Evening Wrap: ASX 200 firmer on gains in BHP, RIO and big banks, as silver stocks' massive bull run continues

The S&P/ASX 200 closed 14.7 points higher, up 0.17%.

The highlight of today's otherwise dour trade on the Australian share market was undoubtedly the performances of silver stocks. There were massive gains across the sector, but also more broadly across the ASX precious metals sector, as the melt-up in shiny metals stocks both big and small ratcheted into an even higher gear!

Be sure to 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 economic data in tonight's Evening Wrap.

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

Let's dive in!

Markets

ASX 200 Session Chart

The S&P/ASX 200 (XJO) finished 14.7 points higher at 8,787.7, 0.47% from its session low and just 0.09% from its high. For the week, the XJO finished up 14.2 points or 0.16% higher, 1.0% from its intraweek high and 0.57% from its intraweek low.

You know how we’ve been watching advancers vs decliners closely this week – largely because it’s been a week of far greater daily decliners than advances – well guess what for today!? Even Stevens! 132 a piece in the broader-based S&P/ASX 300 (XKO). ⚖️

This means it's pretty much ditto to yesterday: Benchmark ASX 200 is up (seems like a positive day – at least that's what the other Evening Wraps will tell you!), but the market breadth is rubbish – suggesting there were plenty of stocks that didn't have a positive day, and it's largely the big end of town that's doing the heavy lifting...

...and ladies and gentlemen... there's your gain in the Old Tin Pot! ☝️

But, we'll happily take today's rebound in the Gold Sub-Index (XGD) (+1.2%) as a dozen or so more ChartWatch ASX Scans favourites logged strong gains – Dateline Resources (DTR) (+17%), Kingsgate Consolidated (KCN) (+9.0%), and Barton Gold Holdings (BGD) (+7.8%) being three of the best.

It was the silver cohort within the XGD that really shone today, with Unico Silver (USL) (+17.1%), Sun Silver (SS1) (+9.1%), Polymetals Resources (POL) (+5.8%), Silver Mines (SVL) (+5.7%), Boab Metals (BML) (+4.6%), and Andean Silver (ASL) (+4.3%) among the best. You guessed it – all regulars of the ChartWatch ASX Scans Uptrends List.

Elsewhere, Nexgen Energy (NXG) (+3.1%), Bannerman Energy (BMN) (+2.7%), Boss Energy (BOE) (+1.9%), and Deep Yellow (DYL) (+1.5%) were nicely higher in a generally stronger uranium sector. Again, with the exception of BOE, all frequent patrons of the ChartWatch ASX Scans Uptrends List.

Yesterday's super hot copper sector was more subdued today, Aeris Resources (AIS) (+13.1%) (5 x ChartWatch ASX Scans Feature Uptrend (i.e., highest conviction) since 28-Aug candle close at $0.235 – now $0.475) was the clear standout, as majors Sandfire Resources (SFR) (+0.0%) finished flat and Capstone Copper Corp (CSC) (-1.6%) pared its strong recent gains.

Today's best blue chip gainers

Today's worst blue chip losers

ChartWatch

S&P/ASX 200 (XJO)

S&P/ASX 200 chart (click here for full size image)

That’s probably as good as we were going to get from the Old Tin Pot on a Friday 🥱.

There’s not a great deal I can add to my previous commentary here – because there’s hardly any new price action to discuss – today’s candle was miniscule 🤏.

No... wait, let me get out my 🔬.

Okay, upon further inspection, there’s an incy-wincy downward pointing shadow, and a whisp of a white body. So, I propose we can say with confidence: There was a “incy-wincy whisp of demand-side control today”!

But then we must reconcile this small positive development against the broader short term trend metrics of:

• Neutral short term trend ribbon, plus starting to feel a lot like the short term trend ribbon its acting as a zone of dynamic excess supply…⚠️

• Price action is lower peaks and steady troughs (indicates supply reinforcement / growing supply vs demand hanging on for now) ⚠️

• Candles are mixed at best, but let’s face it – are growing increasingly supply-side oriented in nature ⚠️

At least the long term uptrend remains strong and intact ✅.

Given little has changed from Thursday’s update, there's no change to my risk settings here: 2/3RP (Full Risk Position = My personal allowable capital allocation limit for my investments in Australian stocks is 67%).

• Key levels: 8731 is the closest point of demand, the price should not close below here if the demand-side has any control of the XJO's price; a close below 8731 confirms short term supply-side control of the XJO's price and commences a new short term downtrend = ⚠️

Economy

Today

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

Later this week

Friday

• 22:30 USA August Personal Consumption Expenditures (PCE)

  • Price Index: +0.2% m/m vs July +0.3% m/m

  • Personal Income: +0.3% m/m vs July +0.4% m/m

  • Personal Spending: +0.5% m/m vs July +0.5% m/m

Latest News

Interesting Movers

Trading higher

• +20.7% Environmental Clean Technologies (ECT) – Continued positive response to 25-Sep Reinstatement to Quotation.

