MARKET WRAPS

Evening Wrap: ASX 200 gains as tech and banks prosper, Pilbara Minerals helps break ASX lithium's long drought

The S&P/ASX 200 closed 30.6 points higher, up 0.37%.

Lead Writer and Presenter
14 November 2024
This article is more than 12 months old and may be outdated
15 min read

Mentioned

The S&P/ASX 200 closed 30.6 points higher, up 0.37%.

Once again, pro-Trump Trade winners (i.e., those with direct US earnings) were strongly favoured again today.

Information Technology and Financial stocks were the clear winners, as ANZ recouped much of yesterday's dividend. Elsewhere, energy stocks logged a rare gain, and ASX lithium stocks are potentially showing early signs of emerging from the wilderness...

Click/scroll through for the usual reporting of the major sector and stock-specific moves, the broker responses to them, as well as all of the key upcoming economic data in tonight's Evening Wrap.

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

Let's dive in!


Today in Review

Name
Value
% Chg
Major Indices
ASX 2008,224.0
+0.37%
All Ords8,479.9
+0.34%
Small Ords3,109.1
-0.30%
All Tech3,793.8
+1.40%
Emerging Companies2,255.1
-0.64%
Currency
AUD/USD0.6465
-0.31%
US Futures
S&P 5006,009.25
-0.11%
Dow Jones44,054.0
-0.12%
Nasdaq21,117.75
-0.20%
Name
Value
% Chg
Sector
Information Technology2,836.8
+1.82%
Financials8,770.9
+1.37%
Consumer Discretionary3,846.8
+0.99%
Real Estate3,941.1
+0.71%
Utilities8,510.8
+0.57%
Communication Services1,652.9
+0.52%
Industrials7,466.3
+0.15%
Consumer Staples11,259.9
-0.14%
Energy8,447.0
-0.56%
Health Care44,690.0
-0.60%
Materials16,433.9
-1.16%

Markets

XJO Intraday Chart 14 November 2024
ASX 200 Session Chart

The S&P/ASX 200 (XJO) finished 30.6 points higher at 8,224.0, 0.37% from its session low and just 0.19% from its high. Despite the gain in the benchmark index, when one scratched a little deeper beneath the surface, it was disturbing to see that In the broader-based S&P/ASX 300 (XKO), advancers lagged decliners by 116 to 183.

It’s been a little "Trump Trade on vs Trump Trade off" lately. We’re still feeling our way in this new post US-election world. Today was probably a little more back to the usual ebb and flow of things, but pro-Trump Trade winners (i.e., those with direct US earnings) tended to be favoured again today.

There’s quite a few of these in the Information Technology (XIJ) (+1.7%) index – today’s strongest performing ASX sector index.

Financials (XFJ) (+0.96%) rebounded from yesterday’s ANZ Group (ASX: ANZ) (+1.2%) ex-dividend impacted dip, but Commonwealth Bank of Australia (ASX: CBA) (+1.7%) also gained today as the big brokers generally tweaked higher their target prices for the company after assessing its third quarter update (released yesterday).

Again, though, note that two of the three best performing stocks in this sector are both big US dollar earners in the form of GQG Partners (ASX: GQG) (+2.3%) and Block (ASX: SQ2) (+1.8%).

It was perhaps a little pedestrian from there sector performance-wise, but Energy (XEJ) (+0.84%) deserves a special mention, if only because it wasn’t down again today…major oilers rebounded following similar gains in their US counterparts overnight. Nothing really happened in the oil price.

Doing it tough today, again, was the Gold (XGD) (-2.1%) sub-index. It continues to sag under the pressure of a lower gold price in the wake of the Trump + Red Sweep outcome – widely considered the worst case scenario for gold. The XGD is now down over 16% since its 23 October high.

Resources (XJR) (-0.20%) more generally slowed their rate descent (another sector generally considered to be a likely Trump + Red Sweep loser), even as the prices of aluminium, copper, iron ore, and nickel continued respective recent downward trends overnight.

