Evening Wrap: ASX 200 flat as surging lithium and energy stocks balance bloodbath in tech, insurance — PLS +8% vs PME -6%

The S&P/ASX 200 closed 3.7 points lower, down 0.04%.

The ASX 200 edged lower as ongoing AI-driven selling in technology and insurance stocks offset strength in energy and mining, leaving the index effectively flat despite solid gains in resources.

Energy and resources led, with Energy (XEJ) (+1.7%) and Resources (XJR) (+1.2%) outperforming as higher oil prices and a rebound in base and precious metals supported the sector. Woodside Energy Group (WDS) (+2.4%), Whitehaven Coal (WHC) (+2.2%), BHP Group (BHP) (+1.4%) and Northern Star Resources (NST) (+1.6%) paced the gains.

Growth sectors again lagged, with Information Technology (XIJ) (-3.5%), Consumer Discretionary (XDJ) (-1.7%) and Health Care (XHJ) (-1.0%) under pressure as the “tech wreck” extended on AI disruption concerns. Xero (XRO) (-4.6%), Life360 (360) (-4.4%), Pro Medicus (PME) (-6.2%) and Telix Pharmaceuticals (TLX) (-6.0%) led the declines.

In stock specific news:

• Monadelphous Group (MND) (+5.9%) — rose after a strong result and upgraded guidance.

• Viva Energy (VEA) (+8.1%) — rallied on an earnings beat supported by improved operating performance.

• Nine Entertainment (NEC) (+0.5%) — edged higher after a profit beat.

• Adore Beauty (ABY) (-27.9%) — plunged on margin pressure from heavy discounting.

• ARB Corporation (ARB) (-13.1%) — fell after profit declined amid weakness in its core division.

• Southern Cross Media (SXL) (-9.0%) — dropped on softer revenue and rising costs. 1. AFR Market Wrap_24 Feb

In commodities, precious metals diverged in Asian trade, with gold futures (-0.5%) easing to US$5,196/oz after strong overnight gains, while silver (+1.6%) pushed higher to US$88/oz.

Lithium prices surged as trading resumed post-holidays in China, with lithium carbonate futures jumping 10% and spodumene up 5.2% — driving sharp gains in PLS Group (PLS) (+8.0%), Mineral Resources (MIN) (+6.5%) and IGO (IGO) (+3.9%).

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 Nasdaq Composite and the S&P/ASX 200 in today's ChartWatch.

Let's dive in!

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Markets

ASX 200 Session Chart

The S&P/ASX 200 (XJO) finished 3.7 points lower at 9,022.3, 0.39% from its session low and 0.36% from its high — nearly smack–bang at the mid-point of the session's range. In the broader-based S&P/ASX 300 (XKO) advancers lagged decliners dismally for the second day in a row, this time by 103 to 180.

Fund flows: The charts say it all... (as usual! 😉)

That intraday chart says it all!!! 🥱💤

But, hey — the glass is half empty or it’s half full. That’s a nil result after an overnight session where most global risk markets lost ground.

1pm.

We’ve seen it before.

The witching hour…

Where the Big + Smart money get back from their lunch break and hit the button on a big algorithmic-powered buy or sell order.

Thankfully, today, it was the BUY variety. 🙏

But — and I promise, this will be an interesting exercise — let’s do something we don’t do very often… Check the relative performance of the various sectors’ intraday charts.

I’m always posting daily charts here to paint a thousand words in one green, pink, black, and white picture… But given we know there was a Big + Smart money order that hit at 1pm… What was in the basket of securities they were buying? 🤔

And just as important, what wasn’t? 👎

(Look for what happened at 1pm! 🔍)

Which sectors did you notice were in the basket today!? Energy, Financials, Gold, Resources 👍

Which not only weren't in the basket of sectors to buy, but were being turfed out!? Consumer Discretionary, Health Care, Information Technology. 👎

Fund flows are a powerful thing. Day-to-day… Building up to week-to-week... And beyond... In modern markets that are driven nearly-solely by the almighty algorithm — if you fight the fund flows… Then as we’ve seen so many times in the recent past — you are going to get steamrolled!!! 💥

Today's best blue chip gainers

Today's worst blue chip losers

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ChartWatch

Nasdaq Composite Index

Analysis

Monday’s candle pretty much backed out Friday’s candle (remember: Friday = risk-on due to news that US Supreme Court ruled 👎 to reciprocal tariffs vs Trump's weekend announcement of blanket 15% tariffs = risk-off).

