The S&P/ASX 200 closed 46.5 points lower, down 0.56%.
It was the fifth straight session of losses on the benchmark S&P/ASX 200, and the seventh loss out of the last nine. The total retracement from Tuesday 3-December’s all time high of 8514.5 is now 3.1%.
Looking at sector moves today – the greatest sting was felt in Resources (XJR) (-1.9%) stocks – one of the worst performing sectors of 2024. Not too far behind was its “other worst performing sector of 2024” twin in Energy (XEJ) (-0.67%).
This means that the Biggest Losers section in today's movers section is chock-full of lithium, gold, uranium, and coal stocks.
Click/scroll through for the usual reporting of the major sector and stock-specific moves, the broker responses to them, as well as all of the key upcoming economic data in tonight's Evening Wrap.
Also, I have detailed technical analysis on Iron Ore, Copper and the XJR in today's ChartWatch.
Before we get into it – The ASX 200 has climbed 15% this year to ~8,500. Will it hit +9500 by the end of 2025? Have your say and be the first to get top picks, prediction, and exclusive expert insights for 2025. Complete Outlook Series Survey Now.
Let's dive in!
Mon 16 Dec 24, 5:13pm (AEDT)
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The S&P/ASX 200 (XJO) finished 46.5 points lower at 8,249.5, 0.56% from its session high and just 0.10% from its low.
In the broader-based S&P/ASX 300 (XKO), advancers lagged decliners by a dismal 81 to 209. This is important because broad-based moves which close at the low of the session are more likely to be sustainable.
It was the fifth straight session of losses on the benchmark S&P/ASX 200, and the seventh loss out of the last nine. The total retracement from Tuesday 3-December’s all time high of 8514.5 is now 3.1%.
Yes, that last number should sound far milder than all the “5-straight and x out of y losses” finance journo mumbo jumbo. In defence of finance journos – imagine trying to find something interesting to write about every day! 😁
The interesting thing about today is that whilst it wasn’t a great day, and it hasn’t been a great couple of weeks – we’re only a couple of really good sessions away from logging another record high. Yes there’s a bit of a buyers’ strike, plus some pesky sell the rally supply lurking around – but so far I think the losses are far from being a deal breaker.
Looking at sector moves today – the greatest sting was felt in Resources (XJR) (-1.9%) stocks – one of the worst performing sectors of 2024. Not too far behind was its “other worst performing sector of 2024” twin in Energy (XEJ) (-0.67%).
Preferably, finance journos can peg a big move to a specific reason. Today, it was most likely a negative response to the China Data Dump (see Economy section below for more details). Not a great dump of data, granted, but base metals prices were falling anyway based on Friday’s closes. Granted, iron ore and copper futures are lower in today’s trade (see ChartWatch section below for detailed technical analysis).
My point is this: There doesn’t always need to be a reason for why stuff moved. The trends in the XJR and XEJ were well-entrenched to the downside well before today’s move – and today’s move is just a continuation of a rotation out of the sector by fund managers who are reading the writing on the wall / have been doing so all year.
Check out the Interesting Moves Biggest Losers section below which is chock-full of lithium, gold, uranium, and coal stocks. There’s barely a skerrick of stock-specific news amongst them. Just a lot of me copying and pasting “prevailing trends…ChartWatch ASX Scans Downtrends list…blah blah blah” 🔎📉.
Other sectors to suffer today aren’t 2024 perennial losers, on the contrary, they're previously high flying sectors like Information Technology (XIJ) (-0.99%) and Communication Services (XTJ) (-0.76%). They gave back more ground today as investors continued to lock in hefty year-to-date profits.
