Evening Wrap: ASX 200 gives back gains as US futures rocket on US-China trade talks, gold and pharma stocks tumble

The promise of a sharply higher open tonight for US stocks was not enough to drive a lasting gain on the ASX 200 today – as it faded from a strong open all the way into its close.

Driving US futures higher, is generally positive vibes from weekend talks between the US and China regarding trade between the two countries. This helped Energy (XEJ) (+2.0%) and Resources (XJR) (+1.1%) stocks to gains, albeit with resources dragged back by its gold constituents – the Gold Sub-Index (XGD) tumbled 3.2% on a paring back in the gold price on Friday.

Apart from these moves, it was a relatively quiet session as investors await solid leads from the US tonight – will they rise and hold / keep rising, or will fund managers view the opening pop as an opportunity to pare back risk ahead of the next adverse major policy announcement made by social media post!? 🤔

Certainly, one area of the market that wishes President Trump would stop posting policy announcements on social media is the biotech and pharmaceutical sector. Local stocks took a major beating today based on a post the president made over the weekend promising to sign an executive order to cut the costs of prescription medicines by up to 80%.

To make sense of all the above, I have detailed technical analysis on the Nasdaq Composite, S&P/ASX 200, and Uranium in today's ChartWatch.

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 upcoming economic data in tonight's Evening Wrap.

Let's dive in!

Markets

ASX 200 Session Chart

The S&P/ASX 200 (XJO) finished 2.3 points higher at 8,233.5, 0.56% from its session high and smack–bang on its session low. Basically, the supply-side was in control of prices all session.

Reflecting the fact that today was very much about sell the rally and not buy the rip, in the broader-based S&P/ASX 300 (XKO) lagged decliners by 125 to 151 – the first time they’ve lagged since last Monday.

According to MarketWatch, Nasdaq futures are up 2.14% at the time of writing and have been tracking higher throughout the Asian session – a positive sign for a positive start on the key risk-on bourse tonight.

E-mini Nasdaq 100 Futures Continuous, Source: MarketWatch

But, invoking ChartWatch philosophy here – that positive start ain’t going to make a lick of difference if it doesn’t at least substantially hold into the close.

Remember the best time to sell, if you’re a motivated seller that is, is when everyone else is scrambling to buy. This is how you can shift the most stock at the best prices.

So, we don’t want to see the supply-side sell into the rally to take advantage of higher prices and liquidity – we don’t want to see much selling at all.

This will inform us that despite the higher prices, the supply side are committed to hanging on for even higher prices because they believe higher prices are possible.

Similarly, if a state of excess demand persists into the close, it will tell us the prevailing cash balance is too large, and that investors wish it back to work in stocks – that the risks of holding stocks (even with all the craziness going on in the world right now) is worth it.

So, these US-China trade talks, as probably a non-event in themselves as they are – provide us price action watchers with an important litmus test of this current bear market rally.

US 2 Year T-Bond Yield (click here for full size image)

In other stuff I like to look at, it’s worth noting that short term US risk-free bond yields (and to a lesser extent long term ones as well) are on the rise. This reflects the growing realisation the Fed is in no hurry to cut rates (potentially as a sign of defiance against the Trump administration – even though they would vigorously deny this!).

This rise isn’t a major issue for the stock market in the near term as it shows the market is relatively less concerned about the US economy going down the toilet (otherwise it would be pricing big Fed cuts regardless of Fed rhetoric). So, I suggest we have suitably benign signalling from the bond market at the moment.

US Dollar Index Futures (Front month, back-adjusted) ICE (click here for full size image)

The US dollar index is also firming, so markets are backing away from their dump everything US mantra from March and April. So, with gold backing off and the bond and currency markets not indicating any major signs of systemic stress at the moment, stocks have a window to continue their recovery.

