Evening Wrap: ASX 200 dodges sixth loss on ANZ, CBA, NAB, WBC rebound as Wisetech plummets on board woes

The S&P/ASX 200 closed 12.0 points higher, up 0.15%.

Shares on the ASX avoided a potential dreaded sixth day of losses by staging a remarkable turnaround from a near-one percent drop on the open.

Whilst the final gain was only a modest 12 points, it went against the grain of heavy losses in US stocks on Friday, and generally weaker major market indices in Asian trade today.

Banks were best (finally, given their terrible performance last week!), whilst the share prices of several major tech companies tumbled on a combination of board troubles (at Wisetech Global (WTC)), and worse than expected earnings (at Block (XYZ), Iress (IRE), and Nuix (NXL)).

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 upcoming economic data in tonight's Evening Wrap.

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

Let's dive in!

Markets

ASX 200 Session Chart

The S&P/ASX 200 (XJO) finished 12.0 points higher at 8,308.2, 1.12% from its session low and just 0.02% from its high. Despite the benchmark scraping its way back into the black, in the broader-based S&P/ASX 300 (XKO), advancers still lagged decliners considerably by 105 to 170.

ASX bank investors will breathe a huge sigh of relief as major banking stocks like ANZ Group (ASX: ANZ) (+2.6%), Commonwealth Bank (ASX: CBA) (+3.0%), National Australia Bank (ASX: NAB) (+2.3%), and Westpac (ASX: WBC) (+0.8%) each rebounded from last week's heavy losses.

The regionals Bendigo and Adelaide Bank (ASX: BEN) (+1.6%), Bank of Queensland (ASX: BOQ) (+1.5%) were also higher, as was Macquarie (ASX: MQG) (+1.5%).

Add to these a tidy gain in QBE Insurance (ASX: QBE) (+1.8%) after it received one rating upgrade and several sizeable target price increases from the brokers today (in response to the company's earnings released on Friday), and it's no surprise Financials (XFJ) (+%) was the best performing major ASX sector index today.

There was carnage today, though, and plenty of it. Fortunately (or unfortunately depending on one's perspective) it was generally concentrated in the Information Technology (XIJ) (-6.8%) sector. News of a board exodus at Wisetech Global (ASX: WTC) (-20.1%) spooked shareholders and sent the company's shares spiraling over 20% on the day.

Elsewhere, poorly received earnings reports hurt Block (ASX: XYZ) (-12.9%), Iress (ASX: IRE) (-14.5%), and Nuix (ASX: NXL) (-7.7%) also dragged heavily on the XIJ.

ChartWatch

S&P/ASX 200 (XJO)

Smack bang on the... (click here for full size image)

The last time we covered the XJO was in ChartWatch in the Evening Wrap on 19 February.

In that update, we were 3 days into what turned out to be a very damaging 5-day rout of ASX stocks. No doubt, many of the points that were sucked out of the XJO were centred in the XFJ, and in the big banks more specifically.

Today’s aforementioned rebound in these stocks helped deliver perhaps the most timely reversal in recent memory. The rally from today’s lows has created a notable downward pointing shadow on today’s candle – which as a technical analyst I interpret as buy the dip activity.

It tells me the demand-side was lurking in wait of opportunities to soak up panicked supply at the open, get some fill at great prices, and that they then retained the confidence to continue buying all the way into the close. Hence our near-perfect session close.

Today’s strong close also suggests the supply side was comfortable backing off some of the wall of stock they had been plugging into the demand-supply environment so readily over the previous 5 trading sessions.

It’s a start.

There’s still a long way to go to repair the damage of that last pullback – a pullback that started from an all time record high, mind you!

We must see further signs of a resumption of demand-side control (and supply-side collaboration – i.e., sellers staying out of the mix!). These would be white bodied candles and or downward pointing shadows, plus a higher trough set as soon as possible would also be most welcome.

Finally, I note something that I have no doubt was not lost on you. The location of the bottom of today’s candle shadow.

Smack.

Bang.

On the.

Long.

Term.

Uptrend.

Ribbon.

As we a prone to saying here in ChartWatch, a perceived zone of demand is nothing without the price action to confirm its existence. Today we saw what I would call a strong confirmation of the dynamic demand I usually associate with the long term uptrend ribbon.

As good and as reassuring as today’s rally from the long term uptrend ribbon is, it also sets it as a critical line in the sand between bull and bear.

7492, 7628, 8051, and now potentially today’s low of 8216: The long term uptrend ribbon continues to hold sway and do its job. But similarly, we if close below it…dah dah dummm!!! 😱

Economy

Today

• There weren't any major data releases in our time zone today

Later this week

Tuesday

• Nil (super quiet start to the week!)