Company | Last Price | Change $ | Change % | 1mo % | 1yr % |
HMC Capital (HMC) | $9.73 | -$1.54 | -13.7% | -15.2% | +78.2% |
Appen (APX) | $2.23 | -$0.34 | -13.2% | -18.9% | +227.9% |
Catalyst Metals (CYL) | $2.66 | -$0.24 | -8.3% | +0.4% | +189.1% |
Firefly Metals (FFM) | $0.960 | -$0.085 | -8.1% | -5.0% | +77.8% |
Boss Energy (BOE) | $2.40 | -$0.21 | -8.0% | -16.1% | -36.8% |
Liontown Resources (LTR) | $0.550 | -$0.045 | -7.6% | -35.7% | -56.7% |
Resolute Mining (RSG) | $0.400 | -$0.03 | -7.0% | -0.6% | -7.0% |
Coronado Global Resources (CRN) | $0.825 | -$0.05 | -5.7% | -12.7% | -49.7% |
WA1 Resources (WA1) | $15.11 | -$0.91 | -5.7% | +8.5% | +88.9% |
West African Resources (WAF) | $1.520 | -$0.085 | -5.3% | +5.2% | +73.7% |
Weebit Nano (WBT) | $2.90 | -$0.16 | -5.2% | -9.1% | -19.7% |
Alpha HPA (A4N) | $0.830 | -$0.045 | -5.1% | -14.4% | -5.1% |
Bannerman Energy (BMN) | $2.87 | -$0.14 | -4.7% | +7.9% | +10.8% |
Bellevue Gold (BGL) | $1.245 | -$0.06 | -4.6% | +0.8% | -26.3% |
Develop Global (DVP) | $2.21 | -$0.1 | -4.3% | +14.2% | -25.6% |
Paladin Energy (PDN) | $7.62 | -$0.33 | -4.2% | +4.5% | -19.4% |
Nexgen Energy (NXG) | $11.82 | -$0.49 | -4.0% | +2.1% | +10.9% |
Deep Yellow (DYL) | $1.230 | -$0.05 | -3.9% | +7.9% | +23.0% |
Tuas (TUA) | $5.72 | -$0.23 | -3.9% | +7.9% | +97.2% |
Capricorn Metals (CMM) | $6.72 | -$0.27 | -3.9% | +7.5% | +56.3% |
Fortescue (FMG) | $18.74 | -$0.74 | -3.8% | +5.7% | -29.8% |
Ora Banda Mining (OBM) | $0.650 | -$0.025 | -3.7% | -8.5% | +182.6% |
Genesis Minerals (GMD) | $2.61 | -$0.1 | -3.7% | +15.0% | +56.8% |
Newmont Corporation (NEM) | $62.90 | -$2.33 | -3.6% | -0.4% | +9.5% |
Ramelius Resources (RMS) | $2.22 | -$0.08 | -3.5% | +12.1% | +42.3% |
Elsewhere, losses were relatively mild, and defensive sectors like Financials (XFJ) (+0.17%), Consumer Staples (XSJ) (+0.10%), Utilities (XUJ) (-0.01%), and Health Care (XHJ) (-0.19%) either scraped in with narrow wins or with narrow losses.
Again, very few stock-specific news drivers... As we head into year-end, and the inevitable books squaring that comes with it on 31-December…the funds are going to keep tweaking and pruning their lists based on where they want to be in 2025.
