Evening Wrap: ASX 200 logs fifth-straight loss despite Domain takeover and solid gains in iron ore majors BHP, RIO and FMG

The S&P/ASX 200 closed 26.6 points lower, down 0.32%.

Notable winners on the ASX today included a bouncing Mineral Resources (MIN) (+5.0%) (it copped an upgrade to "Overweight" from Barrenjoey), but the major iron ore miners flexed the most muscle, with Rio Tinto (RIO) (+2.8%), BHP Group (BHP) (+2.8%), and Fortescue (FMG) (+2.4%) each showing solid gains.

It was another "barbell" performance for Aussie stocks though, with other sectors continuing to struggle. The banks lopped off even more index points for the week as the fallout from their recent results continue to weigh on investor sentiment, and takeover news in the Communications Services sector sent the share prices of Domain Group (DHG) (+40%) and Nine Entertainment (NEC) (+20%) soaring at the expense of REA Group (REA) (-11.4%) and News Corp (NWS) (-6.5%).

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.

Also, I have detailed technical analysis on the ASX 200, NASDAQ Composite, Iron Ore and China A50 shares in today's ChartWatch.

Let's dive in!

Markets

ASX 200 Session Chart

The S&P/ASX 200 (XJO) finished 26.6 points lower at 8,296.2, % from its session high/low and just % from its high/low. In the broader-based S&P/ASX 300 (XKO), advancers lagged decliners by a disappointing 104 to 167.

For the week, the XJO finished down 259 points or 3.13% lower over 5 consecutive down days, 3.13% from its intraweek high and just 0.10% from its intraweek low. Yuk 🤢!

S&P/ASX 200 (XJO) weekly chart (click here for full size image)

I don't want to encroach too much on ChartWatch in this section, but for long suffering readers of this Evening Wrap, you know that long black candle and close just 0.1% from its low is not a great look! We've come back from moves like this before, though, and my experience suggests it's unwise to bet against the Bull too early. 🐂

When will it not be "too early"!? I hear you ask. Let's say I wouldn't want to see a close below my short term uptrend ribbon for starters. Then, lower peaks and troughs are usually a good confirmation we're in for more than just a garden variety pullback...but let's not get too far ahead of ourselves here – the candles and price action will do the talking – it's our job to do the listening! 👂👂

Back to the usual wrap stuff...and what can I say, it was less lousy today than the past three days but still lousy nonetheless...

Clearly the problem for the ASX 200 remains the hemorrhaging of index points from the heavily weighted Financials (XFJ) (-1.3%) sector. The Big 4 banks continued to slide today, led by Commonwealth Bank of Australia (ASX: CBA) (-2.6%), but the regionals and Macquarie Group (ASX: MQG) (-1.5%) were also lower. Sector losses would have been worse if not for a strong gain in QBE Insurance Group (ASX: QBE) (+3.0%) after it reported well received first half results.

Consumer Discretionary (XDJ) (-1.5%), was actually the biggest losing sector on the ASX today. It's also struggled this week, partly earnings related, but I propose mostly RBA disappointment related. Fewer rate cuts – by order of magnitude 50 basis points from what the market was expecting at the start of the week – likely did the big damage here.

More specifically for the XDJ today, though, was a big drop in Guzman y Gomez (ASX: GYG) (-14.2%) following the release of its first half results. Ongoing weakness in sector heavyweight Wesfarmers (ASX: WES) (-1.9%) also didn't help as brokers generally echoed their "overvalued" calls in the wake of yesterday's first half results – even as they raised their price targets on the stock (see Broker Moves section for more details).

The biggest news story of the day, however, was undoubtedly the massive pop in Domain Australia (ASX: DHG) (+40.0%) after US property giant CoStar made bid for the company at a price of $4.20 per share – substantially more than yesterday's $3.12 closing price. Nine Entertainment (ASX: NEC) (+20.1%) owns roughly 60% of the property platform, so naturally, they got a big boost today also.

Going the other way were the competition, namely major rival REA Group (ASX: REA) (-11.4%) and parent News Corporation (ASX: NWS) (-6.5%). The idea here is that the well-backed CoStar will put up a much better fight in the space than Domain was doing. Falls in REA and NWS dragged the Communication Services (XTJ) sector to a 1.3% loss on the day.

There were winners in today's trade – yes, another barbell session! Resources (XJR) (+1.5%) enjoyed stronger base metals pricing overnight, particularly in aluminium which hit a near-2-year high, but the iron ore price was also nicely higher. I note Chinese equities continue to strengthen, likely on the back of ongoing speculation that PBOC interest rate cuts are imminent. (I have full technical analysis on iron ore and China A50 shares for you in ChartWatch below!).

Notable winners in Resources included a bouncing Mineral Resources (ASX: MIN) (+5.0%) (it copped an upgrade to "Overweight" from Barrenjoey – see Broker Moves section), but the major iron ore miners flexed the most muscle, with Rio Tinto (ASX: RIO) (+2.8%), BHP Group (ASX: BHP) (+2.8%), and Fortescue (ASX: FMG) (+2.4%) each showing solid gains.