So, we’re basically back where we were on Thursday! 🤦

You have to love markets!

The most interesting thing about the Comp’s chart is the pincer movement of the short and long term uptrend ribbons. Given they’re of opposing colour and trend direction — i.e., ST ⬇️ vs LT ⬆️ — they're SQUEEZING the price action into a narrowing zone of indecision.

Just say those words out loud. Yes, even you on the 6pm train to Packenham! “Narrowing zone of indecision”.

Even the person sitting next to you doomscrolling on their phone would have to agree: Those aren’t exactly words that a trend follower can get behind!!!

But the narrowing bit is both interesting and reassuring. Usually, in circumstances such as these… it means that we’ll soon get a break one way or another.

This is largely a copy and paste from yesterday’s analysis, because, as I expect you’ll agree — it remains perfectly relevant today:

• We don't predict because the future is unknown = prediction is futile! 🔮

• We accept the outcome and then determine the outcome that should occur MOTN (More Often Than Not).

• Long black-bodied candle and or long upward pointing shadow = Strong supply-side motivation = MOTN S > D = P ⬇️

• Long white-bodied candle and or long downward pointing shadow = Strong demand-side motivation = MOTN D > S = P ⬆️

• Volume remains patchy… There’s little desire among either side to really engage. If we see volume pick up — it mean a decision has been made to engage… to commit to one path of action (e.g., to buy like crazy or sell like crazy!)

• A close above the short term downtrend ribbon (presently 23025-23125) would be a significant win for the demand-side.

• A close below the nearest point of demand 22256 — which likely sets a path towards a date with 21898 and the bottom of the long term uptrend ribbon (presently 21660-22480) — would be a significant win for the supply-side.

View

Given current, sorry state of affairs for the Comp's technicals — how can I possibly be anywhere else but 1/2RP with respect to my US portfolio risk limit!? 🤷 (RP = Risk Position — it reflects my personal allowable capital allocation limit for my investments in US stocks. So 1/2RP is 50%, 2/3RP is 67% and FRP is 100% 🪣).

Key levels

22461 is the critical point of demand. 21898 is the key local go-no-go zone for the Comp — a close below 21898 implies the supply-side is control of the Comp's short term price. A close below the low of the long term uptrend ribbon (presently 21660-22480), implies the long term uptrend is likely under significant pressure = ⚠️. 23321 is the nearest critical static point supply, but the short term downtrend ribbon (presently 23025-23125) may also impede upside price action.

S&P/ASX 200 (XJO)

Analysis

Often we’ll talk of “nothing days” in the price action. Today was as much of a nothing day as you can get!

Up and down pointing shadows, roughly equal in length, a close roughly mid-range and flat with respect to yesterday’s close. ⚖️

= A bit of demand, followed by a bit of supply… and a whole lot of zero progress!!! 🐌

But just because there wasn't much progress today, how would you answer this question:

I’m going to predict (😉!) that the quiz above is largely skewed towards the second option.

And that means something! Arguably, the ASX 200, aka the Old Tin Pot, could have delivered a far worse performance today (think: simmering tech wreck… the other dud sectors dudding it up, banks second day off the boil 👎👎👎)

The fact the OTP was so resilient in the face of the current set of challenges speaks to a lack of supply-side motivation. It also very likely implies that the demand-side — for whatever reason — remains fearlessly engaged.