How long that window remains open is a mystery, but you can rest assured I’ll be watching all the relevant charts and pressure points very closely from here! 🧐

ChartWatch

NASDAQ Composite Index

Popcorn at the ready! 🍿 (click here for full size image)

Friday’s candle is likely moot given news broke over the weekend of varying degrees of progress being made with respect to US-China trade talks. Varying degrees depending on who you ask…US or China!

Friday’s candle smacked of ongoing indecision in and around the long term trend ribbon, and is therefore in keeping with our “equilibrium for a bit” thesis. Bigger picture, we’re simply waiting for a close above the long term trend ribbon / the static point of supply at 18049 to confirm the start of the next leg up.

Assuming we can then in quick succession close back above 18282 and 18605 – it would also confirm beyond all reasonable doubt the new bull market has begun. A really emphatic close on tonight’s candle would pave the way for such a bullish scenario.

What does “emphatic close” mean? As you’ve heard me state several times here before: The open is irrelevant, only the close matters.

So, if we start with a bang and end with a whimper – it will tell us that the supply-side took advantage of the extra liquidity flowing in from greedy and optimistic investors, plus the higher prices they were paying – and sold the rally. It also tells of a demand-side that was powerless, or unwilling, to stop them.

This is bear market, not bull market price action.

Alternatively, if we start with a bang and end at or very near the high of the session, then it speaks of a demand-side that was piling in – regardless of price – and that was driven by an overwhelming sense of FOMO all the way into the close. It also speaks of a supply-side that was powerless, or unwilling, to stop them.

This is bull market, not bear market price action.

Might I suggest then, tonight’s candle is going to be a pretty important in the context of whether we have indeed started the next bull market – or whether we have simply logged a convincing but doomed-to-fail rally within a bear market.

Popcorn at the ready! 🍿

S&P/ASX 200 (XJO)

It will be all aboard the bull market train! 🚂 (click here for full size image)

Today’s candle on the XJO could have gone one of two ways:

Option 1: A complete and total display of dominance by the demand-side, powering a massive FOMO rally all the way into the close. Basically, stocks are going to be higher to some degree in the US tonight – but we don’t care how much – because we’re confident in our own set of circumstances and therefore are happy to commit capital right now to the new bull market case.

Option 2: We inch a little higher, or close there or thereabouts, only putting a modest and considered amount of capital to work, because we’re still not convinced the US isn’t going to torpedo our magical rally at some point in the not-too-distant future.

Looking at the modest upward pointing shadow today, it indicates the supply-side took advantage of the opening rally rather than being content to hold off their sales and wait for even more. It also indicates the demand-side had little motivation to push their point after that follow the news open. They knew they didn’t need to FOMO in, that there will likely be plenty of other opportunities to pick up ASX stocks when the need be.

So, it was more Option 2 than Option 1.

Which means we still await that one more convincing demand-side showing that will lock in concrete the notion that this rally is beyond all reasonable doubt the beginning of the next bull market.

One big, white candle that closes on its high here…and I suggest the big funds will have no choice but to commit, whether they like it or not. They simply won’t be able to ignore the recovery any longer, nor risk any further underperformance by not tracking the XJO’s rally to new highs.

It will be all aboard the bull market train! 🚂

Uranium Futures (Front month, back-adjusted) COMEX

Could it be long term uptrend starting kind of stuff!? (click here for full size image)

Super quick here, just noting the higher trough logged on the uranium chart.

It confirms everything I mentioned in my last update on 7-May and in prior updates that a new short term uptrend has begun. That higher trough, logged above the short term uptrend ribbon simply reinforces this view, as well as the view that this is a credible demand-side showing.

But, and this is a but that’s also been discussed before, we must still await the interaction with the now-all-important long term downtrend ribbon.

An emphatic rejection there would likely sap the demand-side's confidence, and at the same time reinforce the supply-side's dominance in a longer term sense.

Conversely, if we see the uranium price continue to print higher peaks and higher troughs in the long term downtrend ribbon, not only will we likely see that ribbon neutralise, but it will embolden the demand-side as well as convince the supply-side they’ll get more if they hang on.