Wednesday

• 02:00 USA CB Consumer Confidence February (103.3 forecast vs 104.1 in January)

• 11:30 AUS Consumer Price Index (CPI) January y/y (+2.6% p.a. vs +2.5% p.a. in December)

Thursday

• Nil

Friday

• 00:30 USA Preliminary GDP December quarter y/y (+2.3% p.a. forecast vs +2.3% p.a. in September quarter)

• 00:30 USA Core Durable Goods Orders January m/m (+0.4% m/m vs +0.3% m/m in December)

Saturday

• 00:30 USA Core Personal Consumption Expenditures (PCE) Price Index January m/m (+0.3% m/m vs +0.2% m/m in December)

  • Note: This is the Federal Reserve's preferred measure of US inflation!

• 12:30 CHN Manufacturing & Services Purchasing Managers Index February (PMI)

  • Manufacturing: 50.0 vs 49.1 in January

  • Services: 50.3 vs 50.2 in January

Latest News

Interesting Movers

Trading higher

• +15.7% Aldoro Resources (ARN) - Response to ASX Price Query, rise is consistent with prevailing short and long term uptrends 🔎📈

• +15.6% OOH!Media (OML) - 2024 Full Year Results Presentation.

• +12.9% EVT (EVT) - Half Year Results Presentation, rise is consistent with prevailing short term uptrend and long term trend is transitioning from down to up 🔎📈

• +12.5% NIB (NHF) - FY25 half year results investor presentation.

• +8.8% Droneshield (DRO) - Becoming a substantial holder (apparent short seller exit last week likely also helping 🤔).

• +8.0% Rpmglobal (RUL) - FY25 1H Half Year Investor Presentation.

• +7.7% APA Group (APA) - APA 1H25 Results Presentation.

Trading lower

• -20.1% Wisetech Global (WTC) - WiseTech Board changes and guidance update and Response to ASX Aware Letter.

• -15.9% Perenti (PRN) - 1H25 Results Presentation.

• -14.5% Iress (IRE) - Iress 2024 Results Investor Presentation.

• -13.2% Reece (REH) - HY25 Investor Presentation, fall is consistent with prevailing short term downtrend and long term trend is transitioning from up to down 🔎📉, a recent regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -12.9% Block (XYZ) - Form 8-K Current Report Items 2.02 and 9.01.

• -8.5% Polynovo (PNV) - 1H FY25 Results Presentation, fall is consistent with prevailing short term downtrend and long term trend is transitioning from up to down 🔎📉, a recent regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -7.7% Nuix (NXL) - 1H25 Financial Results Investor Presentation.

Broker Moves

• Alcidion Group (ALC)

  • Retained at hold at Bell Potter; Price Target: $0.110 from $0.070

• AMA Group (AMA)

  • Retained at buy at Bell Potter; Price Target: $0.080 from $0.070

  • Retained at add at Morgans; Price Target: $0.090 from $0.080

• Austal (ASB)

  • Retained at buy at Bell Potter; Price Target: $4.70 from $3.75

  • Downgraded to neutral from buy at Citi; Price Target: $4.30 from $4.14

  • Retained at neutral at JP Morgan; Price Target: $3.90 from $3.75

  • Upgraded to outperform from neutral at Macquarie; Price Target: $5.10 from $2.50

• Autosports Group (ASG)

  • Retained at neutral at UBS; Price Target: $1.800

• Accent Group (AX1)

  • Upgraded to buy from neutral at Citi; Price Target: $2.57 from $2.43

  • Downgraded to hold from outperform at CLSA; Price Target: $2.20 from $2.25

  • Downgraded to neutral from positive at E&P; Price Target: $2.51 from $2.61

  • Retained at neutral at Jarden; Price Target: $2.06 from $2.10

  • Retained at overweight at JP Morgan; Price Target: $2.40 from $2.50

  • Retained at overweight at Morgan Stanley; Price Target: $2.75

  • Downgraded to hold from add at Morgans; Price Target: $2.20 from $2.40

  • Retained at outperform at RBC Capital Markets; Price Target: $2.50

  • Retained at buy at UBS; Price Target: $2.45

• Brambles (BXB)

  • Retained at hold at Morgans; Price Target: $20.50 from $18.00

  • Retained at buy at Ord Minnett; Price Target: $23.80 from $21.00

• Chrysos Corporation (C79)

  • Retained at buy at Shaw and Partners; Price Target: $6.80 from $7.00

• Cobram Estate Olives (CBO)