Heck, it’s not like the demand-side made a big stand, though... and volume was tepid… So let’s not get too far ahead of ourselves! 🫸🐎🏇

Let's just go with: today’s result is consistent with an index that is showing resilience in the face of uncertainty.

Which is a good thing for now!

I say "for now" because “I don’t know the future”… Remember!? The uncertainty driving falls in other major markets overnight may increase… and the local demand-side's resilience may dissolve…

But if it doesn’t, if things settle down on the risk front — then we are very likely in an environment where there seems to be little motivated supply and fairly resilient demand.

And that’s usually good for D > S = P ⬆️ MOTN outcome! 🤞

View

I am 2/3 RP 🪣 (i.e., my personal allowable capital allocation limit for my investments in Australian stocks is 67%).

Key levels

The short term uptrend ribbon (presently 8091-8936) is the closest zone of demand, a close below it would neutralise the present short term uptrend. 9110-9116 is the key zone of supply. Celebrations (and a move to FRP) are on hold until the demand-side can consume the highly motivated supply that appears to be residing there! 🧱

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***NEW VIDEO DROPPED — LITHIUM + URANIUM REVIEWS! 📺***

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Economy

Today

• 12:00 CHN Peoples Bank of China (PBOC) Loan Prime Rates (LPR)

  • 1-year LPR: No change at 3% as forecast

  • 5-year LPR: o change at 3.5% as forecast

Later this week

Wednesday

• 02:00 USA February Conference Board Consumer Confidence (87.6 forecast vs 84.5 previous)

• 11:30 AUS January Consumer Price Index (CPI)

  • Headline: +3.8% p.a. forecast vs +3.7% p.a. in December

  • Trimmed Mean: +0.3% m/m for +3.2% p.a. forecast vs +3.3% p.a. in December

• 13:00 *GLOBAL US President Donald Trump to deliver the State of the Union address*

• 19:40 AUS RBA Governor Michelle Bullock to speak at the Melbourne Foundation for Business and Economics Annual Dinner

Thursday

• 11:30 AUS December Quarter Private Capital Expenditure (-0.1% q/q forecast vs +6.4% q/q previous)

Friday

• 11:30 AUS January Private Sector Credit (+0.7% m/m forecast vs +0.8% m/m previous)

Saturday

• 12:30 USA January Core Producer Price Index (PPI) (+0.3% m/m forecast vs +0.7% m/m previous)

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Latest News

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Interesting Movers

Trading higher

• +13.1% Dateline Resources (DTR) – No news 🤔, general strength across the broader Critical Minerals sector today, bounced perfectly from long term uptrend ribbon! 🔎📈

• +12.3% Minerals 260 (MI6) – Continued positive response to 23-Feb BMO Global Metals and Mining Conference Presentation, rise is consistent with prevailing short and long term uptrends 🔎📈

• +11.1% St George Mining (SGQ) – No news, general strength across the broader Precious Metals sector today, rise is consistent with prevailing short and long term uptrends, added to ChartWatch ASX Scans Uptrends list today 🔎📈

• +10.5% Nuix (NXL) – Continued positive response to 23-Feb 1H26 Financial Results Investor Presentation.

• +10.3% Lindian Resources (LIN) – No news, general strength across the broader Critical Minerals sector today, rise is consistent with prevailing short and long term uptrends 🔎📈

• +9.5% Core Lithium (CXO) – No news, general strength across the broader Lithium sector today, bounced perfectly from long term uptrend ribbon! 🔎📈

• +8.7% Liontown (LTR) – No news, general strength across the broader Lithium sector today, rise is consistent with prevailing short and long term uptrends 🔎📈

• +8.1% Viva Energy Group (VEA) – Results Presentation, general strength across the broader Energy sector today.

• +8.0% PLS Group (PLS) – No news, general strength across the broader Lithium sector today, rise is consistent with prevailing short and long term uptrends 🔎📈

• +7.9% Iluka Resources (ILU) – No news, general strength across the broader Critical Minerals sector today.