That would be long term uptrend starting kind of stuff!

Economy

Today

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

Later this week

Tuesday

• 10:30 AUS Westpac Consumer Sentiment (-6.0% previous)

• 11:30 AUS NAB Business Confidence (-3 points previous)

• 22:30 USA Core CPI m/m April (+0.3% m/m forecast vs +0.1% m/m in March)

Wednesday

• 11:30 AUS Wage Price Index q/q March (+0.8% q/q forecast vs +0.7% q/q in December)

Thursday

• 11:30 AUS Employment Change & Unemployment Rate April

  • Employment Change: +20,900 forecast vs +32,200 in March

  • Unemployment Rate: 4.1% forecast vs 4.1% in March

• 22:30 USA Core PPI m/m April (+0.3% m/m forecast vs -0.1% m/m in March)

• 22:30 USA Retail Sales m/m April (flat m/m forecast vs +1.4% m/m in March)

• 22:40 USA Federal Reserve Chairman Jerome Powell speaks

Friday

• 00:00 USA Building Permits & Housing Starts April

  • Permits: 1.45 million forecast vs 1.48 million in March

  • Starts: 1.37 million forecast vs 1.32 million in March

Saturday

• 00:00 USA Prelim UoM Consumer Sentiment May (53.1 forecast vs 52.2 in April)

Latest News

Interesting Movers

Trading higher

• +41.2% Manhattan Corporation (MHC) - High Grade Gold and Copper Acqusition and Proposed issue of securities.

• +23.1% 29METALS (29M) - No news, general strength across the broader Copper sector today.

• +19.7% Envirosuite (EVS) - EVS enters into Scheme Implementation Deed with Ideagen.

• +14.3% Syrah Resources (SYR) - No news, recent strong rally continues, rise is consistent with prevailing short term uptrend and long term trend is transitioning from down to up 🔎📈

• +12.6% Liontown Resources (LTR) - No news, continued speculation of a takeover / some kind of corporate action here…no news and no query from the ASX either!

• +10.5% Electro Optic Systems (EOS) - No news 🤔.

• +8.3% Mineral Resources (MIN) - Ceasing to be a substantial holder (Norges Bank), but also media reports today that major super fund Hesta has also left the register – market is viewing these announcements as increasing the likelihood motivated sellers have left the system. Also, as these sellers leave, it increases probability shares are called back from short sellers – who must then buy back on market.

• +8.0% GQG Partners (GQG) - No news, but a few broker moves today (see Broker Moves section for details).

• +6.5% Omni Bridgeway (OBL) - Change of Director's Interest Notice (M. Green, on market purchase of 207,115 shares at approx. $1.60 per share), rise is consistent with prevailing short term uptrend and long term trend is transitioning from down to up, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +5.1% Pilbara Minerals (PLS) - No news, possibly tagging along with MIN or IGO… another heavily shorted stock that's arguably rallying against fundamentals (lithium prices in free fall last couple weeks!).

• +5.1% IGO (IGO) - No news, ditto other lithium stocks here…shorts likely under pressure….

• +5.1% Karoon Energy (KAR) - No news, general strength across the broader Energy sector today.

• +5.0% Novonix (NVX) - No news, ditto other battery metals stocks bouncing….

• +4.8% Droneshield (DRO) - No news, as per ChartWatch scans Defence related ETFs have been very strong lately, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +4.2% Global X Ultra Long Nasdaq-100 Hedge Fund ETF (LNAS) - No news, long Nasdaq ETF - futures trading over 2% higher.

• +4.1% Catalyst Metals (CYL) - No news, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

Trading lower

• -12.9% Botanix Pharmaceuticals (BOT) - Botanix Responds to US Pharmaceutical Pricing Announcement and Response to ASX Price Query Letter (President Trump post on Telegram of a proposed executive order in relation to “Prescription Drug and Pharmaceutical Prices”) .