Within Resources, I note that certain lithium minerals prices continue to rebound, and this helped several stocks in that sub-sector post modest gains today, They were lead by a strong performance in Pilbara Minerals (ASX: PLS) (+3.9%). I have some technical analysis that might please lithium bulls even further in tonight’s edition of ChartWatch, below.

Company
Last Price
Change $
Change %
1mo %
1yr %
Catapult Group International (CAT)
$2.90
+$0.27
+10.3%
+16.9%
+211.8%
Xero (XRO)
$172.20
+$10.65
+6.6%
+16.7%
+74.8%
Pilbara Minerals (PLS)
$3.23
+$0.12
+3.9%
+20.1%
-7.2%
Life360 (360)
$23.07
+$0.68
+3.0%
+3.5%
+189.8%
APA Group (APA)
$6.89
+$0.2
+3.0%
-9.7%
-15.9%
Nuix (NXL)
$6.06
+$0.16
+2.7%
-9.7%
+301.3%
Data#3 (DTL)
$7.70
+$0.19
+2.5%
+4.6%
+5.9%
Hansen Technologies (HSN)
$5.65
+$0.13
+2.4%
+15.8%
+10.8%
GQG Partners (GQG)
$2.70
+$0.06
+2.3%
-0.4%
+105.3%
Appen (APX)
$2.74
+$0.06
+2.2%
+25.7%
+196.8%
Karoon Energy (KAR)
$1.365
+$0.025
+1.9%
-10.5%
-41.6%
Netwealth Group (NWL)
$30.38
+$0.53
+1.8%
+7.7%
+120.5%
Block (SQ2)
$132.02
+$2.27
+1.8%
+23.6%
+64.6%
Commonwealth Bank of Australia (CBA)
$152.12
+$2.5
+1.7%
+8.8%
+50.2%
Vulcan Energy Resources (VUL)
$6.21
+$0.1
+1.6%
+25.2%
+163.1%
Goodman Group (GMG)
$36.99
+$0.46
+1.3%
+0.5%
+62.9%
Paladin Energy (PDN)
$7.56
+$0.09
+1.2%
-35.6%
-19.1%
Wesfarmers (WES)
$69.42
+$0.82
+1.2%
-0.9%
+31.3%
ANZ Group (ANZ)
$31.64
+$0.37
+1.2%
+0.8%
+28.1%
Westpac Banking Corporation (WBC)
$32.38
+$0.37
+1.2%
+2.0%
+56.5%
Today’s best performing ASX stocks
Company
Last Price
Change $
Change %
1mo %
1yr %
Catalyst Metals (CYL)
$2.75
-$0.12
-4.2%
-10.1%
+231.3%
Resolute Mining (RSG)
$0.415
-$0.015
-3.5%
-49.7%
+16.9%
Ramelius Resources (RMS)
$1.962
-$0.068
-3.3%
-15.8%
+24.6%
Regis Resources (RRL)
$2.39
-$0.06
-2.4%
-6.6%
+34.3%
Spartan Resources (SPR)
$1.102
-$0.028
-2.4%
-23.7%
+136.1%
Genesis Minerals (GMD)
$2.25
-$0.055
-2.4%
+2.5%
+57.5%
Northern Star Resources (NST)
$16.16
-$0.38
-2.3%
-3.9%
+42.4%
Westgold Resources (WGX)
$2.74
-$0.055
-2.0%
+1.3%
+36.8%
Bellevue Gold (BGL)
$1.270
-$0.025
-1.9%
-13.0%
-7.6%
Gold Road Resources (GOR)
$1.730
-$0.03
-1.7%
-7.0%
-3.9%
De Grey Mining (DEG)
$1.347
-$0.023
-1.6%
-3.4%
+18.4%
Perseus Mining (PRU)
$2.49
-$0.035
-1.4%
-11.6%
+46.6%
Lynas Rare Earths (LYC)
$7.50
-$0.105
-1.4%
-2.9%
+8.5%
Evolution Mining (EVN)
$4.58
-$0.06
-1.3%
-8.6%
+24.5%
Bluescope Steel (BSL)
$21.00
-$0.215
-1.0%
-5.6%
+6.5%
West African Resources (WAF)
$1.477
-$0.013
-0.8%
-5.0%
+74.9%
Fortescue (FMG)
$18.16
-$0.135
-0.7%
-11.3%
-23.4%
Champion Iron (CIA)
$5.49
-$0.04
-0.7%
-18.7%
-28.0%
Emerald Resources (EMR)
$3.61
-$0.02
-0.6%
-13.0%
+46.7%
Chalice Mining (CHN)
$1.452
-$0.008
-0.5%
-10.6%
-17.7%
Today’s worst performing ASX stocks