• +20.5% Dorsavi (DVL) – No news, rise is consistent with prevailing short and long term uptrends 🔎📈

• +18.9% Cettire (CTT) – No news, rise is consistent with prevailing short term uptrend and rising peaks and rising troughs 🔎📈

• +17.5% Dateline Resources (DTR) – Continued positive response to 25-Sep REE Targets Independently Validated, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +17.1% Podium Minerals (POD) – No news, general strength across the broader Precious Metals sector today, rise is consistent with prevailing short and long term uptrends 🔎📈

• +17.1% Unico Silver (USL) – No news, general strength across the broader Precious Metals sector today, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +16.1% Ioneer (INR) – Continued positive response to US government's proposed equity stake in Lithium Americas Corp (NYSE: LAC).

• +15.6% Terra Metals (TM1) – Annual Report to shareholders, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +15.6% Vulcan Energy Resources (VUL) – Major supply contract signed with Turboden and ROM Technik, rise is consistent with prevailing short term uptrend and long term trend is transitioning from down to up, added to ChartWatch ASX Scans Uptrends list yesterday 🔎📈

• +14.3% Yandal Resources (YRL) – Continued positive response to 24-Sep Arrakis Gold Discovery Extended by 400m, rise is consistent with prevailing short and long term uptrends 🔎📈, a recent regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +13.1% Aeris Resources (AIS) – No news, general strength across the broader Real Estate sector today, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +12.6% Orthocell (OCC) – No news 🤔.

• +9.2% Peninsula Energy (PEN) – No news, general strength across the broader Uranium sector today.

• +9.1% Sun Silver (SS1) – No news, general strength across the broader Precious Metals sector today, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +9.0% Kingsgate Consolidated (KCN) – General strength across the broader Precious Metals sector today, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +8.4% Electro Optic Systems (EOS) – No news, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +8.1% Sunrise Energy Metals (SRL) – No news, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +7.9% Barton Gold (BGD) – Annual Report to Shareholders, general strength across the broader Precious Metals sector today, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

Trading lower

• -10.1% Decidr Ai Industries (DAI) – No news, pulled back in the wake of recent sharp rally.

• -8.8% Stakk (SKK) – No news, today’s move is consistent with recent volatility.

• -7.3% Omega Oil & Gas (OMA) – No news, pulled back in the wake of recent sharp rally.

• -6.5% EQ Resources (EQR) – No news, fall is consistent with prevailing short and long term downtrends 🔎📉

• -6.4% Mithril Resources (MTH) – No news, pulled back in the wake of recent sharp rally.

Broker Moves

Life360 Inc (360)

• Retained at overweight at Morgan Stanley; Price Target: $58.50

AIC Mines (A1M)

• Retained at buy at Shaw and Partners; Price Target: $0.75

Aurelia Metals (AMI)

• Retained at buy at Shaw and Partners; Price Target: $0.42

Ansell (ANN)

• Retained at equal-weight at Morgan Stanley; Price Target: $32.50

• Retained at hold at Ord Minnett; Price Target: $36.20

Baby Bunting Group (BBN)

• Retained at overweight at Morgan Stanley; Price Target: $3.60 from $3.00

Cochlear (COH)

• Retained at underweight at Morgan Stanley; Price Target: $280.00

Computershare (CPU)

• Retained at neutral at Citi; Price Target: $40.40

Develop Global (DVP)

• Retained at buy at Bell Potter; Price Target: $5.10 from $5.30

Fisher & Paykel Healthcare Corporation (FPH)

• Retained at overweight at Morgan Stanley; Price Target: $38.90

Kingsgate Consolidated (KCN)

• Initiated at buy at Moelis Australia; Price Target: $4.80

Lovisa Holdings (LOV)

• Retained at neutral at Citi; Price Target: $42.50

Liontown Resources (LTR)

• Retained at sell at Citi; Price Target: $0.50 from $0.45

• Retained at sell at Ord Minnett; Price Target: $0.70

Macquarie Group (MQG)

• Retained at equal-weight at Morgan Stanley; Price Target: $226.00 from $216.00

• Retained at accumulate at Ord Minnett; Price Target: $245.00

Monash IVF Group (MVF)

• Retained at overweight at Macquarie; Price Target: $1.00

Netwealth Group (NWL)

• Retained at neutral at Citi; Price Target: $35.50

Premier Investments (PMV)

• Upgraded to outperform from hold at CLSA; Price Target: $23.70 from $23.50

• Retained at overweight at JPMorgan; Price Target: $23.90 from $24.80

• Retained at neutral at Macquarie; Price Target: $20.80 from $21.80

• Retained at overweight at Morgan Stanley; Price Target: $29.50

• Retained at buy at Ord Minnett; Price Target: $23.40 from $21.70

• Retained at buy at UBS; Price Target: $24.00

• Retained at buy at Unified Capital Partners; Price Target: $29.36 from $29.47

Sonic Healthcare (SHL)

• Retained at neutral at Citi; Price Target: $24.00

Sunstone Metals (STM)

• Retained at buy at Shaw and Partners; Price Target: $0.04

Strike Energy (STX)

• Retained at neutral at Macquarie; Price Target: $0.10

Telix Pharmaceuticals (TLX)

• Retained at buy at Bell Potter; Price Target: $23.00

Scans