• -9.6% Neuren Pharmaceuticals (NEU) - No news, likely ditto President Trump post regarding US Prescription Drug and Pharmaceutical Prices (by up to 80%), repelled perfectly from long term downtrend ribbon! 🔎📉

• -8.7% Telix Pharmaceuticals (TLX) - No news, likely ditto President Trump post regarding US Prescription Drug and Pharmaceutical Prices.

• -8.6% Clarity Pharmaceuticals (CU6) - No news, likely ditto President Trump post regarding US Prescription Drug and Pharmaceutical Prices, fall is consistent with prevailing long term downtrend 🔎📉

• -8.0% Avita Medical (AVH) - No news, likely ditto President Trump post regarding US Prescription Drug and Pharmaceutical Prices, fall is consistent with prevailing short and long term downtrends 🔎📉

• -7.6% Dimerix (DXB) - No news, likely ditto President Trump post regarding US Prescription Drug and Pharmaceutical Prices.

• -7.3% Black Cat Syndicate (BC8) - No news, general weakness across the broader Gold sector today, fall is consistent with prevailing short term downtrend and falling peaks and falling troughs 🔎📉

• -6.3% Rox Resources (RXL) - No news, general weakness across the broader Gold sector today, fall is consistent with prevailing short term downtrend and falling peaks and falling troughs 🔎📉

• -5.9% White Cliff Minerals (WCN) - No news, general weakness across the broader Gold sector today, pulled back in the wake of recent sharp rally.

• -5.7% Genesis Minerals (GMD) - No news, general weakness across the broader Gold sector today.

• -5.6% Ramelius Resources (RMS) - No news, general weakness across the broader Gold sector today.

• -5.4% Spartan Resources (SPR) - No news, general weakness across the broader Gold sector today.

• -5.3% Vault Minerals (VAU) - No news, general weakness across the broader Gold sector today.

• -5.0% Ora Banda Mining (OBM) - Corporate Presentation, general weakness across the broader Gold sector today.

Broker Moves

(Note there's a combination of Friday's and today's broker moves in this evening's update)

Amaero International (3DA)

• Retained at buy at Shaw and Partners; Price Target: $0.600

Astral Resources (AAR)

• Retained at speculative buy at Canaccord Genuity; Price Target: $0.490

• Initiated at buy at Taylor Collison; Price Target: $0.350

Adriatic Metals (ADT)

• Retained at speculative buy at Canaccord Genuity; Price Target: $4.55

Aeris Resources (AIS)

• Retained at buy at Bell Potter; Price Target: $0.350

Aristocrat Leisure (ALL)

• Retained at overweight at Morgan Stanley; Price Target: $73.20 from $75.00

• Retained at buy at UBS; Price Target: $74.50

ANZ Group (ANZ)

• Retained at neutral at Citi; Price Target: $27.50

• Retained at outperform at CLSA; Price Target: $31.20 from $31.40

• Upgraded to neutral from negative at E&P; Price Target: $30.00

• Retained at overweight at Jarden; Price Target: $30.00 from $30.50

• Retained at neutral at Macquarie; Price Target: $27.50 from $28.00

• Retained at equal-weight at Morgan Stanley; Price Target: $27.50 from $29.30

• Retained at hold at Morgans; Price Target: $24.51 from $26.66

• Retained at hold at Ord Minnett; Price Target: $27.50

• Retained at neutral at UBS; Price Target: $30.00 from $31.00

Eagers Automotive (APE)

• Retained at hold at Bell Potter; Price Target: $17.50 from $15.25

ARB Corporation (ARB)

• Retained at neutral at Citi; Price Target: $39.54

Arena Reit (ARF)

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

Andean Silver (ASL)

• Retained at speculative buy at Canaccord Genuity; Price Target: $3.05

Avita Medical (AVH)

• Downgraded to speculative buy from add at Morgans; Price Target: $3.76 from $4.36

Australian Vanadium (AVL)

• Retained at buy at Shaw and Partners; Price Target: $0.060

Antipa Minerals (AZY)

