Market Wraps

Evening Wrap: ASX 200 ekes out gain as Energy rebounds, big Tech tanks

Fri 24 Nov 23, 5:57pm (AEDT)

The S&P/ASX 200 closed 11.6 points higher, up 0.17%.

Big tech companies tumbled today, dragged lower by sector heavyweight Wisetech Global's trading update. Energy and Property stocks bounced back in what was a quiet close to the trading week.

Let's dive in.


Today in Review

Fri 24 Nov 23, 5:29pm (AEDT)

Name Value % Chg
Major Indices
ASX 200 7,040.8 +0.17%
All Ords 7,244.1 +0.14%
Small Ords 2,683.8 -0.01%
All Tech 2,428.1 -0.90%
Emerging Companies 1,896.9 +0.78%
Currency
AUD/USD 0.6565 +0.12%
US Futures
S&P 500 $4,569.0 +0.04%
Dow Jones $35,335.0 +0.05%
Nasdaq $16,051.75 +0.02%
Name Value % Chg
Sector
Utilities 8,250.2 +1.55%
Energy 10,528.9 +1.27%
Consumer Staples 11,658.4 +0.55%
Real Estate 3,008.5 +0.55%
Financials 6,270.3 +0.35%
Materials 17,914.1 +0.04%
Industrials 6,454.9 +0.00%
Health Care 37,958.4 0.00%
Consumer Discretionary 3,010.7 -0.47%
Communication Services 1,466.4 -0.51%
Information Technology 1,650.6 -1.71%

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Markets

ASX 200 Session Chart

s&P asx 200 xjo intraday chart 24 Nov 2023
The S&P/ASX200 edged higher despite a tumble in tech stocks (Source: Market Index)

The S&P/ASX200 (XJO) finished 11.6 points lower at 7,040.8, 0.34% from its session high and just 0.18% from its low. In the broader-based S&P/ASX 300, advancers led decliners by 141 to 127. For the week, the XJO finished down 8.6 points or 0.12% lower.

Let's start with the bad news. Easily the worst performing sector today was the S&P/ASX 200 Information Technology Sector (XIJ). It fell 1.7% today and was also the worst performing sector of the week, down 3.0%.

It got whacked after sector heavyweight WiseTech Global (ASX: WTC) provided a trading update at its AGM today. Wisetech reaffirmed its FY24 outlook for 27% to 34% total revenue growth to and EBITDA growth of 18% to 27%. Investors took umbrage to "slightly lower" margin guidance, and factoring in of FX tailwinds.

 

Company

Last Price

Change $

Change %

1-month Perf %

1-year Perf %

Technology One (TNE)

$15.00

-$0.77

-4.9%

+0.5%

+20.1%

Smartpay Holdings (SMP)

$1.300

-$0.05

-3.7%

+1.6%

+54.8%

Fineos Corporation Holdings PLC (FCL)

$1.700

-$0.06

-3.4%

+0.6%

+9.7%

Weebit Nano (WBT)

$3.51

-$0.12

-3.3%

-8.1%

+8.7%

Wisetech Global (WTC)

$64.05

-$2.1

-3.2%

+8.9%

+11.%

Megaport (MP1)

$10.00

-$0.32

-3.1%

+3.8%

+62.9%

Dicker Data (DDR)

$11.03

-$0.2

-1.8%

+10.3%

+7.1%

Infomedia (IFM)

$1.495

-$0.02

-1.3%

-1.3%

+37.2%

Nextdc (NXT)

$12.92

-$0.15

-1.1%

+8.9%

+37.6%

Altium (ALU)

$43.73

-$0.5

-1.1%

+8.4%

+19.4%

Wisetech Global was responsible for a broader Tech sector tumble

In contrast, it was a strong finish to a strong week for the S&P/ASX 200 Energy Sector (XEJ). The XEJ closed up 1.3% for the day and 2.1% higher for the week. Uranium stocks were again the stars, but oil and gas and coal stocks also featured in the "best" list.

 

Company

Last Price

Change $

Change %

1-month Perf %

1-year Perf %

Nexgen Energy (Canada) (NXG)

$10.59

+$0.44

+4.3%

+13.0%

+75.6%

Deep Yellow (DYL)

$1.185

+$0.045

+3.9%

-14.1%

+63.4%

Strike Energy (STX)

$0.415

+$0.015

+3.8%

+1.2%

+59.6%

Whitehaven Coal (WHC)

$7.28

+$0.24

+3.4%

-6.3%

-20.1%

Origin Energy (ORG)

$8.56

+$0.23

+2.8%

-6.9%

+11.9%

Paladin Energy (PDN)

$1.035

+$0.025

+2.5%

+4.5%

+31.8%

Yancoal Australia (YAL)

$5.01

+$0.11

+2.2%

+0.8%

-4.0%

Woodside Energy Group (WDS)

$31.93

+$0.43

+1.4%

-8.5%

-16.9%

New Hope Corporation (NHC)

$5.39

+$0.07

+1.3%

-11.2%

-3.6%

Santos (STO)

$7.07

+$0.07

+1.0%

-9.2%

-5.4%

Energy stocks gained, but it was a topsy-turvy week for them...