The question is: Where do you want to be with your portfolio in 2025? 🤔
Company | Last Price | Change $ | Change % | 1mo % | 1yr % |
Fisher & Paykel Healthcare Corporation (FPH) | $34.62 | +$1.26 | +3.8% | +3.3% | +55.2% |
Australian Clinical Labs (ACL) | $3.57 | +$0.11 | +3.2% | +4.4% | +22.3% |
Botanix Pharmaceuticals (BOT) | $0.380 | +$0.01 | +2.7% | +18.8% | +162.1% |
Healius (HLS) | $1.405 | +$0.03 | +2.2% | +5.2% | -3.1% |
Telix Pharmaceuticals (TLX) | $24.83 | +$0.3 | +1.2% | +8.4% | +148.1% |
Bank of Queensland (BOQ) | $6.72 | +$0.08 | +1.2% | -0.6% | +15.9% |
Insurance Australia Group (IAG) | $8.44 | +$0.1 | +1.2% | +5.8% | +47.8% |
Regis Healthcare (REG) | $6.56 | +$0.07 | +1.1% | +4.8% | +109.6% |
Clarity Pharmaceuticals (CU6) | $4.58 | +$0.04 | +0.9% | -35.9% | +192.6% |
Suncorp Group (SUN) | $19.28 | +$0.16 | +0.8% | +0.2% | +39.4% |
Westpac Banking Corporation (WBC) | $32.41 | +$0.24 | +0.7% | -2.0% | +47.2% |
Woolworths Group (WOW) | $30.62 | +$0.2 | +0.7% | +4.2% | -15.0% |
Cochlear (COH) | $293.08 | +$1.7 | +0.6% | -0.6% | -1.9% |
Perpetual (PPT) | $20.10 | +$0.11 | +0.6% | -3.6% | -21.5% |
Bendigo and Adelaide Bank (BEN) | $13.30 | +$0.07 | +0.5% | +3.7% | +42.2% |
Pro Medicus (PME) | $250.68 | +$1.05 | +0.4% | +19.5% | +171.4% |
QBE Insurance Group (QBE) | $18.97 | +$0.07 | +0.4% | -1.8% | +31.3% |
The A2 Milk Company (A2M) | $5.73 | +$0.02 | +0.4% | +19.1% | +42.9% |
Zip Co. (ZIP) | $2.87 | +$0.01 | +0.4% | -14.6% | +497.9% |
Steadfast Group (SDF) | $5.79 | +$0.02 | +0.3% | +3.0% | +1.6% |
The last time we covered iron ore was in ChartWatch in the Evening Wrap on 10 December.
In that update, we were reviewing the price action following the announcement by China’s Politburo that it was considering a range of fiscal and monetary policy measures aimed at combatting many of the country's most damaging economic issues.
Once again, investors took the bait and pushed the prices of key China-focussed commodities like iron ore and copper higher…since…once again, that rally has fizzled.
No real substance to the announcement (as in all promises and no action) and no real follow through past the initial blip of a rally.
To be fair on iron ore, this Groundhog Day-esque action-reaction by markets to China stimulus news has seen only a modest retracement from the newly-set 107.30 peak.
But, it is a retracement – and best case prices are moving sideways here.
Can we hold out hope any longer the seasonal December rally is going to eventuate for iron ore? It was a long shot even given the improving technicals we’ve been tracking last few weeks…
I’m going to revert back to the “highly unlikely" camp. There’s just not enough motivation being exhibited by the demand-side / the supply side is just too committed here…
In theory, short and long term trend ribbons should act as a combined area of excess demand. 102.25 is also a critical near term point of demand in the mix.
A close below 102.25 (and the ribbons) sets iron ore up for a likely probe of 95.00.
Only a close above 107.30-108.15 can restart this fabled “December rally”. Even then, there’d still be 112.80-114.10 to contend with.
The last time we covered iron ore was in ChartWatch in the Evening Wrap on 10 December.
It’s just a big steaming pile of “ditto” here.
The newly set point of supply at 4.335 not coincidently coincides perfectly with the dynamic supply of the long term trend ribbon. It's clearly going to be a tough nut to crack. 🥜
But if anything is likely to crack here, it’s the 4.0615-4.115 demand zone. The candles off 4.3350 look like business from the supply-side, and if 4.0615 goes, then tests of 3.963 and 3.8225 likely await.
Short and long term downtrends look entrenched here, and I could only find a blip of confidence that a happy new year is in store if copper can trade decisively with a long white candle / high session close above 4.335.
Bah-humbug!
Putting 2 and 2 together from above, you get a rather lousy looking 4 in the ways of the XJR.
Today’s long black candle and low close are downright debilitating for resources bulls (are their any of you left!? 🤔).