• Retained at speculative buy at Canaccord Genuity; Price Target: $1.040

Bellevue Gold (BGL)

• Retained at speculative buy at Canaccord Genuity; Price Target: $1.500

Boss Energy (BOE)

• Initiated at neutral at JP Morgan; Price Target: $4.00

Breville Group (BRG)

• Retained at neutral at Citi; Price Target: $38.20

Brightstar Resources (BTR)

• Retained at speculative buy at Canaccord Genuity; Price Target: $2.00

Chrysos Corporation (C79)

• Retained at buy at Shaw and Partners; Price Target: $6.80

Canyon Resources (CAY)

• Initiated at speculative buy at Canaccord Genuity; Price Target: $0.350

Charter Hall Group (CHC)

• Retained at neutral at Macquarie; Price Target: $17.15

Chalice Mining (CHN)

• Retained at speculative buy at Bell Potter; Price Target: $5.75

Centuria Industrial Reit (CIP)

• Retained at outperform at Macquarie; Price Target: $3.34

Charter Hall Long Wale Reit (CLW)

• Retained at neutral at Macquarie; Price Target: $3.73

Capricorn Metals (CMM)

• Retained at buy at Canaccord Genuity; Price Target: $10.60

Centuria Capital Group (CNI)

• Retained at outperform at Macquarie; Price Target: $1.780

Charter Hall Retail Reit (CQR)

• Retained at outperform at Macquarie; Price Target: $3.51

Clarity Pharmaceuticals (CU6)

• Retained at buy at Bell Potter; Price Target: $5.20

Civmec (CVL)

• Upgraded to buy from hold at Argonaut Securities; Price Target: $1.100 from $1.240

• Retained at buy at Bell Potter; Price Target: $1.200 from $1.400

• Retained at hold at Morgans; Price Target: $1.100

Catalyst Metals (CYL)

• Upgraded to buy from hold at Bell Potter; Price Target: $7.05 from $6.30

• Retained at hold at Canaccord Genuity; Price Target: $6.20

DigiCo REIT (DGT)

• Retained at outperform at Macquarie; Price Target: $5.33

Dyno Nobel (DNL)

• Retained at positive at RBC Capital Markets; Price Target: $3.50

Dexus Industria Reit (DXI)

• Retained at outperform at Macquarie; Price Target: $3.18

Dexus (DXS)

• Retained at outperform at Macquarie; Price Target: $8.08

Echoiq (EIQ)

• Retained at buy at Ord Minnett; Price Target: $0.400 from $0.380

Elders (ELD)

• Retained at buy at Bell Potter; Price Target: $9.10 from $9.40

Emerald Resources (EMR)

• Retained at buy at Canaccord Genuity; Price Target: $5.95

Evolution Mining (EVN)

• Retained at hold at Canaccord Genuity; Price Target: $7.75

• Retained at neutral at Citi; Price Target: $8.50 from $7.00

Genesis Minerals (GMD)

• Retained at buy at Canaccord Genuity; Price Target: $5.15

Goodman Group (GMG)

• Retained at outperform at Macquarie; Price Target: $36.31

• Upgraded to buy from neutral at UBS; Price Target: $36.00 from $36.80

Gold Road Resources (GOR)

• Retained at hold at Canaccord Genuity; Price Target: $3.40

Growthpoint Properties Australia (GOZ)

• Retained at buy at Citi; Price Target: $2.60

• Retained at outperform at Macquarie; Price Target: $2.57

GPT Group (GPT)

• Retained at outperform at Macquarie; Price Target: $5.38

GQG Partners (GQG)

• Retained at outperform at Macquarie; Price Target: $2.90

• Retained at buy at UBS; Price Target: $2.75 from $2.60

Guzman y Gomez (GYG)

• Retained at neutral at UBS; Price Target: $34.00 from $35.00

Healthco Healthcare and Wellness Reit (HCW)

