Evening Wrap: ASX 200 flat as consumer stocks prosper, energy and tech stocks slump

A relatively quiet day on the Australian share market today, but given recent volatility, and given we dragged ourselves off the lows of the day to close at the high of the session – not an entirely terrible session at all.

There wasn't a great deal going on at the top end of town, but there's always plenty going on in the small-cap miners, particularly in manganese, copper, and the occasional lithium play.

As always, we have all the details in our Movers lists, so...

Let's dive in!

Markets

ASX 200 Session Chart

The S&P/ASX 200 (XJO) finished 1 point higher at 7750, 0.37% from its session low and smack-bang on its session high. Despite the benchmark index managing to scrape back to close at the high of the session, in the broader-based S&P/ASX 300 (XKO), advancers lagged decliners by 122 to 148.

This speaks both to the balance of the session, but also to the dichotomy between winners and losers. Of the 11 major ASX sectors, 5 were up, 5 were down, and one was unchanged.

Consumer stocks were the best today, with Consumer Discretionary (XDJ) (+0.52%) and Consumer Staples (XSJ) (+0.48%) topping the sector performance list. The Health Care (XHJ) (+0.40%) sector also did well, but then there was a big gap to the rest.

Doing it tough today was the Energy (XEJ) (-0.73%) sector, with Information Technology (XIJ) (-0.56%) not far behind.

Another day of bruising losses for energy stocks

ChartWatch

High Grade Copper COMEX

Copper keeps on keeping on

Just a quick heads up on the High Grade Copper chart (note, the LME copper looks just as good).

Since our last Evening Wrap update on 6 May, the price has progressed well with rising peaks and rising troughs, and a continued predominance of demand-side candles.

Friday's candle with its upward pointing shadow manifested some supply, as expected, at the 4.73 point of supply. Today's candle (still live) appears to be probing that area again.

Should we see the excess supply at 4.73 overcome (i.e., a close above 4.73), the next key point of supply is 5.033 (from the weekly chart).

Demand remains 4.466, and as long as high grade copper continues to close above this price, the short term uptrend remains intact.

Economy

Today

• AUS NAB Business Confidence

  • Business conditions eased in April

  • Decline in the employment index back to average levels is perhaps most notable move among three sub-components of the survey, had experienced prolonged period of persistent out-performance, employment still expanding though

Later this week

Tuesday

• 22:30 USA Producer Price Index (PPI) April

  • Headline PPI +0.2% and 1.8% p.a. forecast vs +0.2% and +2.1% p.a. March

  • Core PPI +0.2% and 2.2% p.a. forecast vs +0.2% and +2.8% p.a. March

Wednesday

• 00:00 USA Federal Reserve Chairman Jerome Powell speech

• 11:30 AUS Wage Price Index q/q (+1% forecast vs +1% previous)

• 22:30 USA Consumer Price Index (CPI) April

  • Headline CPI +0.4% and 3.4% p.a. forecast vs +0.4% and +3.4% p.a. March

  • Core CPI +0.3% and 3.6% p.a. forecast vs +0.4% +3.5% p.a. March

Thursday

• 11:30 AUS Employment change and unemployment rate April (+25.3k forecast vs -6.6k March; UR 3.9% forecast vs 3.8% March)

Friday

• 12:00 CHN data dump (Industrial Production, Retail Sales, Fixed Asset Investment, Unemployment Rate)

Latest News

Interesting Movers

Trading higher

• +12.1% Jupiter Mines (JMS) - No news, rise is consistent with prevailing short and long term uptrends 🔎📈

• +8.4% Southern Cross Electrical Engineering (SXE) - Acquisition of MDE Group and Profit guidance upgrade, rise is consistent with prevailing short and long term uptrends 🔎📈

• +7.7% Carnarvon Energy (CVN) - No news, rise is consistent with prevailing short and long term uptrends 🔎📈

• +6.7% 4DMEDICAL (4DX) - No news, possible response to Thursday's Market update on recent developments

• +6.5% 29METALS (29M) - No news, solid move up in copper price on Friday night.