ChartWatch

S&P/ASX 200 (XJO)

S&P-ASX 200 (XJO) chart 14 November 2024
An interesting chart

The last time we covered the XJO was in ChartWatch in the Evening Wrap on 8 November.

In that update, we had just closed out an emphatic week of gains juiced by the Trump + Red Sweep outcome of the US election. Fast forward to all but one remaining day of this trading week – and you could argue that based on the last four candles, Aussie shares have been suffering from a touch of Trump Trade hangover.

There’s demand in lurking in the system even on the down days – evident in the downward pointing shadows in Mon-Wed's candles. Today’s modest rebound suggests it’s not in any great hurry, though.

Perhaps the only thing that's growing apparent from the technicals here, is that there’s little impetus being demonstrated by either the demand or supply sides of the market to put their cards on the table.

The price action is choppy, jagging about within the 8063-8385 range – but also on either side of the short term trend ribbon. The latter fact is usually a good sign to go do something more productive with your time rather than try and find a trend in said market!

The short term trend ribbon itself has neutralised, and the candles since the start of October resemble a sleeping zebra. 🦓💤

I propose only a decisive close above 8385 or below 8063 will snap us out of the funk we’re in, or alternatively a long white/black candle with high/low in the session that gets us most of the way there.

A pick up in volume would signal greater interest and a shifting of some of the deadwood that's currently holding us back either way.

I note we’re about to embark on what is seasonally one of the strongest months of the year in December, and given the long term trend remains very much intact, my expectation must default to the next move being up.

Until then, we may well see more of this same choppy and frustrating range-bound price action on the ASX 200.

SMM Spodumene Concentrate Index (CIF China)

spodumene concentrate index chart 14 November 2024
Scraping itself off the canvas...

We haven’t covered this one before, but it’s coverage is in keeping with this article I published on Monday noting the bottom in lithium minerals prices is likely in.

Today will mark the first close for the SMM Spodumene Concentrate Index above US$800/mt since 15 August. At today’s close of US$817/mt, it is now trading 10% above its all-time low of US$740/mt set on 9 September.

This is hardly a rampaging uptrend here, but nonetheless the rising peaks and rising troughs and close above the short term trend ribbon (neutralised but close to turning up) suggests that the withering bear market that has been in place since early last year may have at least taken a breather.

We did see a similar promising rally in February through to April snuffed out eventually, however, so I suggest not getting too far ahead of oneself just yet!

It would be positive to see the short term trend transition to up, and for the price to begin to respect it as a zone of dynamic demand. This would confirm for me the commencement of a new short term uptrend.

910 is the next clear point of supply, and not far above that is the elephant in the room…the dynamic supply of the long term downtrend ribbon.

Ultimately, it will only be when the price action can show at least a trough set in the top half of the ribbon or above, as well as strong advances on trough-to-peak moves (no candles here unfortunately!) and only very shallow pullbacks in comparative peak to trough moves, that we can say a new spodumene bull market has begun.

Other lithium minerals prices are also showing similar signs of bottoming out, and I’ll produce some technical analysis on these and possibly even some lithium stocks, over the next few days.