• Retained at outperform at Macquarie; Price Target: $1.050

• Retained at underweight at Morgan Stanley; Price Target: $0.890 from $1.040

Homeco Daily Needs Reit (HDN)

• Retained at neutral at Macquarie; Price Target: $1.140

Helloworld Travel (HLO)

• Retained at buy at Ord Minnett; Price Target: $1.930 from $2.28

IDP Education (IEL)

• Retained at neutral at Goldman Sachs; Price Target: $11.10

Imdex (IMD)

• Retained at neutral at Citi; Price Target: $2.90 from $2.85

IPD Group (IPG)

• Retained at buy at Bell Potter; Price Target: $4.60 from $5.50

Kingsgate Consolidated (KCN)

• Retained at speculative buy at Canaccord Genuity; Price Target: $4.00

Lendlease Group (LLC)

• Retained at outperform at Macquarie; Price Target: $7.24

Light & Wonder (LNW)

• Retained at buy at Bell Potter; Price Target: $194.00 from $197.00

• Retained at buy at Citi; Price Target: $193.00 from $200.00

• Retained at outperform at Macquarie; Price Target: $187.00 from $198.00

• Retained at add at Morgans; Price Target: $193.00

• Retained at buy at UBS; Price Target: $192.00 from $196.00

Metals Acquisition (MAC)

• Initiated at buy at UBS; Price Target: $21.00

Mirvac Group (MGR)

• Retained at outperform at Macquarie; Price Target: $2.56

Medallion Metals (MM8)

• Retained at speculative buy at Canaccord Genuity; Price Target: $0.650

Macquarie Group (MQG)

• Upgraded to neutral from sell at Citi; Price Target: $200.00 from $177.00

• Retained at neutral at JP Morgan; Price Target: $208.00 from $202.00

• Retained at equal-weight at Morgan Stanley; Price Target: $199.00 from $191.00

• Upgraded to add from hold at Morgans; Price Target: $223.89 from $218.57

• Retained at accumulate at Ord Minnett; Price Target: $210.00

• Retained at neutral at UBS; Price Target: $225.00 from $235.00

National Australia Bank (NAB)

• Retained at equal-weight at Morgan Stanley; Price Target: $35.00

Newmont Corporation (NEM)

• Retained at accumulate at Goldman Sachs; Price Target: $93.40

Neuren Pharmaceuticals (NEU)

• Retained at buy at Bell Potter; Price Target: $20.00

National Storage Reit (NSR)

• Retained at outperform at Macquarie; Price Target: $2.42

Northern Star Resources (NST)

• Retained at buy at Canaccord Genuity; Price Target: $26.80

• Upgraded to buy from neutral at Citi; Price Target: $22.00 from $20.00

News Corporation (NWS)

• Retained at positive at E&P; Price Target: $64.80

• Retained at buy at Goldman Sachs; Price Target: $61.00

• Retained at overweight at Morgan Stanley; Price Target: US$37.00

• Retained at buy at UBS; Price Target: $70.00 from $68.00

Ora Banda Mining (OBM)

• Retained at speculative buy at Canaccord Genuity; Price Target: $1.250

Orica (ORI)

• Retained at buy at Citi; Price Target: $20.65 from $18.90

• Retained at buy at Jefferies; Price Target: $21.33 from $20.00

• Retained at outperform at Macquarie; Price Target: $21.48 from $20.91

• Retained at overweight at Morgan Stanley; Price Target: $23.00 from $22.50

• Retained at add at Morgans; Price Target: $21.70 from $20.10

• Retained at outperform at RBC Capital Markets; Price Target: $23.00 from $21.25

• Retained at buy at UBS; Price Target: $22.00

Predictive Discovery (PDI)

• Retained at speculative buy at Canaccord Genuity; Price Target: $0.560

Pantoro (PNR)

• Retained at speculative buy at Canaccord Genuity; Price Target: $3.82

Polynovo (PNV)

• Upgraded to speculative buy from hold at Morgans; Price Target: $1.690 from $1.370