• +5.9% Vulcan Energy Resources (VUL) - No news, rise is consistent with prevailing short uptrend, long term trend is transitioning from down to up 🔎📈

• +5.4% Bellevue Gold (BGL) - No news, upgraded to buy from neutral at UBS and price target increased to $2.05 from $2.00, rise is consistent with prevailing long term uptrend, price closed back above short term trend ribbon 🔎📈

• +4.8% Bapcor (BAP) - No news, belted after profit downgrade on 2 May, bouncing back

• +4.1% Helia Group (HLI) - No news, bouncing off long term uptrend 🔎📈

• +3.7% Wildcat Resources (WC8) - No news, trying to bounce off long term uptrend 🔎📈

• +3.4% IPH (IPH) - Changes relating to buy-back

• +3.4% Nuix (NXL) - No news, rise is consistent with prevailing short and long term uptrends 🔎📈

Trading lower

• -11.7% Nexgen Energy (NXG) - No news, reflects similar large drop in NYSE listed counterpart on Friday

• -11.7% Omni Bridgeway (OBL) - CBA Class Action Judgment, fall is consistent with prevailing short and long term downtrends 🔎📉

• -10.9% Fletcher Building (FBU) - Fletcher Building Market Update and Procedural judgment received on NZICC subcontractor claim, but really, I implore you…fall is consistent with prevailing short and long term downtrends 🔎📉

• -9.5% Galan Lithium (GLN) - No news, fall is consistent with prevailing short and long term downtrends 🔎📉

• -8.7% Weebit Nano (WBT) - No news, fall is consistent with prevailing short and long term downtrends 🔎📉

• -6.8% Sayona Mining (SYA) - New High-Grade Zones Discovered at North American Lithium, fall is consistent with prevailing long term downtrend 🔎📉

• -6.8% Electro Optic Systems Holdings (EOS) - No news, fall is consistent with prevailing short term downtrend, falling peaks and falling troughs 🔎📉

• -6.2% Develop Global (DVP) - No news, fall is consistent with prevailing long term downtrend 🔎📉

• -6.0% Judo Capital Holdings (JDO) - No news, likely continued negative response to Thursday's Judo Update on Strategy and Financial Performance

• -5.8% Latin Resources (LRS) - Colina Resource Drilling Program Complete

• -5.7% Fleetpartners Group (FPR) - Half Yearly Report and Accounts, closed below short term uptrend ribbon 🔎📉

• -5.7% De Grey Mining (DEG) - No news, fall is consistent with prevailing long term downtrend 🔎📉

Broker Notes

• Life360 (360)

  • Retained at buy at Bell Potter; Price Target: $17.75 from $16.25

  • Retained at buy at Goldman Sachs; Price Target: $16.05 from $14.20

  • Retained at overweight at Morgan Stanley; Price Target: $17.50 from $16.50

  • Retained at buy at Ord Minnett; Price Target: $16.68 from $15.20

• Abacus Group (ABG)

  • Retained at outperform at Macquarie; Price Target: $1.21

• Ainsworth Game Technology (AGI)

  • Upgraded to outperform from underperform at Citi; Price Target: $1.09 from $1.24

• AGL Energy (AGL)

  • Retained at equal-weight at Morgan Stanley; Price Target: $9.50 from $9.18

• Aristocrat Leisure (ALL)

  • Upgraded to buy from outperform at CLSA; Price Target: $46.90 from $48.60

• Atlas Arteria (ALX)

  • Retained at hold at Ord Minnett; Price Target: $6.50

• Arena REIT/Units (ARF)

  • Retained at outperform at Macquarie; Price Target: $3.96

• Baby Bunting Group (BBN)

  • Retained at neutral at Macquarie; Price Target: $1.40 from $1.74

• Bellevue Gold (BGL)

  • Upgraded to buy from neutral at UBS; Price Target: $2.05 from $2.00

• Charter Hall Group (CHC)

  • Retained at outperform at Macquarie; Price Target: $15.54

• Centuria Industrial REIT (CIP)

  • Retained at outperform at Macquarie; Price Target: $3.66

• Charter Hall Long Wale REIT (CLW)

  • Retained at neutral at Macquarie; Price Target: $3.62

• Centuria Capital Group (CNI)

  • Retained at neutral at Macquarie; Price Target: $1.70

• Charter Hall Retail REIT (CQR)

  • Retained at neutral at Macquarie; Price Target: $3.61

• CSL (CSL)

  • Retained at neutral at Citi; Price Target: $305.00

• De Grey Mining (DEG)

  • Retained at outperform at Macquarie; Price Target: $1.70

  • Retained at buy at UBS; Price Target: $1.75 from $1.85

• Domain Holdings Australia (DHG)

