Market Wraps

Evening Wrap: ASX 200 hits breakeven for the week, US futures higher

Thu 22 Dec 22, 4:42pm (AEST)

The S&P/ASX 200 closed 37 points higher, up 0.53%.

The local sharemarket rallied for a second consecutive day – now breakeven for the week, Utilities and Technology stocks led and ANZ flags that spending is failing to keep up with inflation.

Before we dive in, an important notice:

This is the last Evening Wrap for 2022. Our first edition for 2023 will be on Monday, 23 January. I would like to wish all readers a safe and enjoyable festive season. 


Today in Review

Thu 22 Dec 22, 4:16pm (AEST)

Name Value % Chg
Major Indices
ASX 200 7,152.5 +0.53%
All Ords 7,335.2 +0.58%
Small Ords 2,837.5 +1.10%
All Tech 2,034.9 +1.78%
Emerging Companies 2,095.0 +0.79%
Currency
AUD/USD 0.6762 +0.81%
US Futures
S&P 500 3,918.0 +0.31%
Dow Jones 33,647.0 +0.23%
Nasdaq 11,370.5 +0.32%
Name Value % Chg
Sector
Utilities 8,427.1 +1.60%
Information Technology 1,429.1 +1.35%
Health Care 41,755.2 +1.34%
Consumer Discretionary 2,769.3 +1.12%
Real Estate 3,066.1 +0.91%
Communication Services 1,425.4 +0.79%
Financials 6,458.4 +0.62%
Consumer Staples 12,754.3 +0.49%
Industrials 6,403.4 +0.47%
Energy 11,346.4 +0.03%
Materials 17,790.3 -0.18%

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Markets

The ASX 200 closed a little off session highs of 0.73% and now 0.05% for the week, from lows of -1.74%.

  • Utilities led to the upside thanks to ~1.5% gains from heavyweights Origin Energy and APA Group

  • Technology bounced for a second consecutive day but the sector is still down -1.6% for the week. Names like WiseTech, Xero, Altium and NextDC all rallied around ~2%

  • Materials was the worst performing sector, stalling after a 2.3% rally on Wednesday

  • Energy was another laggard after a 2.6% rally on Wednesday

  • 143 of the top 200 advanced (72%)

Economy

ANZ-observed spending from 20 November to 18 December was up 10% compared to the same period in 2019.

  • This is despite inflation increasing 10.5% between December 2019 and September 2022

  • As well as population growth of 1.8% between December 2019 and June 2022

Commodities 

  • Copper +0.9% to US$3.85/lb

  • WTI crude +0.3% to US$78.70/bbl

  • Gold +0.3% to US$1,819.6/oz

  • Iron ore futures fell -1.2% to US$111.55/t


Latest news


Post market brief

The market is in a little bit of an awkward spot.

It bounced where it needed to – off the 200-day moving average and a rough four day losing streak. Still, does a bounce off the 200-day make this more of a technical one, in parallel with Christmas optimism and low liquidity?

In Thursday's Morning Wrap, a table from Carson Investment Group showed that the period between December 20 and January 5 represents one of the strongest times of the year for the S&P 500.

XJO chart
XJO chart (Source: TradingView)

That's all folks! The Evening Wrap will be put on hold until I'm back on leave on Monday, 23 January. I hope you all get to spend some quality time with friends and family, stay safe and I'll see you guys in the new year.