  • Retained at hold at Bell Potter; Price Target: $1.950 from $1.850

  • Retained at buy at Ord Minnett; Price Target: $2.23 from $2.22

  • Retained at buy at Shaw and Partners; Price Target: $2.25

• Codan (CDA)

  • Retained at hold at Bell Potter; Price Target: $17.25

  • Retained at buy at Canaccord Genuity; Price Target: $17.90 from $16.76

  • Retained at buy at Goldman Sachs; Price Target: $18.50 from $18.00

  • Retained at neutral at Macquarie; Price Target: $17.13 from $14.60

  • Retained at buy at Moelis Australia; Price Target: $18.43 from $18.14

  • Retained at buy at UBS; Price Target: $18.50 from $16.20

• Collins Foods (CKF)

  • Retained at neutral at Macquarie; Price Target: $8.20

• Coronado Global Resources (CRN)

  • Retained at buy at UBS; Price Target: $1.200 from $1.350

• Elanor Commercial Property Fund (ECF)

  • Retained at hold at Ord Minnett; Price Target: $0.640

• Empire Energy Group (EEG)

  • Retained at buy at Morgans; Price Target: $0.740 from $0.760

• EQT (EQT)

  • Retained at buy at Ord Minnett; Price Target: $36.00 from $37.00

• Fortescue (FMG)

  • Retained at neutral at Citi; Price Target: $20.00 from $21.00

  • Retained at hold at Morgans; Price Target: $18.80 from $18.90

• Genesis Minerals (GMD)

  • Downgraded to hold from buy at Bell Potter; Price Target: $3.35

• Goodman Group (GMG)

  • Retained at hold at Morgans; Price Target: $38.00 from $36.50

• Gold Road Resources (GOR)

  • Downgraded to hold from buy at Argonaut Securities; Price Target: $2.80 from $3.00

  • Retained at buy at Bell Potter; Price Target: $2.95 from $2.85

  • Retained at buy at Canaccord Genuity; Price Target: $2.80 from $2.72

  • Retained at buy at Goldman Sachs; Price Target: $2.80 from $2.72

  • Downgraded to hold from buy at Jefferies; Price Target: $2.60 from $2.75

  • Retained at neutral at JP Morgan; Price Target: $2.25 from $2.30

  • Downgraded to hold from buy at Ord Minnett; Price Target: $2.50

  • Retained at sector perform at RBC Capital Markets; Price Target: $2.10

  • Retained at buy at UBS; Price Target: $3.10

• Guzman y Gomez (GYG)

  • Retained at hold at CLSA; Price Target: $40.10 from $39.30

  • Retained at overweight at Morgan Stanley; Price Target: $38.50

  • Upgraded to add from hold at Morgans; Price Target: $42.50 from $41.40

  • Retained at underperform at RBC Capital Markets; Price Target: $31.00 from $32.00

  • Retained at neutral at UBS; Price Target: $40.00

  • Retained at overweight at Wilsons; Price Target: $42.47 from $41.14

• Hastings Technology Metals (HAS)

  • Retained at lighten at Ord Minnett; Price Target: $0.140

• Healius (HLS)

  • Retained at neutral at Citi; Price Target: $1.050

  • Downgraded to underweight from neutral at JP Morgan; Price Target: $1.020 from $1.200

  • Retained at neutral at Macquarie; Price Target: $1.400 from $1.350

  • Retained at hold at Morgans; Price Target: $1.350 from $1.390

• HMC Capital (HMC)

  • Upgraded to add from hold at Morgans; Price Target: $10.50 from $8.20

• Harmoney Corp (HMY)

  • Upgraded to buy from accumulate at Ord Minnett; Price Target: $0.920 from $0.740

• Hansen Technologies (HSN)

  • Retained at buy at Shaw and Partners; Price Target: $7.20

• Insignia Financial (IFL)

  • Retained at hold at CLSA; Price Target: $4.50 from $4.40

  • Retained at overweight at JP Morgan; Price Target: $4.80 from $4.55

  • Retained at equal-weight at Morgan Stanley; Price Target: $4.60 from $4.40

  • Retained at hold at Ord Minnett; Price Target: $4.60

  • Retained at neutral at UBS; Price Target: $4.60

• IGO (IGO)

  • Upgraded to buy from hold at Euroz Hartleys; Price Target: $5.50 from $8.00

• Inghams Group (ING)