Note also where this cut back originated – smack bang from the dynamic supply of the long term downtrend ribbon.
Regardless of what you think about technical analysis, let alone my brand of it, I expect you’ve realised a couple of things by reading ChartWatch since I started writing it here and in my ASX Scans each morning:
Don’t mess with the long term downtrend ribbon – it has a nasty habit of being unerringly accurate – and of killing fledgling short term uptrends
You don’t want to see your stock pop up on my ChartWatch ASX Scans Downtrends list (this rarely ends well! ⚠️📉)
Short and long term downtrends and recent candles wreak of supply-side control over the XJR. This means the demand side lacks motivation (i.e., the desire to take on risk) and the supply-side is all to motivated (i.e., the desire to offload risk here).
For the supply side, they’re clearly happy to offload their stock – even if it means accepting lower prices. They understand that the lower prices they’re accepting today are probablybetter than the lower prices they’ll have to accept tomorrow and later on…
The price of any asset doesn’t occur by accident. It occurs because of the interaction of fully informed market participants. They’re doing their homework in real time, assessing all relevant micro and macroeconomic factors.
Are you? 🫵
Regardless of what you do (or think), until we see the fingerprints of demand overwhelmingly all over this chart (i.e., predominantly white candles and or downward pointing shadows, rising peaks and rising troughs, the price trading above the short and long term trend ribbons and those trend ribbons acting as dynamic demand), there’s little to get excited about with respect to the XJR.
Support/points of demand / resistance/points of supply are irrelevant concepts on an index chart – so I won’t do those, but it would not surprise me to see 4900-ish on the XJR if the 14-Nov low of 5190 goes.
A close above the 10-Dec high of 5497 is a minimum requirement of a sustainable rally that has any chance of reversing the prevailing long term downtrend.
Today
AUS Flash Manufacturing PMI November - 48.2 vs 49.4 in October
Readings below 50 indicate contraction in the sector, so Australian manufacturing contracted more in November than it did in October
Will be viewed by the RBA as evidence supporting a lower cash rate
AUS Flash Services PMI November - 50.4 vs 50.5 in October
Australian services sector grew at a slower rate in November than it did in October
CHN Data Dump November
New Home Prices m/m: -0.2% vs -0.51% (still lower Chinese property prices, but smaller decline)
Industrial Production y/y: +5.4% p.a. vs +5.4% p.a. forecast and +5.3% p.a. in October (⬆️ + as expected)
Retail Sales y/y: +3.0% p.a. vs +5.0% p.a. forecast and +4.8% p.a. in October (⬇️ + worse than expected)
Fixed Asset Investment ytd/y: +3.3% p.a. vs +3.5% p.a. forecast and +3.4% p.a. in October (⬇️ + worse than expected)
Unemployment Rate: +5.0% p.a. vs +5.0% p.a. forecast and +5.0% p.a. in October (➡️ + as expected)
Monday
19:15 EUR & UK various Flash Manufacturing and Services PMIs
Tuesday
01:45 USA Flash Manufacturing and Services PMIs November
Manufacturing: 49.4 forecast vs 49.7 in October
Services: 55.7 forecast vs 56.1 in October
AUS Westpac Consumer Sentiment (previous +5.3%)
Wednesday
00:30 USA Core Retail Sales November (+0.4% forecast vs +0.1% in October)
01:15 Industrial Production November (+0.2% forecast vs -0.3% in October)
02:00 USA NAHB Housing Market Index (47 forecast vs 46 in October)