ChartWatch

NASDAQ Composite Index

What's all the fuss about? 🤔 (click here for full size image)

The last time we covered was in ChartWatch in the Evening Wrap on 14 February.

In that update, I said:

No bull market rises in a straight line. There are the inevitable phases of short term equilibrium (similar to the current environment), and even potential short term bouts of supply-side control. It’s a dance. But, as long as that dark green ribbon is just that – dark green – and as long as the price continues to close above it, then in my experience the bull market is intact.

Ironically, the Comp has been just fine since that update, barely a wiggle in its prevailing short and long term trends – compared to us – who appear to be holding true to the “not in a straight line” adage! 📈

Nothing straight about our line…📉

S&P/ASX 200 (XJO) daily chart (click here for full size image)

Back to the Comp chart, because the above chart of the XJO is just too darn depressing! 😭

For the Comp I can still see:

✅ Price is closing above short and long term trend ribbons which are rising

✅ Short and long term trend ribbons appear to be acting as zones of dynamic demand

✅ Price action is rising peaks and rising troughs (indicating demand reinforcement and supply removal)

✅ The candles are predominantly demand-side in nature (i.e., white-bodied and or downward pointing shadows indicating accumulation and buy the dip activity)

So, all in all, it’s market that remains consistent with demand-side control.

Clearly, though, we’re working slowly through some (I suggest) substantial overhead excess supply between here and 20205. That makes sense. All-time highs – particularly those that have stood for some time – can attract to them motivated supply.

This supply must be consumed by the demand-side before we can move higher. You’ll know that’s occurred when you see a long white candle with a high close above 20205.

Until then, I’m happy to stay the course – because I can’t see anything in the chart which suggests otherwise.

But! I can’t see the next candle, nor the one after that. So, until I update the Comp in ChartWatch again, it will be your job to look for those and do the requisite analysis.

Remember here: Supply-side candles are those with black bodies and or upward pointing shadows. The bigger the body / shadow, the bigger the supply lurking in the system there. Also consider that a low close is a strong indicator of sustained excess supply right into the close.

Demand is at the short term uptrend ribbon, and below it next at 19141-19415. The short term uptrend remains intact as long as the Comp continues to close above those levels. Below them, the rising long term uptrend ribbon continues to define the path that runs between bull and bear market.

Iron Ore 62% (Front month, back-adjusted) SGX

Probably better than most expected (click here for full size image)

The last time we covered iron ore was in ChartWatch in the Evening Wrap on 13 February.

In that update, we were tracking improving Chinese stock prices (I have the chart of the China A50 below) and the accompanying improvement in the iron ore price.

It makes sense that the two should occur at the same time. Hand in glove sort of stuff.

There’s possibly also some positive ramifications for our Resources sector, but that’s a chart for another day!

For now, I note the iron ore chart appears to show growing demand-side influence. The last pullback to the short term uptrend ribbon looked well supported with two downward pointing shadows into the middle of the short term dynamic demand zone. (A great example of how downward pointing shadows and the demand zone can combine so well together!).

Thursday’s white candle with high close was particularly encouraging (Note: the last white candle on the chart is today’s candle – it is live – so discount it because it doesn’t exist to us!).

If we see a close above 108.80 it would like see a clear path to the major supply zone at 112.05-113.35. Watch the candles there closely – we don’t want to see a flame out like we saw in copper at 4.8310-4.8595! (Check Tuesday’s Evening Wrap for my recent copper analysis)

It’s all steady as she goes here with only a close below the short term trend ribbon / 104.20 likely to derail the gradual but resilient grind higher.

FTSE China A50 Index Futures

Better than most expected (click here for full size image)

We also covered the China A50 share index in ChartWatch in the Evening Wrap on 13 February.

Just a quick one here, because there's not a great deal to update apart from the fact the fledgling rally we identified just over a week ago remains intact.

That last candle is today's candle and is live – and given it's so far showing a nice demand-side white body and high close – if it can stay that way it will go a long way to locking in this new short term uptrend.

A short term uptrend that is developing nicely above the recently proven dynamic demand of the long term uptrend ribbon, with rising peaks and rising troughs, and with a growing predominance of demand-side candles.

Enough said, I don't want to jinx it! 🤞

Economy

Today

• AUS Flash Manufacturing & Services Purchasing Managers Index (PMI) February

  • Manufacturing: 50.6 vs 50.2 in January

  • Services: 51.4 vs 51.2 in January

  • From S&P Global:

    • "Firms were cautious with raising selling prices, however, amid reduced optimism in February"

    • "...input cost inflation climbed for a third consecutive month in February, rising to the highest rate since last September"

    • "business sentiment across both the manufacturing and service sectors deteriorated in February. The level of overall business optimism eased to the lowest in four months"

Later this week

Saturday

• 01:45 USA Flash Manufacturing & Services Purchasing Managers Index (PMI) January

  • Manufacturing PMI (forecast 51.2 vs 51.2 in December)

  • Services PMI (forecast 53.2 vs 52.9 in December)

Latest News

Interesting Movers

Trading higher

• +40.1% Domain Australia (DHG) - Unsolicited, Non-Binding Indicative Proposal from CoStar.