  • Retained at hold at Bell Potter; Price Target: $3.50 from $3.30

  • Retained at sell at Goldman Sachs; Price Target: $3.00 from $2.90

  • Retained at outperform at Macquarie; Price Target: $3.50 from $3.40

  • Downgraded to hold from add at Morgans; Price Target: $3.58 from $3.66

• IPH (IPH)

  • Upgraded to outperform from hold at CLSA; Price Target: $5.25 from $4.95

  • Retained at outperform at Macquarie; Price Target: $6.75 from $7.11

• Iress (IRE)

  • Retained at positive at E&P; Price Target: $11.35

• Jumbo Interactive (JIN)

  • Downgraded to hold from buy at Bell Potter; Price Target: $13.20 from $16.50

  • Upgraded to outperform from neutral at Macquarie; Price Target: $14.80 from $14.40

  • Retained at overweight at Morgan Stanley; Price Target: $16.60

• Kogan.Com (KGN)

  • Retained at outperform at RBC Capital Markets; Price Target: $6.50

• Lindsay Australia (LAU)

  • Downgraded to hold from add at Morgans; Price Target: $0.800 from $1.150

  • Retained at buy at Ord Minnett; Price Target: $1.020 from $1.290

  • Retained at buy at Shaw and Partners; Price Target: $1.200 from $1.000

• Latitude Group (LFS)

  • Retained at neutral at Citi; Price Target: $1.250 from $1.150

  • Retained at underweight at Morgan Stanley; Price Target: $0.950

• Lovisa (LOV)

  • Retained at underperform at RBC Capital Markets; Price Target: $25.00

• MA Financial Group (MAF)

  • Retained at buy at UBS; Price Target: $9.20 from $7.20

• Magellan Financial Group (MFG)

  • Retained at hold at Morgans; Price Target: $10.57 from $11.64

• Michael Hill International (MHJ)

  • Retained at neutral at Citi; Price Target: $0.500

• Mineral Resources (MIN)

  • Upgraded to buy from accumulate at Ord Minnett; Price Target: $35.00 from $42.00

• MLG OZ (MLG)

  • Retained at buy at Morgans; Price Target: $0.900 from $0.950

• Megaport (MP1)

  • Retained at buy at Canaccord Genuity; Price Target: $12.60 from $9.45

  • Retained at sector perform at RBC Capital Markets; Price Target: $13.00 from $10.00

  • Retained at neutral at UBS; Price Target: $12.00 from $8.65

• Mitchell Services (MSV)

  • Retained at buy at Morgans; Price Target: $0.500

• Maxiparts (MXI)

  • Retained at buy at Ord Minnett; Price Target: $2.60

• Mayne Pharma Group (MYX)

  • Downgraded to hold from buy at Canaccord Genuity; Price Target: $7.40 from $6.25

• Nanosonics (NAN)

  • Retained at neutral at Citi; Price Target: $4.55 from $3.40

• Newmont Corporation (NEM)

  • Downgraded to neutral from overweight at JP Morgan; Price Target: $71.00 from $75.00

  • Retained at neutral at UBS; Price Target: $75.00 from $82.00

• Nextdc (NXT)

  • Retained at positive at E&P; Price Target: $29.27

• OOH!Media (OML)

  • Retained at positive at E&P; Price Target: $1.600

• Pilbara Minerals (PLS)

  • Retained at neutral at Macquarie; Price Target: $2.20 from $2.30

  • Retained at sell at UBS; Price Target: $2.00 from $2.40

• Perpetual (PPT)

  • Downgraded to hold from outperform at CLSA; Price Target: $24.00

• Perseus Mining (PRU)

  • Retained at buy at Canaccord Genuity; Price Target: $4.00 from $4.00

• PWR Holdings (PWH)

  • Retained at buy at Bell Potter; Price Target: $8.50 from $8.00

  • Retained at buy at Citi; Price Target: $8.75 from $9.45

  • Retained at buy at Goldman Sachs; Price Target: $8.40 from $9.10

  • Retained at add at Morgans; Price Target: $8.80 from $9.20

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

• Peter Warren Automotive (PWR)

  • Retained at equal-weight at Morgan Stanley; Price Target: $1.500

  • Retained at hold at Morgans; Price Target: $1.450 from $1.620

  • Retained at hold at Ord Minnett; Price Target: $1.400 from $1.460

• QBE Insurance Group (QBE)

  • Retained at hold at Bell Potter; Price Target: $19.20

  • Retained at buy at Citi; Price Target: $23.30 from $22.00

  • Upgraded to buy from hold at Jefferies; Price Target: $24.30 from $21.00

  • Retained at outperform at Macquarie; Price Target: $23.20 from $21.50

  • Retained at overweight at Morgan Stanley; Price Target: $23.80 from $23.50

  • Retained at add at Morgans; Price Target: $23.79 from $21.74

  • Retained at hold at Ord Minnett; Price Target: $23.00 from $21.90

  • Retained at buy at UBS; Price Target: $24.40 from $23.85

• Qube (QUB)