• +7.8% Kelsian Group (KLS) – Investor Presentation 1HFY26, Guidance.

• +7.7% Elevra Lithium (ELV) – No news, general strength across the broader Lithium sector today, rise is consistent with prevailing short and long term uptrends 🔎📈

• +7.0% Imdex (IMD) – Continued positive response to 23-Feb IMDEX 1H FY26 Results Presentation, rise is consistent with prevailing short and long term uptrends 🔎📈

• +6.7% Arafura Rare Earths (ARU) – No news, general strength across the broader Critical Minerals sector today.

• +6.5% Mineral Resources (MIN) – No news, general strength across the broader Critical Minerals sector today, rise is consistent with prevailing short and long term uptrends 🔎📈

• +5.9% Monadelphous Group (MND) – Monadelphous Reports 2026 Half Year Results, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +5.7% Wildcat Resources (WC8) – No news, general strength across the broader Lithium sector today, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

Trading lower

• -26.8% (SRL) – Trading Halt.

• -13.1% ARB Corp. (ARB) – 1H FY2026 Results Presentation, general weakness across the broader Consumer Discretionary sector today, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -12.5% Austal (ASB) – Continued negative response to 23-Feb ASB H1 FY2026 Results Investor Presentation, fall is consistent with prevailing short term downtrend and long term trend is transitioning from up to down 🔎📉

• -11.7% Siteminder (SDR) – No news, general weakness across the broader Information Technology sector today, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -8.4% 4DMEDICAL (4DX) – No news, today's move is consistent with recent volatility.

• -8.2% Data#3 (DTL) – Continued negative response to 23-Feb DTL 1H FY26 Interim Results, general weakness across the broader Information Technology sector today, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -7.3% Megaport (MP1) – Continued negative response to 20-Feb H1 FY26 Half Year Results Investor Presentation, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -6.8% Qoria (QOR) – No news, general weakness across the broader Information Technology sector today, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -6.6% Temple & Webster Group (TPW) – No news, general weakness across the broader Consumer Discretionary sector today, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -6.4% Zip Co. (ZIP) – No news, general weakness across the broader Consumer Discretionary sector today, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -6.4% Generation Development Group (GDG) – No news, general weakness across the broader Insurance sector today, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -6.2% Pro Medicus (PME) – Change of Director's Interest Notice - Peter Kempen (~46k on market purchase… didn't help the share price today!), general weakness across the broader Information Technology sector today, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -6.0% Telix Pharmaceuticals (TLX) – No news, general weakness across the broader Biotechnology sector today, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -5.3% AMP (AMP) – No news, general weakness across the broader Insurance sector today, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -5.1% Guzman Y Gomez (GYG) – No news, general weakness across the broader Consumer Discretionary sector today, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -4.7% HMC Capital (HMC) – HY26 Results Presentation, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -4.6% Accent Group (AX1) – No news, general weakness across the broader Consumer Discretionary sector today, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -4.6% Xero (XRO) – No news, general weakness across the broader Information Technology sector today, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -4.4% Life360 (360) – No news, general weakness across the broader Information Technology sector today, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -4.0% Pinnacle Investment Management (PNI) – No news, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -3.9% G8 Education (GEM) – No news, general weakness across the broader Consumer Discretionary sector today, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -3.8% REA Group (REA) – No news, general weakness across the broader Information Technology sector today, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -3.8% Treasury Wine Estates (TWE) – No news, general weakness across the broader Consumer Discretionary sector today, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -3.7% Technology One (TNE) – No news, general weakness across the broader Information Technology sector today, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -3.7% Car Group (CAR) – No news, general weakness across the broader Information Technology sector today, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

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Broker Moves

29Metals (29M)

• Retained at neutral at Barrenjoey; Price Target: $0.60

Alcoa Corporation (AAI)

• Retained at overweight at Barrenjoey; Price Target: $103.00

Aussie Broadband (ABB)