Economy

Today

  • AUS Employment change October

    • +15,900 jobs vs +25,200 jobs forecast and 61,300 jobs in September (revised down from +64,100)

    • Full-time employment +9,700 vs part-time employment +6,200

    • Unemployment rate steady vs September at 4.1% and as per forecast

    • Meaningfully slower jobs growth in October compared to last 6 months, also below expectations and a very slightly downward revision for September equate to a smidge of heat off the RBA who is forecasting the unemployment rate to creep up to 4.3% by the end of the year

Later this week

Friday

  • 00:30 USA Core Producer Price Index October (PPI) (+0.2% m/m and +2.0% p.a. forecast vs +0.2% m/m and +2.0% p.a. in September)

  • 07:00 USA Federal Reserve Chairman Jerome Powell speaks

  • 12:30 CHN Data Dump:

    • New Home Prices m/m (-0.7% m/m previous)

    • Industrial Production y/y (+5.5% y/y forecast vs +5.4% y/y previous)

    • Retail Sales y/y (+3.8% y/y forecast vs +3.2% y/y previous)

    • Fixed Asset Investment ytd/y (+3.5% ytd/y forecast vs +3.4% ytd/y previous)

    • Unemployment Rate (steady at 5.1%)

Saturday

  • 00:30 USA Core Retail Sales October (+0.2% m/m forecast vs +0.5% m/m in September)


Latest News


Interesting Movers

Trading higher

Trading lower

  • -10.8% Wildcat Resources (WC8) - Response to Media Speculation

  • -5.2% Cettire (CTT) - AGM Chair and CEO Addresses and CEO Presentation, fall is consistent with prevailing short and long term downtrends

  • -4.3% Southern Cross Electrical Engineering (SXE) - No news, fall is consistent with prevailing short term downtrend and falling peaks and falling troughs 🔎📉

  • -3.9% Light & Wonder (LNW) - Quarterly Report for Q3 2024

  • -3.7% Graincorp (GNC) - FY24 Appendix 4E and Annual Report and FY24 Investor Presentatio

  • -3.5% Resolute Mining (RSG) - Trading Halt, fall is consistent with prevailing short term downtrend, long term trend is transitioning from up to down, recently appeared in ChartWatch ASX Daily Scans Downtrends list 🔎📉

  • -3.3% Ramelius Resources (RMS) - Another tough day for ASX gold stocks, gold prices have been falling sharply since the worst-case scenario of US election (see this article for more details).

  • -2.8% Orica (ORI) - Orica 2024 Full Year Results and Orica 2024 Investor Presentation

  • -2.4% Regis Resources (RRL) - No news, ditto tough run for ASX gold stocks…

  • -2.4% Spartan Resources (SPR) - No news, ditto tough run for ASX gold stocks…

  • -2.4% Genesis Minerals (GMD) - AGM Presentation, also ditto tough run for ASX gold stocks…

  • -2.3% Northern Star Resources (NST) - No news, ditto tough run for ASX gold stocks…

  • -2.3% Vault Minerals (VAU) - No news, ditto tough run for ASX gold stocks…


Broker Notes

  • Life360 (360)

    • Retained at buy at Bell Potter; Price Target: $26.75 from $22.50

    • Retained at overweight at Morgan Stanley; Price Target: $23.00

    • Retained at buy at Ord Minnett; Price Target: $23.14 from $19.28

  • Aristocrat Leisure (ALL)

    • Retained at buy at Citi; Price Target: $74.00

    • Retained at outperform at CLSA; Price Target: $72.50 from $70.60

    • Retained at positive at E&P; Price Target: $74.52 from $57.48

    • Retained at neutral at Goldman Sachs; Price Target: $70.00 from $62.00

    • Downgraded to neutral from overweight at Jarden; Price Target: $61.00 from $59.00

    • Retained at outperform at Macquarie; Price Target: $75.00 from $67.00

    • Retained at overweight at Morgan Stanley; Price Target: $67.00

    • Retained at accumulate at Ord Minnett; Price Target: $72.00 from $59.00

    • Downgraded to neutral from buy at UBS; Price Target: $69.50 from $63.50

  • Australian Vanadium (AVL)

    • Retained at buy at Shaw and Partners; Price Target: $0.08

  • Aurizon (AZJ)

