Market Wraps

Evening Wrap: ASX 200 flat, lithium and iron ore miners higher, eyes on US earnings season

Wed 19 Apr 23, 5:07pm (AEST)

 The S&P/ASX 200 closed 5 points higher, up 0.07%. 

Well ... that was a pretty boring session. Iron ore and lithium names outperformed, Discretionary stocks sold off, US earnings season continues to ramp up and a few Macquarie notes of interest.

Let's dive in.

Today in Review

Wed 19 Apr 23, 4:23pm (AEST)

Name Value % Chg
Major Indices
ASX 200 7,365.5 +0.07%
All Ords 7,561.3 +0.05%
Small Ords 2,903.9 -0.19%
All Tech 2,273.2 -0.50%
Emerging Companies 2,166.3 +0.83%
AUD/USD 0.6722 -0.03%
US Futures
S&P 500 4,168.25 -0.28%
Dow Jones 34,034.0 -0.26%
Nasdaq 13,136.5 -0.43%
Name Value % Chg
Materials 18,990.7 +1.10%
Utilities 8,568.8 +0.10%
Financials 6,296.1 -0.05%
Communication Services 1,547.3 -0.12%
Consumer Staples 13,522.6 -0.13%
Health Care 44,110.9 -0.18%
Energy 10,641.2 -0.32%
Industrials 6,812.6 -0.34%
Information Technology 1,571.2 -0.40%
Real Estate 3,071.3 -0.57%
Consumer Discretionary 3,049.3 -1.14%

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ASX 200 Session Chart

S&P ASX 200 (LIVE DATA) Share Prices & Charts - Market Index
Uneventful, breakeven day for the ASX 200 (Source: Market Index)


This was a pretty dull session. So expect a pretty crisp and short Evening Wrap.

Markets are somewhat in waiting mode for the next direction driving catalyst, which is currently first quarter US earnings season. Approximately 14% of the S&P 500 market cap is reporting this week and 42% the next.

As for the ASX 200, the market traded in a relatively tight range, between highs of 0.2% and lows of -0.06%. Materials outperformed, with notable gains from iron ore heavyweights BHP (+1.5%) and Rio Tinto (+1.1%) as well as several lithium names. Outside of Materials outperformance and Discretionary underperformance, most sectors were also rather quiet.


No major economic announcements.

Latest news

Interesting news and movers

Trading higher

  • +21.6% EML Payments (EML) – Continuation rally

  • +13.6% Lindian Resources (LIN) - Continuation rally

  • +5.5% 29Metals (29M)

  • +5.4% Telix Pharma (TLX)

  • +1.1% Jervois Global (JRV) – Updates to Idaho Cobalt Project resource

  • Lithium sector move: Lithium Power (+16.2%), Argosy (+6.0%), Global Lithium (+4.1%), Pilbara Minerals (+3.3%), Core Lithium (+3.1%)

Trading lower

  • -7.4% The Star Entertainment Group (SGR)

  • -6.4% Tietto Minerals (TIE)

  • -4.0% Terracom (TER)

  • -3.75% Kelsian Group (KLS)

Broker updates

Macquarie notes:

Core Lithium (CXO): Outperform with $1.20 target price

  • “CXO has upgraded its resource estimate for Finniss, adding in two new deposits with total resources rising 62% to 30.6mt @ 1.31% Li2O.”

  • “We have extended the mine life for the Carlton underground, which increases the mine life of Finniss by one year to +17 years.”

  • “Progress updates on the production ramp-up for the Finniss project present the key near-term catalyst for CXO.” 

Hub24 (HUB): Outperform with $33.10 target price

  • “HUB released their 3Q23 business update, FY24 FUA guidance was left unchanged at $80-90bn following the announcement of a ~$4bn institutional transition from Equity Trustees.” 

  • “Retail flows are showing signs of weakness and have likely been subdued to start the quarter due to the timing of Easter. In the short-term this places a lot of reliance on there being a recovery in the seasonally strong months of May/June.”

  • “We continue to prefer Netwealth Group with 25% 3-year EPS CAGR vs. HUB at 20%.” 

Lovisa (LOV): Outperform with $35.70 target price

  • “Reopening spending CY23 YTD supported by price. Weak volumes and A&NZ foot traffic into March/April suggests softness in underlying demand.”

  • “This is in line with our expectations for moderation in LfLs over 2H23 and into FY24, consistent with management caution toward tough CY22 comps.”

  • “Earnings upgrades, reflecting greater confidence in store rollout with good YTD rollout momentum across the US, drives our updated TP of $35.70.”


Top Gainers

Code Company Last % Chg
HHI Health House Inte... $0.011 +162.50%
8IH 8I Holdings Ltd $0.038 +52.00%
WOA Wide Open Agricul... $0.305 +45.24%
OLL Openlearning Ltd $0.021 +40.00%
EX1 Exopharm Ltd $0.013 +30.00%
View all top gainers

Top Fallers

Code Company Last % Chg
IS3 I Synergy Group Ltd $0.011 -31.25%
FFT Future First Tech... $0.014 -26.32%
SIO Simonds Group Ltd $0.105 -25.00%
VML Vital Metals Ltd $0.012 -23.33%
MTM MT Monger Resourc... $0.118 -21.67%
View all top fallers

52 Week Highs

Code Company Last % Chg
HPR High Peak Royalti... $0.08 +23.08%
RNX Renegade Explorat... $0.025 +19.05%
BTN Butn Ltd $0.23 +15.00%
CXZ Connexion Telemat... $0.023 +15.00%
LIN Lindian Resources... $0.375 +13.64%
View all 52 week highs

52 Week Lows

Code Company Last % Chg
IS3 I Synergy Group Ltd $0.011 -31.25%
FFT Future First Tech... $0.014 -26.32%
VML Vital Metals Ltd $0.012 -23.33%
NNG Nexion Group Ltd $0.018 -18.18%
NAG Nagambie Resource... $0.041 -15.63%
View all 52 week lows

Near Highs

Code Company Last % Chg
OZBD Betashares Austra... $44.75 -0.05%
PCI Perpetual Credit ... $0.98 -1.01%
WVOL Ishares Edge MSCI... $36.41 -0.25%
IPX Iperionx Ltd $1.10 +1.85%
CHN Chalice Mining Ltd $7.92 +0.25%
View all near highs

Relative Strength Index (RSI) Oversold

Code Company Last % Chg
TRJ Trajan Group Hold... $1.70 +3.34%
PAR Paradigm Biopharm... $1.095 +11.17%
LME Limeade Inc $0.135 -10.00%
BUB Bubs Australia Ltd $0.20 0.00%
RFF Rural Funds Group $1.95 -2.99%
View all RSI oversold

Written By

Kerry Sun

Content Strategist

Kerry holds a Bachelor of Commerce from Monash University. He is an avid swing trader, focused on technical set ups and breakouts. Outside of writing and trading, Kerry is a big UFC fan, loves poker and training Muay Thai. Connect via LinkedIn or email.

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