• Retained at buy at Citi; Price Target: $6.25 from $6.15

• Retained at neutral at Jarden; Price Target: $5.50

• Retained at neutral at JPMorgan; Price Target: $5.40

• Retained at neutral at Macquarie; Price Target: $5.30

• Retained at buy at Ord Minnett; Price Target: $6.35 from $6.22

• Retained at buy at UBS; Price Target: $6.20 from $6.50

Adairs (ADH)

• Downgraded to overweight from buy at Jarden; Price Target: $2.30 from $2.68

• Retained at buy at Morgans; Price Target: $2.40 from $2.60

• Retained at neutral at UBS; Price Target: $2.15 from $2.05

Adrad Holdings (AHL)

• Downgraded to hold from buy at Bell Potter; Price Target: $1.15 from $1.10

Ampol (ALD)

• Retained at outperform at Macquarie; Price Target: $32.50

• Retained at overweight at Morgan Stanley; Price Target: $31.00 from $33.00

• Retained at buy at Ord Minnett; Price Target: $35.00 from $35.50

Alliance Aviation Services (AQZ)

• Retained at hold at Morgans; Price Target: $0.75 from $1.50

ARB Corporation (ARB)

• Retained at buy at Citi; Price Target: $42.25

• Retained at neutral at UBS; Price Target: $27.85

Austal (ASB)

• Retained at buy at Argonaut Securities; Price Target: $6.70 from $7.00

• Retained at hold at Bell Potter; Price Target: $6.30 from $6.60

• Downgraded to sell from neutral at Citi; Price Target: $4.50 from $6.90

• Retained at neutral at JPMorgan; Price Target: $6.60 from $7.10

• Retained at outperform at Macquarie; Price Target: $7.55 from $8.10

AUB Group (AUB)

• Retained at buy at UBS; Price Target: $35.00

Bellevue Gold (BGL)

• Retained at overweight at Barrenjoey; Price Target: $2.25

• Retained at outperform at Macquarie; Price Target: $2.10

BHP Group (BHP)

• Retained at neutral at Macquarie; Price Target: $52.00

• Retained at overweight at Morgan Stanley; Price Target: $56.00

Biome Australia (BIO)

• Retained at buy at Bell Potter; Price Target: $1.00

BMC Minerals . (BMC)

• Retained at overweight at Barrenjoey; Price Target: $6.40

Boss Energy (BOE)

• Retained at underweight at Barrenjoey; Price Target: $1.50

• Retained at overweight at Morgan Stanley; Price Target: $2.00

Breville Group (BRG)

• Retained at buy at Citi; Price Target: $39.85

Codan (CDA)

• Upgraded to buy from hold at Ord Minnett; Price Target: $40.00 from $35.00

Chalice Mining (CHN)

• Retained at underweight at Barrenjoey; Price Target: $1.20

Capricorn Metals (CMM)

• Retained at overweight at Barrenjoey; Price Target: $24.00

Chorus (CNU)

• Retained at outperform at Macquarie; Price Target: $10.26

Coronado Global Resources Inc (CRN)

• Retained at neutral at Barrenjoey; Price Target: $0.42

Centaurus Metals (CTM)

• Retained at overweight at Barrenjoey; Price Target: $0.55

Clarity Pharmaceuticals (CU6)

• Retained at speculative buy at Bell Potter; Price Target: $6.40

Core Lithium (CXO)

• Retained at overweight at Barrenjoey; Price Target: $0.35

Dalrymple Bay Infrastructure (DBI)

• Retained at buy at Citi; Price Target: $5.30

Digico Infrastructure REIT (DGT)

• Retained at buy at Morgans; Price Target: $4.15 from $4.30

Delta Lithium (DLI)

• Retained at neutral at Barrenjoey; Price Target: $0.21

Domino's Pizza Enterprises (DMP)

• Retained at buy at UBS; Price Target: $25.50

Deterra Royalties (DRR)

• Retained at neutral at Barrenjoey; Price Target: $4.70

• Retained at overweight at Morgan Stanley; Price Target: $4.70

Data3 (DTL)

