Market Wraps

Evening Wrap: ASX 200 higher + Morgan Stanley expects the RBA to pause in June

Thu 01 Jun 23, 5:02pm (AEST)

 The S&P/ASX 200 closed 20 points higher, up 0.28%. 

The ASX managed to bounce and close near session highs, China's Caixin Manufacturing PMI unexpectedly bounces back into expansion territory, uranium stocks rally after the US House of Committee approved a bill to ban Russian uranium imports and a few broker notes of interest.

Let's dive in.

Today in Review

Thu 01 Jun 23, 4:32pm (AEDT)

Name Value % Chg
Major Indices
ASX 200 7,110.8 +0.28%
All Ords 7,290.7 +0.24%
Small Ords 2,807.9 +0.23%
All Tech 2,390.6 +0.73%
Emerging Companies 2,021.2 +0.19%
AUD/USD 0.651 +0.13%
US Futures
S&P 500 $4,195.0 +0.11%
Dow Jones $32,964.0 -0.05%
Nasdaq $14,296.5 -0.03%
Name Value % Chg
Health Care 44,742.9 +1.16%
Information Technology 1,786.3 +1.05%
Consumer Staples 13,042.9 +0.93%
Communication Services 1,561.8 +0.58%
Energy 10,674.8 +0.41%
Real Estate 3,102.9 +0.40%
Consumer Discretionary 2,899.1 +0.26%
Materials 17,223.8 +0.05%
Financials 6,029.9 -0.01%
Utilities 8,573.6 -0.07%
Industrials 6,819.9 -0.22%

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ASX 200 Session Chart

ASX 200 intraday
ASX 200 closed higher and near best levels (Source: Market Index)


A bit of buying started to kick in around 11:00 am AEST. The session was led by Healthcare, Staples and Tech sectors, notably CSL (+1.3% and near a 4-month high), Xero (+1.9%) and Woolworths (+1.5%). The market trying to bounce from a rather oversold level. Let's see if the dust can settle around these levels and if we can have a strong finish to the week tomorrow.


China’s Caixin Manufacturing PMI advanced to 50.9 in May from 49.5 in the previous month.

  • The Caixin PMI covers small-to-medium enterprise while the NBS PMI on Wednesday covers large and state-owned companies

  • Beat consensus expectations of a stagnant 49.5 reading in May

Latest news

Interesting news and movers

Trading higher

  • +21.4% Yojee (YOJ) – 3-year logistics agreement

  • +20.8% Neometals (NMT) – Promobius JV update

  • +16.1% Lynch Group (LGL) – Market update

  • +14.9% Catalyst Metals (CYL) – Drilling result

  • +3.3% Link Administration (LNK) – Potential takeover target

  • Gold sector move: Perseus (+4.7%), Ramelius (+4.4%), Gold Road (+4.0%), Bellevue Gold (+3.1%), Northern Star (+3.1%), Newcrest (+2.4%)

  • Uranium sector bounce: Peninsula Energy (+17.2%), Bannerman (+13.9%), Paladin Energy (+11.0%), Lotus Resources (+9.1%), Deep Yellow (+8.6%)

Trading lower

  • -14.8% Aurelia Metals (AMI) – Institutional capital raise

  • -13.8% Hastings Tech (HAS) – Downgraded by Macquarie

  • -6.3% Argosy Minerals (AGY) – Operations update

  • -5.3% Champion Iron (CIA) – Earnings (Wed)

  • -4.8% PeopleIn (PPE) – Guidance and strategic review

  • -3.6% Mineral Resources (MIN) – Initiated underperform at CSLA

Broker notes

Macquarie notes of interest: 

Champion Iron (CIA) – Outperform with $7.80 target price

  • “CIA's FY23 financial result was softer than expected and the final dividend was below our forecasts.”

  • “Bloom Lake phase 2 continues to ramp up, driving CIA volumes to ~15mtpa which is a tailwind into FY24.”

  • “We note that there remains organic growth upside given the large resource base, and the recent DRPF study highlights the strategy to target higher-quality product.”

Hastings Technology Metals (HAS) – Neutral with $1.70 target price

  • “The development plan for the Yangibana rare earths project has been split into two stages.”

  • “The updated capital cost assumptions for Yangibana were broadly in line with our estimates, while stage 1 cash costs were 44% higher than we expected.”

  • “Higher cash costs for Stage 1 and removing Stage 2 translates to material cuts to our forecasts and TP, and we cut our rating to Neutral.”

Morgan Stanley’s take on Wednesday’s CPI:

  • “Almost the entirety of the acceleration in the month was driven by the fuel inflation increasing from -8.2%Y to +9.5%Y”

  • “Outside of this, most categories showed some marginal easing in inflation - with the notable exception of rents which continue to increase”

  • “We think the RBA has more tightening to do but will still favour a slower hiking path. We see the next hike in August, with Friday's minimum wage decision the last key catalyst ahead of next week's June meeting.”


Top Gainers

Code Company Last % Chg
TNY Tinybeans Group Ltd $0.23 +53.33%
RFX Redflow Ltd $0.26 +40.54%
IS3 I Synergy Group Ltd $0.014 +40.00%
SLM Solis Minerals Ltd $0.395 +38.60%
SRJ SRJ Technologies ... $0.11 +37.50%
View all top gainers

Top Fallers

Code Company Last % Chg
ZLD Zelira Therapeuti... $2.29 -24.92%
DC2 DC Two Ltd $0.019 -20.83%
PPY Papyrus Australia... $0.024 -20.00%
NIS Nickelsearch Ltd $0.057 -19.72%
FAL Falcon Metals Ltd $0.23 -19.30%
View all top fallers

52 Week Highs

Code Company Last % Chg
SLM Solis Minerals Ltd $0.395 +38.60%
MEI Meteoric Resource... $0.235 +14.63%
KNG Kingsland Mineral... $0.36 +10.77%
RBX Resource Base Ltd $0.19 +8.57%
WSI Weststar Industri... $0.24 +5.50%
View all 52 week highs

52 Week Lows

Code Company Last % Chg
DC2 DC Two Ltd $0.019 -20.83%
NIS Nickelsearch Ltd $0.057 -19.72%
MEL Metgasco Ltd $0.015 -16.67%
AMI Aurelia Metals Ltd $0.099 -13.91%
MM8 Medallion Metals Ltd $0.075 -12.79%
View all 52 week lows

Near Highs

Code Company Last % Chg
PMGOLD Gold Corporation $30.10 -0.30%
VLUE Vaneck MSCI Inter... $23.35 -0.09%
ETPMPM Global X Metal Se... $207.73 -0.37%
SEMI Global X Semicond... $11.42 -1.55%
FLT Flight Centre Tra... $21.36 +1.09%
View all near highs

Relative Strength Index (RSI) Oversold

Code Company Last % Chg
MGX Mount Gibson Iron... $0.39 +2.63%
ALO Alloggio Group Ltd $0.175 -5.41%
WES Wesfarmers Ltd $48.02 +0.73%
TLG Talga Group Ltd $1.218 -1.42%
NVA Nova Minerals Ltd $0.28 -3.45%
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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