Lithium stocks were also notable rebounders today despite continued weakness in lithium minerals prices and a gloomy outlook for Chinese EV sales in the near term.

 

Company

Last Price

Change $

Change %

1-month Perf %

1-year Perf %

Global Lithium Resources (GL1)

$1.300

+$0.125

+10.6%

+5.7%

-46.5%

Ioneer (INR)

$0.165

+$0.01

+6.5%

+3.1%

-69.2%

Wildcat Resources (WC8)

$0.915

+$0.055

+6.4%

+22.8%

+2759.4%

Latin Resources (LRS)

$0.195

+$0.01

+5.4%

-23.5%

+85.7%

Delta Lithium (DLI)

$0.485

+$0.01

+2.1%

-14.9%

-11.1%

Piedmont Lithium Inc. CDI 100:1 (PLL)

$0.430

+$0.005

+1.2%

-6.5%

-48.8%

Mineral Resources (MIN)

$64.02

+$0.43

+0.7%

+8.3%

-25.0%

Pilbara Minerals (PLS)

$3.64

+$0.02

+0.6%

-5.7%

-26.2%

IGO (IGO)

$8.74

+$0.04

+0.5%

-18.7%

-45.0%

Lithium bulls will be happy with this table

Economy

There weren't any major data releases today.

What to watch out for...

Data on the manufacturing and services sectors in the USA with the release of PMI data by S&P Global at 01:45am AEDT. Also note, trading will cease at 1pm New York time in what will be an abbreviated trading session on the NYSE due to the Thanksgiving Holiday.



Interesting news and movers

Trading higher

Trading lower


Broker notes

  • AMP (AMP) upgraded to neutral from underweight at Barrenjoey; Price Target: $0.96 from $0.91

  • Boss Energy (BOE) upgraded to buy from hold at Bell Potter; Price Target: $5.53

  • City Chic Collective (CCX) upgraded to buy/high risk from neutral/high risk at Citi; Price Target: $0.62 from $0.55

  • Healius (HLS) upgraded to equal-weight from underweight at Morgan Stanley; Price Target: $2.31 from $1.30

  • Kelsian Group (KLS) retained at outperform Macquarie; Price Target: $7.70

  • Nick Scali (NCK) downgraded to neutral from buy at Citi; Price Target: $11.57 from $13.35

  • Origin Energy (ORG) retained at hold Morgans; Price Target: $8.25 from $9.00


Scans

Top Gainers

Code Company Last % Chg
SHN Sunshine Metals Ltd $0.022 +100.00%
PHO Phosco Ltd $0.073 +46.00%
RGL Riversgold Ltd $0.016 +45.46%
NFL Norfolk Metals Ltd $0.36 +41.18%
CC9 Chariot Corporati... $0.985 +35.86%
View all top gainers

Top Fallers

Code Company Last % Chg
CSS Clean Seas Seafoo... $0.265 -25.35%
GHY Gold Hydrogen Ltd $0.775 -19.27%
BUB Bubs Australia Ltd $0.135 -18.18%
C1X Cosmos Exploratio... $0.12 -17.24%
NGY Nuenergy Gas Ltd $0.02 -16.67%
View all top fallers

52 Week Highs

Code Company Last % Chg
NFL Norfolk Metals Ltd $0.36 +41.18%
CC9 Chariot Corporati... $0.985 +35.86%
VEE Veem Ltd $0.90 +14.65%
CPV Clearvue Technolo... $0.52 +14.29%
FL1 First Lithium Ltd $0.65 +7.44%
View all 52 week highs

52 Week Lows

Code Company Last % Chg
CSS Clean Seas Seafoo... $0.265 -25.35%
BUB Bubs Australia Ltd $0.135 -18.18%
AR3 Australian Rare E... $0.155 -16.22%
GML Gateway Mining Ltd $0.016 -15.79%
PRM Prominence Energy... $0.013 -13.33%
View all 52 week lows

Near Highs

Code Company Last % Chg
VLUE Vaneck MSCI Inter... $23.99 +0.38%
SEMI Global X Semicond... $12.53 +0.16%
GMG Goodman Group $23.14 +0.96%
BILL Ishares Core Cash... $100.60 +0.01%
WHF Whitefield Indust... $5.09 -0.59%
View all near highs

Relative Strength Index (RSI) Oversold

Code Company Last % Chg
PSQ Pacific Smiles Gr... $0.915 -1.08%
SWM Seven West Media Ltd $0.253 +9.78%
NXD Nexted Group Ltd $0.68 +9.68%
APX Appen Ltd $0.605 +0.83%
PAR Paradigm Biopharm... $0.38 -2.56%
View all RSI oversold

Written By

Carl Capolingua

Content Editor

Carl has over 30-years investing experience and has helped 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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