• Downgraded to underweight from overweight at Jarden; Price Target: $7.70 from $9.60

• Retained at neutral at JPMorgan; Price Target: $8.40 from $8.80

• Retained at neutral at Macquarie; Price Target: $8.25

• Retained at overweight at Morgan Stanley; Price Target: $9.20 from $9.50

• Retained at hold at Morgans; Price Target: $8.20 from $8.30

• Retained at neutral at UBS; Price Target: $8.50 from $9.35

Deep Yellow (DYL)

• Retained at neutral at Barrenjoey; Price Target: $2.40

Emerald Resources NL (EMR)

• Retained at underweight at Barrenjoey; Price Target: $6.50

EMvision Medical Devices (EMV)

• Retained at speculative buy at Bell Potter; Price Target: $3.15

Electro Optic Systems Holdings (EOS)

• Retained at buy at Bell Potter; Price Target: $9.70 from $12.00

• Retained at speculative buy at Ord Minnett; Price Target: $12.95 from $12.72

Evolution Mining (EVN)

• Retained at overweight at Barrenjoey; Price Target: $17.00

EVT (EVT)

• Retained at overweight at Morgan Stanley; Price Target: $16.40 from $16.50

• Retained at buy at Ord Minnett; Price Target: $17.31 from $17.09

FireFly Metals (FFM)

• Retained at neutral at Barrenjoey; Price Target: $1.90

Fortescue (FMG)

• Retained at neutral at Barrenjoey; Price Target: $22.50

• Retained at neutral at Macquarie; Price Target: $22.00

• Retained at underweight at Morgan Stanley; Price Target: $19.00

GDI Property Group (GDI)

• Retained at buy at Bell Potter; Price Target: $0.85

G8 Education (GEM)

• Retained at neutral at Macquarie; Price Target: $0.40 from $0.69

Greatland Resources (GGP)

• Retained at buy at Argonaut Securities; Price Target: $16.00 from $15.10

• Retained at overweight at Barrenjoey; Price Target: $18.50

• Retained at buy at Citi; Price Target: $16.00

• Retained at underweight at Jarden; Price Target: $5.60 from $5.50

• Retained at neutral at Macquarie; Price Target: $13.20

• Downgraded to sell from hold at Moelis Australia; Price Target: $10.10 from $11.30

• Retained at sector perform at RBC Capital Markets; Price Target: $11.70

Global Lithium Resources (GL1)

• Retained at neutral at Barrenjoey; Price Target: $0.65

GenusPlus Group (GNP)

• Retained at buy at Bell Potter; Price Target: $9.00 from $8.70

• Retained at buy at Euroz Hartleys; Price Target: $8.81

• Retained at buy at Moelis Australia; Price Target: $8.88 from $8.71

HMC Capital (HMC)

• Retained at buy at UBS; Price Target: $4.00 from $6.60

HUB24 (HUB)

• Retained at buy at Citi; Price Target: $100.60

Infragreen Group (IFN)

• Retained at buy at Morgans; Price Target: $1.00 from $1.30

IGO (IGO)

• Retained at underweight at Morgan Stanley; Price Target: $7.50

Imdex (IMD)

• Upgraded to buy from hold at Bell Potter; Price Target: $4.60 from $3.60

• Retained at buy at Canaccord Genuity; Price Target: $4.52 from $3.98

• Retained at buy at Citi; Price Target: $4.65 from $4.20

• Upgraded to underweight from sell at Jarden; Price Target: $3.60 from $2.90

• Retained at outperform at Macquarie; Price Target: $4.60 from $3.80

• Upgraded to buy from accumulate at Morgans; Price Target: $4.70 from $3.70

• Upgraded to buy from neutral at UBS; Price Target: $4.70 from $3.50

Ingenia Communities Group (INA)

• Initiated at buy at Citi; Price Target: $6.60

IPD Group (IPG)

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

• Retained at buy at Shaw and Partners; Price Target: $5.35 from $5.25

Lindsay Australia (LAU)