Perseus Mining (PRU)

• Retained at buy at Canaccord Genuity; Price Target: $5.00

Qualitas (QAL)

• Retained at outperform at Macquarie; Price Target: $3.10

QBE Insurance Group (QBE)

• Retained at hold at Bell Potter; Price Target: $21.00 from $19.20

• Retained at buy at Citi; Price Target: $23.30

• Retained at buy at Goldman Sachs; Price Target: $25.50

• Retained at overweight at Morgan Stanley; Price Target: $24.60

• Retained at hold at Ord Minnett; Price Target: $25.50 from $24.50

• Retained at buy at UBS; Price Target: $24.65 from $24.50

REA Group (REA)

• Retained at buy at Citi; Price Target: $275.00

• Retained at buy at Goldman Sachs; Price Target: $269.00 from $270.00

• Retained at neutral at Macquarie; Price Target: $265.00 from $270.00

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

• Retained at hold at Morgans; Price Target: $250.00 from $248.00

• Retained at buy at UBS; Price Target: $290.00 from $294.00

Region Group (RGN)

• Retained at underperform at Macquarie; Price Target: $2.03

Ramelius Resources (RMS)

• Retained at buy at Canaccord Genuity; Price Target: $3.55

Regis Resources (RRL)

• Retained at hold at Canaccord Genuity; Price Target: $4.10

Resolute Mining (RSG)

• Retained at buy at Canaccord Genuity; Price Target: $1.400

Scentre Group (SCG)

• Retained at neutral at Macquarie; Price Target: $3.24

Stockland (SGP)

• Retained at neutral at Macquarie; Price Target: $5.39

Smartgroup Corporation (SIQ)

• Downgraded to hold from buy at Bell Potter; Price Target: $8.50 from $10.15

• Retained at equal-weight at Morgan Stanley; Price Target: $9.00

Santana Minerals (SMI)

• Retained at speculative buy at Canaccord Genuity; Price Target: $1.560

Spartan Resources (SPR)

• Retained at speculative buy at Canaccord Genuity; Price Target: $2.40

Strickland Metals (STK)

• Retained at speculative buy at Canaccord Genuity; Price Target: $0.190

Super Retail Group (SUL)

• Retained at hold at CLSA; Price Target: $13.25 from $14.20

• Retained at hold at Jefferies; Price Target: $13.00

• Upgraded to overweight from neutral at JP Morgan; Price Target: $15.50 from $15.80

• Retained at add at Morgans; Price Target: $16.15 from $16.95

• Retained at neutral at UBS; Price Target: $13.50 from $15.00

Suncorp Group (SUN)

• Retained at overweight at Morgan Stanley; Price Target: $22.75

• Retained at neutral at UBS; Price Target: $21.35 from $20.90

Turaco Gold (TCG)

• Retained at speculative buy at Canaccord Genuity; Price Target: $1.000

Transurban Group (TCL)

• Retained at neutral at Citi; Price Target: $14.30 from $14.00

• Retained at equal-weight at Morgan Stanley; Price Target: $13.66

Toubani Resources (TRE)

• Retained at speculative buy at Canaccord Genuity; Price Target: $1.500

Titan Minerals (TTM)

• Retained at speculative buy at Canaccord Genuity; Price Target: $1.180

Vault Minerals (VAU)

• Retained at buy at Canaccord Genuity; Price Target: $0.680

Vicinity Centres (VCX)

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

West African Resources (WAF)

• Retained at buy at Canaccord Genuity; Price Target: $4.55

Westgold Resources (WGX)

• Retained at buy at Canaccord Genuity; Price Target: $4.40

Wisetech Global (WTC)

• Retained at overweight at Morgan Stanley; Price Target: $140.00

Xero (XRO)

• Retained at outperform at Macquarie; Price Target: $191.90

Zip Co. (ZIP)

• Downgraded to hold from buy at Jefferies; Price Target: $1.800 from $3.70

Scans