    • Retained at hold at Ord Minnett; Price Target: $3.40 from $3.60

  • Bowen Coking Coal (BCB)

    • Retained at buy at Shaw and Partners; Price Target: $0.04 from $0.05

  • Breville Group (BRG)

    • Retained at accumulate at Ord Minnett; Price Target: $33.00

  • Commonwealth Bank of Australia (CBA)

    • Retained at hold at CLSA; Price Target: $131.30 from $124.50

    • Retained at underweight at Jarden; Price Target: $108.00 from $107.00

    • Retained at underweight at JP Morgan; Price Target: $101.00 from $98.00

    • Retained at underperform at Macquarie; Price Target: $97.00 from $95.00

    • Retained at underweight at Morgan Stanley; Price Target: $113.50

    • Retained at reduce at Morgans; Price Target: $95.45 from $96.81

    • Retained at sell at Ord Minnett; Price Target: $105.00 from $100.00

  • Capricorn Metals (CMM)

    • Retained at buy at Bell Potter; Price Target: $7.23 from $7.50

  • Coles Group (COL)

    • Retained at buy at Citi; Price Target: $21.00

  • Duratec (DUR)

    • Retained at accumulate at Ord Minnett; Price Target: $1.60 from $1.43

  • Environmental Group (The) (EGL)

    • Retained at buy at Bell Potter; Price Target: $0.40 from $0.43

  • Fineos Corporation (FCL)

    • Retained at outperform at Macquarie; Price Target: $2.11

  • Flight Centre Travel Group (FLT)

    • Retained at buy at Citi; Price Target: $24.35

    • Retained at outperform at Macquarie; Price Target: $23.34

  • Graincorp (GNC)

    • Retained at outperform at Macquarie; Price Target: $10.07

  • Insignia Financial (IFL)

    • Retained at neutral at Citi; Price Target: $3.15

    • Retained at hold at CLSA; Price Target: $3.30 from $2.80

    • Retained at overweight at JP Morgan; Price Target: $3.80 from $3.30

    • Retained at underweight at Morgan Stanley; Price Target: $2.68

    • Retained at neutral at UBS; Price Target: $3.55 from $3.10

  • Inghams Group (ING)

    • Retained at outperform at Macquarie; Price Target: $3.50

  • James Hardie Industries (JHX)

    • Retained at neutral at Citi; Price Target: $56.00 from $50.90

    • Retained at buy at Goldman Sachs; Price Target: $57.85 from $55.00

    • Retained at outperform at Macquarie; Price Target: $65.10 from $64.20

    • Retained at overweight at Morgan Stanley; Price Target: $60.00 from $59.00

    • Retained at add at Morgans; Price Target: $60.25 from $57.25

    • Retained at accumulate at Ord Minnett; Price Target: $57.00 from $54.00

  • Jumbo Interactive (JIN)

    • Initiated at buy at Bell Potter; Price Target: $16.50

  • Johns Lyng Group (JLG)

    • Retained at overweight at Morgan Stanley; Price Target: $4.40

  • Light & Wonder (LNW)

    • Retained at buy at Bell Potter; Price Target: $180.00 from $165.00

    • Retained at buy at Goldman Sachs; Price Target: $171.90 from $172.20

    • Retained at outperform at Macquarie; Price Target: $180.00 from $169.00

  • Mader Group (MAD)

    • Downgraded to hold from buy at Barrenjoey; Price Target: $7.20 from $6.80

  • Mineral Resources (MIN)

    • Retained at buy at Bell Potter; Price Target: $61.00 from $61.50

    • Retained at sell at Citi; Price Target: $35.00

    • Retained at neutral at Macquarie; Price Target: $35.00 from $38.00

    • Retained at overweight at Morgan Stanley; Price Target: $58.00

  • Medibank Private (MPL)

    • Retained at neutral at Goldman Sachs; Price Target: $4.00

  • Mystate (MYS)

    • Retained at buy at Ord Minnett; Price Target: $4.74 from $4.31

  • NIB (NHF)