• Downgraded to accumulate from buy at Morgans; Price Target: $0.80

• Retained at buy at Ord Minnett; Price Target: $0.99 from $0.98

Liberty Financial Group (LFG)

• Retained at neutral at Citi; Price Target: $4.10 from $4.50

• Retained at outperform at Macquarie; Price Target: $4.50 from $4.45

LGI (LGI)

• Upgraded to buy from accumulate at Morgans; Price Target: $4.53 from $4.84

• Upgraded to buy from accumulate at Ord Minnett; Price Target: $4.45 from $4.70

LendLease Group (LLC)

• Retained at outperform at Macquarie; Price Target: $5.46 from $5.73

• Retained at equal-weight at Morgan Stanley; Price Target: $5.70

Light & Wonder Inc. (LNW)

• Initiated at outperform at RBC Capital Markets; Price Target: $190.00

Lotus Resources (LOT)

• Retained at speculative buy at Canaccord Genuity; Price Target: $3.90 from $3.60

Liontown (LTR)

• Retained at neutral at Barrenjoey; Price Target: $1.90

Lynas Rare Earths (LYC)

• Retained at overweight at Barrenjoey; Price Target: $18.50

• Retained at overweight at Morgan Stanley; Price Target: $17.65

Meteoric Resources NL (MEI)

• Retained at overweight at Barrenjoey; Price Target: $0.32

Minerals 260 (MI6)

• Retained at overweight at Barrenjoey; Price Target: $1.10

Mineral Resources (MIN)

• Retained at overweight at Barrenjoey; Price Target: $65.00

• Upgraded to buy from hold at Morgans; Price Target: $68.00 from $67.00

McMillan Shakespeare (MMS)

• Upgraded to buy from hold at Bell Potter; Price Target: $18.50 from $19.70

• Downgraded to hold from outperform at CLSA; Price Target: $16.80 from $20.00

• Downgraded to neutral from outperform at Macquarie; Price Target: $16.40 from $19.69

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

• Retained at accumulate at Ord Minnett; Price Target: $19.90

Monadelphous Group (MND)

• Retained at neutral at UBS; Price Target: $27.00

Megaport (MP1)

• Retained at outperform at Macquarie; Price Target: $23.30 from $21.70

• Upgraded to buy from neutral at UBS; Price Target: $15.70 from $14.65

Nine Entertainment Co. Holdings (NEC)

• Retained at neutral at UBS; Price Target: $1.22

Newmont Corporation (NEM)

• Retained at overweight at Barrenjoey; Price Target: $205.00

Navigator Global Investments (NGI)

• Retained at outperform at Macquarie; Price Target: $3.17 from $2.61

• Upgraded to buy from accumulate at Morgans; Price Target: $3.35 from $3.71

New Hope Corporation (NHC)

• Retained at neutral at Barrenjoey; Price Target: $4.60

• Retained at underperform at Macquarie; Price Target: $4.40

NIB Holdings (NHF)

• Retained at buy at Citi; Price Target: $7.70 from $8.15

• Retained at underperform at Macquarie; Price Target: $6.05 from $6.10

• Retained at equal-weight at Morgan Stanley; Price Target: $7.50

Northern Star Resources (NST)

• Retained at neutral at Barrenjoey; Price Target: $36.00

Nuix (NXL)

• Retained at overweight at Morgan Stanley; Price Target: $3.75 from $4.35

• Upgraded to outperform from sector perform at RBC Capital Markets; Price Target: $2.30 from $2.15

Ora Banda Mining (OBM)

• Retained at overweight at Barrenjoey; Price Target: $2.00

Predictive Discovery (PDI)

• Retained at overweight at Barrenjoey; Price Target: $1.15

Paladin Energy (PDN)

• Retained at neutral at Barrenjoey; Price Target: $12.00

• Retained at overweight at Morgan Stanley; Price Target: $14.45

PLS Group (PLS)