Thursday
06:00 US Federal Reserve FOMC meeting (-0.25% to 4.50% forecast)
Plus FOMC Economic Projections
Plus FOMC / Chairman Jerome Powell press conference (06:30)
TBA JPN Bank of Japan (BOJ) Policy Rate (no change at <0.25% forecast)
Plus BOJ Governor Kazuo Ueda press conference
UK Bank of England MPC Official Bank Rate (no change at 4.75% forecast)
Friday
00:30 USA Final GDP September Qtr (+2.8% forecast vs +2.8% June Qtr)
02:00 USA Existing Home Sales November (4.11 million forecast vs 3.96 million in October)
12:15 CHN 1-yr & 5-yr Prime Rate (no change at 3.1% and 3.6% respectively)
Saturday
00:30 Core PCE Price Index November (+0.2% m/m and 2.9% p.a. forecast vs +0.3% m/m and 2.8% p.a. in October)
00:30 Personal Income & Personal Spending November (+0.2% m/m and +0.4% m/m in October & +0.5% m/m and +0.4% m/m in October respectively)
+5.1% The Star Entertainment Group (SGR) - CEO The Star Gold Coast - Resignation
+4.5% Siteminder (SDR) - No news, bounced perfectly from the long term uptrend ribbon 🔎📈
+4.3% Austal (ASB) - No news, bounced just above the long term uptrend ribbon 🔎📈
+3.8% Fisher & Paykel Healthcare Corporation (FPH) - No news, rise is consistent with prevailing long term uptrend
+3.6% Cettire (CTT) - No news, today's bounce is small compared to recent losses, short and long term trends remain down
+3.2% Australian Clinical Labs (ACL) - No news, rise is consistent with prevailing long term uptrend
+2.8% Syrah Resources (SYR) - No news, today's bounce is small compared to recent losses, short and long term trends remain down
+2.7% Botanix Pharmaceuticals (BOT) - No news, rise is consistent with prevailing short and long term uptrends, recently added back to ChartWatch ASX Scans Uptrends list 🔎📈
+1.9% Perenti (PRN) - No news, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈
-13.7% HMC Capital (HMC) - No news, but note that HMC Capital holds a 32% stake in newly floated Digico (ASX: DGT) which was down 5.5% today
-13.2% Appen (APX) - No news, move consistent with recent volatility (wiped out gains from Friday and more!)
-12.0% Galan Lithium (GLN) - No news, generally weaker ASX lithium sector today on broader Resources sector negative reaction to worse than expected Chinese economic data, fall is consistent with prevailing short and long term downtrends 🔎📉
-11.4% Piedmont Lithium (PLL) - Ditto weaker ASX lithium stocks…fall is consistent with prevailing short and long term downtrends, watch out for this one to return to ChartWatch ASX Scans Downtrends list 🔎📉
-9.2% Ventia Services Group (VNT) - Continued negative response to 12-Dec ACCC proceedings against Ventia
-8.7% Silex Systems (SLX) - No news, generally weaker ASX uranium sector today as local u-stocks tracked sharp falls in US counterparts on Friday, plus generally weaker ASX Resources sector 🔎📉
-8.1% Firefly Metals (FFM) - Restricted shares to be released from escrow, plus ditto generally terrible day for ASX Resources stocks
-8.0% Boss Energy (BOE) - No news, ditto weaker ASX Uranium stocks, fall is consistent with prevailing short and long term downtrends, one of the most Featured charts in ChartWatch ASX Scans Downtrends list this year! Check this post for Feature Downtrend history! 🔎📉
-8.0% Vault Minerals (VAU) - No news, ditto generally terrible day for ASX Resources stocks, but also, gold and silver prices hammered on Friday
-7.6% Liontown Resources (LTR) - No news, ditto weaker ASX Lithium stocks, fall is consistent with prevailing short and long term downtrends, one of the most Featured charts in ChartWatch ASX Scans Downtrends list this year! 🔎📉