    • Retained at buy at Goldman Sachs; Price Target: $6.50 from $6.75

    • Retained at buy at Ord Minnett; Price Target: $6.90 from $7.25

  • Nickel Industries (NIC)

    • Initiated at buy at Ord Minnett; Price Target: $1.60

  • Nufarm (NUF)

    • Retained at sell at Citi; Price Target: $3.65

    • Retained at neutral at UBS; Price Target: $4.50

  • Nuix (NXL)

    • Retained at buy at Shaw and Partners; Price Target: $7.20

  • Nextdc (NXT)

    • Retained at buy at Citi; Price Target: $20.00

  • Orica (ORI)

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

    • Retained at outperform at Macquarie; Price Target: $19.76

  • Paladin Energy (PDN)

    • Retained at buy at Bell Potter; Price Target: $9.70 from $14.40

  • QBE Insurance Group (QBE)

    • Upgraded to outperform from neutral at Macquarie; Price Target: $20.80 from $17.10

  • Sims (SGM)

    • Downgraded to neutral from buy at Citi; Price Target: $13.50 from $13.00

  • Treasury Wine Estates (TWE)

    • Retained at buy at Citi; Price Target: $12.97

  • Xero (XRO)

    • Retained at outperform at Macquarie; Price Target: $188.50

    • Retained at buy at UBS; Price Target: $175.00


Scans

Top Gainers

Code
Company
Last
% Chg
MWYMidway Ltd$1.24+62.09%
SP8Streamplay Studio Ltd$0.011+37.50%
MKRManuka Resources Ltd$0.031+29.17%
CDXCardiex Ltd$0.15+25.00%
ABEAustralian Bond Exchange Holdings Ltd$0.037+23.33%
View all top gainers

Top Fallers

Code
Company
Last
% Chg
ID8Identitii Ltd$0.019-24.00%
RDGResource Development Group Ltd$0.014-22.22%
LPMLithium Plus Minerals Ltd$0.11-21.43%
TMBTambourah Metals Ltd$0.024-20.00%
DOUDouugh Ltd$0.013-18.75%
View all top fallers

52 Week Highs

Code
Company
Last
% Chg
MWYMidway Ltd$1.24+62.09%
SP8Streamplay Studio Ltd$0.011+37.50%
CDXCardiex Ltd$0.15+25.00%
SWFSelfwealth Ltd$0.25+21.95%
HIQHITIQ Ltd$0.04+21.21%
View all 52 week highs

52 Week Lows

Code
Company
Last
% Chg
RDGResource Development Group Ltd$0.014-22.22%
TMBTambourah Metals Ltd$0.024-20.00%
SRISipa Resources Ltd$0.013-18.75%
DTZDOTZ Nano Ltd$0.072-17.24%
AFPAft Pharmaceuticals Ltd$2.21-13.33%
View all 52 week lows

Near Highs

Code
Company
Last
% Chg
PCIPerpetual Credit Income Trust$1.15-0.43%
WVOLIshares MSCI World Ex Aust Minimum Volatility ETF$41.93+0.67%
GCIGryphon Capital Income Trust$2.04-0.49%
VVLUVanguard Global Value Equity Active ETF (Managed Fund)$74.24+0.66%
IHDIshares S&P/ASX DIV Opportunities Esg Screened ETF$14.29+0.42%
View all near highs

Relative Strength Index (RSI) Oversold

Code
Company
Last
% Chg
VEAViva Energy Group Ltd$2.52-1.56%
RSGResolute Mining Ltd$0.403-6.40%
NDONido Education Ltd$0.775+0.65%
XGOVVaneck 10+ Year Australian Government Bond ETF$49.54-0.12%
SMPSmartpay Holdings Ltd$0.5950.00%
View all RSI oversold

ABOUT THE AUTHOR

Lead Writer and Presenter

Carl brings more than 30 years of investing experience and a track record of helping thousands of investors navigate every kind of market. A highly regarded commentator on global macro trends and their impact on Australian and US equities, he is also one of Australia's most recognised educators in technical analysis — having taught his distinctive price-action trend following methodology to two generations of investors.

04/06/2026