News
Morgan Stanley: Lithium minerals prices could "overshoot" to the downside
Fri 24 Nov 23, 3:50pm (AEST)
Market Wraps
Evening Wrap: ASX 200 ekes out gain as Energy rebounds, big Tech tanks
Fri 24 Nov 23, 5:57pm (AEDT)
Stocks in article
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 (AEST)
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Markets
ASX 200 Session Chart
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
+18.6% 4DMEDICAL (4DX) - Now news since 4DX signs SaaS contracts to expand into Detroit & Memphis on 22 Nov
+12.5% Impedimed (IPD) - Change of Director's Interest Notice
+12.1% Audio Pixels Holdings (AKP) - No news since Response to ASX Price Query on 20 Nov
+11.8% Burgundy Diamond Mines (BDM) - No news since Results of Meeting on 22 Nov
+10.6% Global Lithium Resources (GL1) - No news / broader lithium sector bounce
+8.7% Seven West Media (SWM) - No news
+8.1% Brainchip Holdings (BRN) - No news since Transition to New CTO on 21 Nov
+6.9% Duratec (DUR) - AGM Addresses and Presentation
+6.5% Ioneer (INR) - No news since Response to ASX Query Letter on 20 Nov / broader lithium sector bounce
+6.4% Wildcat Resources (WC8) - No news since Letter to Shareholders on 22 Nov / broader lithium sector bounce
+6.3% Macmahon Holdings (MAH) - No news since Euroz Hartleys Industrial Forum Presentation on 21 Nov
+5.4% Latin Resources (LRS) - No news since Another Significant Spodumene Discovery at Salinas on 22 Nov / broader lithium sector bounce
+5.2% Garda Property Group (GDG) - Change in substantial holding from WAM, WMI, WAX
+5.1% Catapult Group International (CAT) - No news
Trading lower
-10.5% Select Harvests (SHV) - FY2023 Results Announcement
-8.3% Bowen Coking Coal (BCB) - No news since Entitlement Offer Completion on 23 Nov
-6.4% Peter Warren Automotive Holdings (PWR) - PWR Market Update
-6.3% Grange Resources (GRR) - No news
-6.1% Virgin Money UK (VUK) - 2023 Annual Report & Accs & Pillar 3 Disclosures
-4.9% Technology One (TNE) - No news since FY23 Results Presentation on 21 Nov
-3.8% Temple & Webster Group (TPW) - No news
-3.4% Austal (ASB) - Heads of Agreement for Strategic Shipbuilding Agreement
-3.3% Weebit Nano (WBT) - No news since 2023 Annual General Meeting - Chair Address on 23 Nov
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
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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