-7.1% Lotus Resources (LOT) - No news, ditto weaker ASX Uranium stocks, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉
-7.0% Resolute Mining (RSG) - No news, ditto weaker ASX Gold stocks, fall is consistent with prevailing short and long term downtrends, recently added back to ChartWatch ASX Scans Downtrends list 🔎📉
-6.7% Sayona Mining (SYA) - No news, ditto weaker ASX Lithium stocks, fall is consistent with prevailing short and long term downtrends, one of the most Featured charts in ChartWatch ASX Scans Downtrends list this year! 🔎📉
-5.7% Coronado Global Resources (CRN) - No news, ditto weaker ASX Resources stocks, fall is consistent with prevailing short and long term downtrends, one of the most Featured charts in ChartWatch ASX Scans Downtrends list this year! 🔎📉
-5.7% WA1 Resources (WA1) - No news, ditto generally terrible day for ASX Resources stocks
-5.5% Chalice Mining (CHN) - No news, ditto weaker ASX Resources stocks, fall is consistent with prevailing short and long term downtrends, one of the most Featured charts in ChartWatch ASX Scans Downtrends list this year! 🔎📉
-5.3% Capstone Copper Corp. (CSC) - No news, ditto generally terrible day for ASX Resources stocks, a regular in in ChartWatch ASX Scans Downtrends list 🔎📉
-5.3% West African Resources (WAF) - No news, ditto weaker ASX Gold stocks
29METALS (29M)
Retained at sell at Canaccord Genuity; Price Target: $0.22 from $0.29
Retained at equal-weight at Morgan Stanley; Price Target: $0.29 from $0.40
Aussie Broadband (ABB)
Initiated at neutral at Goldman Sachs; Price Target: $3.80
Abacus Group (ABG)
Retained at buy at Citi; Price Target: $1.35
Abacus Storage King (ASK)
Retained at buy at Citi; Price Target: $1.40
Bellevue Gold (BGL)
Initiated at buy at Bell Potter; Price Target: $1.95
BHP Group (BHP)
Retained at outperform at Macquarie; Price Target: $42.00
Retained at overweight at Morgan Stanley; Price Target: $48.95 from $46.85
Boss Energy (BOE)
Retained at equal-weight at Morgan Stanley; Price Target: $2.75 from $3.00
Beach Energy (BPT)
Retained at underweight at Morgan Stanley; Price Target: $1.30 from $1.26
Brazilian Rare Earths (BRE)
Retained at buy at Canaccord Genuity; Price Target: $5.50 from $5.30
BWP Trust (BWP)
Retained at sell at Citi; Price Target: $3.40
Charter Hall Long Wale REIT (CLW)
Retained at neutral at Citi; Price Target: $3.70
Chorus (CNU)
Retained at outperform at Macquarie; Price Target: NZ$9.83 from NZ$8.67
Deterra Royalties (DRR)
Retained at equal-weight at Morgan Stanley; Price Target: $3.90 from $3.80
Dexus (DXS)
Retained at neutral at Citi; Price Target: $7.30
Emerald Resources (EMR)
Retained at buy at Canaccord Genuity; Price Target: $5.00
Evolution Mining (EVN)
Retained at equal-weight at Morgan Stanley; Price Target: $4.95 from $4.55
Fortescue (FMG)
Retained at sell at Bell Potter; Price Target: $17.17 from $17.04
Retained at equal-weight at Morgan Stanley; Price Target: $18.50 from $16.85
Goodman Group (GMG)
Retained at buy at Citi; Price Target: $40.00
Growthpoint Properties Australia (GOZ)
Retained at buy at Citi; Price Target: $2.60
GPT Group (GPT)
Retained at buy at Citi; Price Target: $4.90
Insignia Financial (IFL)
Retained at hold at CLSA; Price Target: $3.30
Retained at overweight at JP Morgan; Price Target: $3.80
Retained at underweight at Morgan Stanley; Price Target: $2.68
Retained at neutral at UBS; Price Target: $3.55
IGO (IGO)