  • Downgraded to neutral from buy at UBS; Price Target: $4.40 from $4.15

• Regis Healthcare (REG)

  • Retained at outperform at RBC Capital Markets; Price Target: $8.25

• Rural Funds Group (RFF)

  • Retained at buy at Bell Potter; Price Target: $2.50

  • Upgraded to outperform from hold at CLSA; Price Target: $2.02 from $1.91

  • Upgraded to buy from hold at Moelis Australia; Price Target: $2.14 from $2.20

  • Retained at neutral at UBS; Price Target: $1.840 from $2.070

• Ridley Corporation (RIC)

  • Retained at buy at UBS; Price Target: $2.90 from $2.75

• Ramelius Resources (RMS)

  • Downgraded to neutral from outperform at Macquarie; Price Target: $2.60

  • Retained at buy at Ord Minnett; Price Target: $2.90 from $2.80

  • Retained at buy at Shaw and Partners; Price Target: $2.98

• Sandfire Resources (SFR)

  • Retained at neutral at Citi; Price Target: $10.50

• Sonic Healthcare (SHL)

  • Retained at neutral at Macquarie; Price Target: $28.30 from $26.10

• Superloop (SLC)

  • Retained at buy at Canaccord Genuity; Price Target: $2.58 from $2.42

  • Retained at buy at Citi; Price Target: $2.65 from $2.40

  • Retained at sell at Goldman Sachs; Price Target: $2.10

  • Retained at overweight at Morgan Stanley; Price Target: $2.65 from $2.10

  • Retained at add at Morgans; Price Target: $2.60 from $2.40

  • Retained at buy at UBS; Price Target: $2.55 from $2.30

• Silex Systems (SLX)

  • Retained at buy at Canaccord Genuity; Price Target: $6.46 from $6.52

  • Retained at buy at Shaw and Partners; Price Target: $6.90

• Spark New Zealand (SPK)

  • Retained at neutral at Goldman Sachs; Price Target: NZ$2.75 from NZ$3.20

  • Retained at equal-weight at Morgan Stanley; Price Target: NS$3.20

  • Retained at buy at UBS; Price Target: NZ$4.25 from NZ$4.55

• Service Stream (SSM)

  • Upgraded to outperform from neutral at Macquarie; Price Target: $1.860 from $1.410

• Super Retail Group (SUL)

  • Upgraded to buy from hold at Ord Minnett; Price Target: $16.00 from $16.50

• Tabcorp (TAH)

  • Upgraded to add from hold at Morgans; Price Target: $0.750 from $0.600

• Transurban Group (TCL)

  • Retained at equal-weight at Morgan Stanley; Price Target: $13.33

• Telstra Group (TLS)

  • Retained at overweight at Morgan Stanley; Price Target: $4.70 from $4.40

  • Retained at reduce at Morgans; Price Target: $3.45 from $3.20

• Telix Pharmaceuticals (TLX)

  • Upgraded to buy from hold at Bell Potter; Price Target: $36.00 from $21.60

  • Retained at outperform at CLSA; Price Target: $33.25 from $22.00

  • Retained at buy at Jefferies; Price Target: $33.00 from $33.70

  • Retained at buy at UBS; Price Target: $36.00 from $35.00

  • Retained at overweight at Wilsons; Price Target: $35.00 from $25.00

• Temple & Webster Group (TPW)

  • Retained at outperform at Macquarie; Price Target: $17.60

• Universal Store (UNI)

  • Retained at buy at Bell Potter; Price Target: $10.50 from $8.85

• Veem (VEE)

  • Retained at add at Morgans; Price Target: $1.500 from $1.550

• West African Resources (WAF)

  • Retained at buy at Canaccord Genuity; Price Target: $3.95

• Wesfarmers (WES)

  • Retained at hold at Morgans; Price Target: $72.05 from $68.00

• Whitehaven Coal (WHC)

  • Retained at outperform at Macquarie; Price Target: $8.50

• Woolworths Group (WOW)

  • Retained at neutral at Macquarie; Price Target: $31.30

• Block (XYZ)

  • Retained at buy at Citi; Price Target: $108.00

  • Retained at underweight at Morgan Stanley; Price Target: $65.00

  • Retained at outperform at RBC Capital Markets; Price Target: $110.00

Scans