 -31.72%
GTG Genetic Technolog... $0.093 -25.60%
TGH Terragen Holdings... $0.013 -23.53%
IXC INVEX Therapeutic... $0.06 -23.08%
EV1 Evolution Energy ... $0.035 -22.22%
View all top fallers

52 Week Highs

Code Company Last % Chg
BRE Brazilian Rare EA... $3.61 +10.74%
EQN Equinox Resources... $0.37 +10.45%
IDT IDT Australia Ltd $0.115 +9.52%
CBH Coolabah Metals Ltd $0.085 +8.97%
SEG Sports Entertainm... $0.26 +8.33%
View all 52 week highs

52 Week Lows

Code Company Last % Chg
GTG Genetic Technolog... $0.093 -25.60%
TGH Terragen Holdings... $0.013 -23.53%
IXC INVEX Therapeutic... $0.06 -23.08%
EV1 Evolution Energy ... $0.035 -22.22%
WLD Wellard Ltd $0.018 -21.74%
View all 52 week lows

Near Highs

Code Company Last % Chg
A2M The a2 Milk Compa... $7.16 +0.14%
SWTZ Switzer Dividend ... $2.61 +0.39%
VAF Vanguard Australi... $45.24 +0.13%
JPEQ JPM US100Q EQ Pre... $58.71 +0.96%
DJRE SPDR Dow Jones Gl... $19.83 -0.10%
View all near highs

Relative Strength Index (RSI) Oversold

Code Company Last % Chg
KAR Karoon Energy Ltd $1.71 0.00%
NVX Novonix Ltd $0.645 0.00%
CCX City Chic Collect... $0.28 +7.69%
WC8 Wildcat Resources... $0.375 -2.60%
NSC Naos Small Cap Op... $0.505 +1.00%
View all RSI oversold

Written By

Carl Capolingua

Content Editor

Carl has over 30-years investing experience, helping investors navigate several bull and bear markets over this time. He is a well respected markets commentator who specialises in how the global macro impacts Australian and US equities. Carl has a passion for technical analysis and has taught his unique brand of price-action trend following to thousands of Aussie investors.

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