Major announcements

Larger caps (>$1bn)

  • BHP (BHP) -0.2%: Entered into a Scheme Implementation Deed with Oz Minerals

  • 29Metals (29M) -22.1%: Expects 2022 copper and zinc production to be in the lower half of its guidance range. 2023 copper metal production is expected to be flat year-on-year as the company works through the regulatory approval process for its tailings storage capacity 

Mid-to-small caps

  • Green Technology Metals (GT1) +6.9%: Produced ‘very high spodumene concentrate recoveries’ from drilling samples. Further work will continue to be completed for an optimised flowsheet to maximise recoveries 

  • Deep Yellow (DYL) +4.4%: Completed a 10,000m follow-up RC drilling program at the Omahola Project, which lies adjacent to its flagship Tumas Project 

  • Argosy Minerals (AGY) +3.6%: Confirmed a ‘battery quality 99.76% lithium carbonate’ product from its 2,000 tpa operation during commissioning works 

  • Actinogen Medical (ACW) +2.1%: Received an agreement from the FDA to proceed with its six-month, Phase 2b, clinical trial of Xanamem in patients with early stages of Alzheimer’s Disease 

Trading halts

Ticker

Company

Last trade date

Proposed resume date

Reason

SVL

Silver Mines

Wed 22 Dec

Wed 28 Dec

Final approval procedures for Bowden Silver Project

RAN

Range International

Wed 22 Dec

Wed 28 Dec

ITO amended assessment

DRE

Dreadnought Resources

Wed 22 Dec

Wed 28 Dec

Initial JORC Mineral Resource for Mangaroon Project

KWR

Kingwest Resources

Wed 22 Dec

Wed 28 Dec

Potential change of control transaction

BTR

Brightstar Resources

Wed 22 Dec

Wed 28 Dec

Capital raising


Broker updates 

Ticker

Company

Broker

Action

Rating

Target price

29M

29Metals

Macquarie

Downgrade

Underperform from Outperform

$2.40 from $2.50

MIN

Mineral Resources

Morgans

Initiate

Add

$94.00

PLS

Pilbara Minerals

Macquarie

Retain

Outperform

$7.50 from $7.40

TCL

Transurban

Macquarie

Retain

Outperform

$14.19 from $14.08


Scans

Top Gainers

Code Company Last % Chg
KDY Kaddy Ltd $0.072 +46.94%
GFN Gefen Internation... $0.05 +25.00%
WMG Western Mines Gro... $0.185 +23.33%
IMB Intelligent Monit... $0.16 +23.08%
CYM Cyprium Metals Ltd $0.092 +22.67%
View all top gainers

Top Fallers

Code Company Last % Chg
SRJ SRJ Technologies ... $0.12 -72.09%
OSX Osteopore Ltd $0.15 -25.00%
29M 29METALS Ltd $1.815 -22.10%
14D 1414 Degrees Ltd $0.067 -18.29%
HPC The Hydration Pha... $0.09 -18.18%
View all top fallers

52 Week Highs

Code Company Last % Chg
TEG Triangle Energy (... $0.022 +10.00%
QGL Quantum Graphite Ltd $0.68 +3.03%
NWH NRW Holdings Ltd $2.86 +2.51%
ADT Adriatic Metals Plc $3.31 +2.48%
QAL Qualitas Ltd $2.58 +2.38%
View all 52 week highs

52 Week Lows

Code Company Last % Chg
SRJ SRJ Technologies ... $0.12 -72.09%
HPC The Hydration Pha... $0.09 -18.18%
INF Infinity Lithium ... $0.115 -17.86%
AEI Aeris Environment... $0.028 -12.50%
UCM Uscom Ltd $0.044 -12.00%
View all 52 week lows

Near Highs

Code Company Last % Chg
SMLL Betashares Aust S... $3.48 +1.46%
OZBD Betashares Austra... $43.85 -0.34%
PCI Perpetual Credit ... $0.985 -0.51%
WVOL Ishares Edge MSCI... $35.33 0.00%
NUF Nufarm Ltd $6.23 +0.48%
View all near highs

Relative Strength Index (RSI) Oversold

Code Company Last % Chg
ESS Essential Metals Ltd $0.32 +1.59%
GT1 Green Technology ... $0.78 +6.85%
SZL Sezzle Inc $0.43 -2.27%
BSX Blackstone Minera... $0.14 +7.69%
NVX Novonix Ltd $1.618 +2.70%
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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