Retained at underweight at Morgan Stanley; Price Target: $4.50 from $5.00
Iluka Resources (ILU)
Retained at equal-weight at Morgan Stanley; Price Target: $5.80 from $6.70
Ingenia Communities Group (INA)
Retained at buy at Citi; Price Target: $6.15
Iress (IRE)
Upgraded to add from hold at Morgans; Price Target: $10.78 from $11.20
Upgraded to overweight from market-weight at Wilsons; Price Target: $11.00
Karoon Energy (KAR)
Retained at equal-weight at Morgan Stanley; Price Target: $1.88 from $2.02
Lifestyle Communities (LIC)
Retained at neutral at Citi; Price Target: $9.50
Lendlease Group (LLC)
Retained at buy at Citi; Price Target: $8.00
Lynas Rare Earths (LYC)
Retained at underweight at Morgan Stanley; Price Target: $5.60 from $5.45
Meteoric Resources (MEI)
Retained at buy at Canaccord Genuity; Price Target: $0.40
Mirvac Group (MGR)
Retained at neutral at Citi; Price Target: $2.20
Mineral Resources (MIN)
Retained at overweight at Morgan Stanley; Price Target: $52.50 from $58.00
Megaport (MP1)
Downgraded to neutral from buy at Goldman Sachs; Price Target: $8.00 from $10.40
Nickel Industries (NIC)
Retained at overweight at Morgan Stanley; Price Target: $1.05 from $1.10
National Storage Reit (NSR)
Retained at buy at Citi; Price Target: $2.70
Northern Star Resources (NST)
Upgraded to equal-weight from underweight at Morgan Stanley; Price Target: $15.60
Origin Energy (ORG)
Retained at underweight at Morgan Stanley; Price Target: $8.86
Paladin Energy (PDN)
Retained at overweight at Morgan Stanley; Price Target: $10.50 from $12.30
Pilbara Minerals (PLS)
Upgraded to overweight from equal-weight at Morgan Stanley; Price Target: $2.55 from $3.00
Qualitas Real Estate Income Fund (QRI)
Retained at buy at Citi; Price Target: $1.60
Region Group (RGN)
Retained at buy at Citi; Price Target: $2.60
Rio Tinto (RIO)
Retained at neutral at Macquarie; Price Target: $120.00 from $121.00
Retained at overweight at Morgan Stanley; Price Target: $136.50 from $135.00
Regis Resources (RRL)
Retained at equal-weight at Morgan Stanley; Price Target: $2.65 from $2.45
South32 (S32)
Retained at sell at Canaccord Genuity; Price Target: $2.35
Retained at neutral at Citi; Price Target: $3.90
Retained at outperform at Macquarie; Price Target: $4.40
Upgraded to overweight from equal-weight at Morgan Stanley; Price Target: $3.90 from $3.30
Retained at outperform at RBC Capital Markets; Price Target: $4.20
Scentre Group (SCG)
Retained at neutral at Citi; Price Target: $3.60
Sandfire Resources (SFR)
Upgraded to underweight from equal-weight at Morgan Stanley; Price Target: $9.00 from $8.00
Stockland (SGP)
Retained at buy at Citi; Price Target: $5.80
Retained at neutral at Macquarie; Price Target: $5.26
Superloop (SLC)
Initiated at sell at Goldman Sachs; Price Target: $2.10
Santos (STO)
Retained at overweight at Morgan Stanley; Price Target: $7.65 from $7.99
Syrah Resources (SYR)
Retained at equal-weight at Morgan Stanley; Price Target: $0.20 from $0.35
Downgraded to hold from buy at Shaw and Partners; Price Target: $0.60 from $0.80
Trajan Group (TRJ)
Retained at buy at Ord Minnett; Price Target: $1.50 from $1.40
Vicinity Centres (VCX)
Retained at neutral at Citi; Price Target: $2.20
Westpac Banking Corporation (WBC)
Retained at buy at UBS; Price Target: $37.00
Woodside Energy Group (WDS)
Retained at equal-weight at Morgan Stanley; Price Target: $27.00 from $29.00
Whitehaven Coal (WHC)
Retained at overweight at Morgan Stanley; Price Target: $8.95 from $8.60
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