  • Retained at buy at Citi; Price Target: $3.85

• Dexus Industria REIT/Units (DXI)

  • Retained at outperform at Macquarie; Price Target: $3.00

• Dexus (DXS)

  • Retained at neutral at Macquarie; Price Target: $7.38

• Evolution Mining (EVN)

  • Retained at neutral at Macquarie; Price Target: $4.00 from $4.10

  • Retained at buy at UBS; Price Target: $4.20 from $4.35

• Fletcher Building (FBU)

  • Retained at neutral at Goldman Sachs; Price Target: $3.70

  • Retained at equal-weight at Morgan Stanley; Price Target: $3.67

• Goodman Group (GMG)

  • Retained at outperform at Macquarie; Price Target: $36.37

  • Retained at sell at Ord Minnett; Price Target: $24.00 from $20.85

• GR Engineering Services (GNG)

  • Upgraded to buy from hold at Argonaut Securities; Price Target: $2.50

• Gold Road Resources (GOR)

  • Retained at buy at UBS; Price Target: $2.20 from $2.30

• Growthpoint Properties Australia (GOZ)

  • Retained at outperform at Macquarie; Price Target: $2.50

• GPT Group (GPT)

  • Retained at outperform at Macquarie; Price Target: $4.61

  • Retained at accumulate at Ord Minnett; Price Target: $5.55

• G.U.D. Holdings (GUD)

  • Retained at buy at Citi; Price Target: $12.80

• Healthco Healthcare and Wellness REIT (HCW)

  • Retained at outperform at Macquarie; Price Target: $1.45

• Homeco Daily Needs REIT (HDN)

  • Retained at neutral at Macquarie; Price Target: $1.26

• Helia Group (HLI)

  • Retained at neutral at Goldman Sachs; Price Target: $4.53 from $4.47

• HMC Capital (HMC)

  • Retained at neutral at Macquarie; Price Target: $6.76

• Integrated Research (IRI)

  • Retained at buy at Bell Potter; Price Target: $0.95 from $0.66

• Judo Capital Holdings (JDO)

  • Retained at hold at Ord Minnett; Price Target: $1.20

• Light & Wonder (LNW)

  • Retained at hold at Ord Minnett; Price Target: $150.00

• Mystate (MYS)

  • Retained at buy at Ord Minnett; Price Target: $3.98

• NIB Holdings (NHF)

  • Retained at neutral at Macquarie; Price Target: $7.30

• National Storage REIT (NSR)

  • Retained at neutral at Macquarie; Price Target: $2.34

• Origin Energy (ORG)

  • Retained at equal-weight at Morgan Stanley; Price Target: $9.50 from $9.26

• Orica (ORI)

  • Retained at neutral at Citi; Price Target: $19.50 from $19.00

  • Downgraded to overweight from buy at Jarden; Price Target: $18.55

  • Retained at overweight at Morgan Stanley; Price Target: $21.50 from $19.00

  • Retained at hold at Ord Minnett; Price Target: $17.00 from $16.50

• Piedmont Lithium Inc (PLL)

  • Retained at outperform at Macquarie; Price Target: $0.36

• Qualitas (QAL)

  • Retained at outperform at Macquarie; Price Target: $2.89

• QBE Insurance Group (QBE)

  • Retained at buy at Citi; Price Target: $19.50

  • Retained at buy at Goldman Sachs; Price Target: $20.90 from $20.58

  • Retained at overweight at Morgan Stanley; Price Target: $20.10

  • Retained at lighten at Ord Minnett; Price Target: $14.00

• REA Group (REA)

  • Retained at hold at Bell Potter; Price Target: $203.00 from $191.00

  • Retained at neutral at Citi; Price Target: $192.60 from $187.00

  • Upgraded to outperform from sell at CLSA; Price Target: $204.00 from $164.00

• Region Group (RGN)

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

• Scentre Group (SCG)

  • Retained at neutral at Macquarie; Price Target: $3.03

• Super Retail Group (SUL)

  • Upgraded to buy from outperform at CLSA; Price Target: $15.50 from $16.50

• Temple & Webster Group (TPW)

  • Retained at buy at Citi; Price Target: $12.00 from $13.00

• Vicinity Centres (VCX)

  • Retained at neutral at Macquarie; Price Target: $1.92

• Wisetech Global (WTC)

  • Retained at buy at UBS; Price Target: $112.00 from $102.00

Scans