• Retained at overweight at Morgan Stanley; Price Target: $5.00

Praemium (PPS)

• Retained at buy at Ord Minnett; Price Target: $1.15

Perenti (PRN)

• Retained at outperform at Macquarie; Price Target: $2.70 from $2.65

Perseus Mining (PRU)

• Retained at neutral at Barrenjoey; Price Target: $6.50

PWR Holdings (PWH)

• Retained at neutral at UBS; Price Target: $10.00 from $7.90

PEXA Group (PXA)

• Retained at outperform at Macquarie; Price Target: $19.15

Regis Healthcare (REG)

• Retained at outperform at Macquarie; Price Target: $8.50 from $7.90

• Retained at buy at Ord Minnett; Price Target: $8.50

Reece (REH)

• Retained at neutral at Citi; Price Target: $16.70 from $12.40

• Retained at neutral at Jarden; Price Target: $13.90 from $11.90

• Retained at neutral at Macquarie; Price Target: $17.00 from $13.80

• Retained at overweight at Morgan Stanley; Price Target: $16.00

• Upgraded to accumulate from hold at Morgans; Price Target: $17.70 from $11.25

• Retained at buy at Ord Minnett; Price Target: $18.00 from $14.50

• Retained at sell at UBS; Price Target: $14.70 from $13.00

Rio Tinto (RIO)

• Retained at equal-weight at Morgan Stanley; Price Target: $140.00

Ramelius Resources (RMS)

• Retained at overweight at Barrenjoey; Price Target: $6.20

Resolute Mining (RSG)

• Retained at overweight at Barrenjoey; Price Target: $1.90

South32 (S32)

• Retained at overweight at Barrenjoey; Price Target: $5.10

• Retained at outperform at Macquarie; Price Target: $5.00

• Retained at overweight at Morgan Stanley; Price Target: $4.75

Scentre Group (SCG)

• Retained at buy at Citi; Price Target: $4.60

• Retained at neutral at UBS; Price Target: $4.20

Steadfast Group (SDF)

• Retained at buy at UBS; Price Target: $6.30 from $6.80

Sandfire Resources (SFR)

• Retained at underweight at Morgan Stanley; Price Target: $16.20

Sky Metals (SKY)

• Retained at speculative buy at Bell Potter; Price Target: $0.30 from $0.21

Stanmore Resources (SMR)

• Retained at buy at Argonaut Securities; Price Target: $4.00 from $4.30

• Retained at overweight at Barrenjoey; Price Target: $3.20 from $3.10

• Upgraded to hold from trim at Morgans; Price Target: $2.95

• Retained at buy at Ord Minnett; Price Target: $3.65 from $3.80

Supply Network (SNL)

• Retained at buy at Ord Minnett; Price Target: $41.00

Southern Cross Media Group (SXL)

• Retained at neutral at UBS; Price Target: $0.75

Symal Group (SYL)

• Retained at buy at Jarden; Price Target: $3.00 from $3.45

• Retained at buy at Morgans; Price Target: $3.35 from $3.75

• Upgraded to buy from accumulate at Ord Minnett; Price Target: $3.30 from $3.35

Tourism Holdings Rentals (THL)

• Retained at buy at Morgans; Price Target: $3.29 from $2.65

Telix Pharmaceuticals (TLX)

• Retained at buy at Citi; Price Target: $32.00

Vault Minerals (VAU)

• Retained at overweight at Barrenjoey; Price Target: $8.70

Vulcan Steel (VSL)

• Retained at buy at UBS; Price Target: $7.65

West African Resources (WAF)

• Retained at overweight at Barrenjoey; Price Target: $4.70

Wildcat Resources (WC8)

• Retained at overweight at Barrenjoey; Price Target: $0.65

Woodside Energy Group (WDS)

• Retained at neutral at UBS; Price Target: $23.10

Whitehaven Coal (WHC)

• Retained at equal-weight at Morgan Stanley; Price Target: $9.80

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Scans