• +33.1% Mayne Pharma Group (MYX) - Mayne Pharma enters Scheme Implementation Deed with Cosette.

• +29.7% Energy One (EOL) - EOL Interim Financial Report, rise is consistent with prevailing short and long term uptrends 🔎📈

• +29.4% Alcidion Group (ALC) - Alcidion secures 10-year contract with NCIC, rise is consistent with prevailing short and long term uptrends 🔎📈

• +20.1% Nine Entertainment (NEC) - CoStar Proposal for Domain.

• +13.8% Telix Pharmaceuticals (TLX) - 2024 Full Year Results Presentation, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +13.2% Austal (ASB) - H1 FY2025 Results Investor Presentation, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +9.8% Paradigm Biopharmaceuticals. (PAR) - No news, 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 🔎📈

• +9.6% Droneshield (DRO) - Ceasing to be a substantial holder, State Street is a rumoured short seller and note primarily from reduction in "stock lend" i.e. short sellers!.

• +6.1% Nanosonics (NAN) - Continued positive response to yesterday's 2025 Half Year Financial Results, rise is consistent with prevailing short term uptrend and long term trend is transitioning from down to up, added to ChartWatch ASX Scans Uptrends list yesterday 🔎📈

• +5.1% Deep Yellow (DYL) - No news since 20-Feb Legal Proceedings Namibia, Canaccord Genuity released a research note today suggesting yesterday's sell off was grossly overdone.

• +5.0% Mineral Resources (MIN) - Becoming a substantial holder and Change in substantial holding, State Street again! Also rating upgrade to overweight at Barrenjoey (see Broker Moves for more details).

Trading lower

• -20.0% 4DMEDICAL (4DX) - 4DMedical completes Placement & launches underwritten SPP.

• -19.3% Spark New Zealand (SPK) - Spark New Zealand Limited H1FY25 Results, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -16.7% Lindsay Australia (LAU) - Investor Presentation 1HFY25, fall is consistent with prevailing short and long term downtrends 🔎📉

• -14.2% Guzman y Gomez (GYG) - 2025 GYG Half-Year Results Briefing Presentation.

• -12.5% PWR Holdings (PWH) - PWR HY25 Investor Presentation, fall is consistent with prevailing long term downtrend 🔎📉

• -11.4% REA Group (REA) - Fall out from DHG news.

• -10.1% Bega Cheese (BGA) - No news since 20-Feb 1H FY2025 Results Presentation, generally positive broker comments today, but clearly a fallout move from yesterday's result.

• -9.6% Chalice Mining (CHN) - No news since 17-Feb Major metallurgical breakthrough at Gonneville, repelled perfectly from long term downtrend ribbon! 🔎📉

• -8.8% Jumbo Interactive (JIN) - Half Year Results - Investor Presentation and Lottery Retailing February 2025 Trading Update, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -6.5% News Corporation (NWS) - Fall out from DHG news.

• -5.9% Silex Systems (SLX) - Investor Presentation.

• -5.9% Block (XYZ) - Form 8-K Current Report Items 2.02 and 9.01.

• -5.5% Codan (CDA) - CDA Half Year Results Investor Presentation.

Broker Moves

• AIC Mines (A1M)

  • Retained at buy at Bell Potter; Price Target: $0.620

  • Retained at buy at Ord Minnett; Price Target: $0.610 from $0.630

  • Retained at buy at Shaw and Partners; Price Target: $1.100 from $1.000

• Auckland International Airport (AIA)

  • Retained at buy at Citi; Price Target: NZ$9.80

  • Retained at outperform at Macquarie; Price Target: NZ$9.14 from NZ$9.11

  • Retained at equal-weight at Morgan Stanley; Price Target: NZ$8.70

• Air New Zealand (AIZ)

  • Retained at outperform at Macquarie; Price Target: $0.850 from $0.800

• Aristocrat Leisure (ALL)

  • Retained at buy at Bell Potter; Price Target: $85.00 from $83.00

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

  • Retained at buy at Goldman Sachs; Price Target: $82.00 from $78.00

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

  • Retained at accumulate at Ord Minnett; Price Target: $84.00 from $79.00

• ANZ Group (ANZ)

  • Upgraded at neutral at Jarden; Price Target: $30.50

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

  • Retained at equal-weight at Morgan Stanley; Price Target: $28.00

• Australian Unity Office Fund (AOF)

  • Retained at hold at Ord Minnett; Price Target: $1.110 from $1.100

• Aspen Group (APZ)

  • Retained at buy at Bell Potter; Price Target: $3.05 from $2.80

• Austal (ASB)

  • Retained at buy at Citi; Price Target: $4.14

• Autosports Group (ASG)

  • Retained at neutral at Citi; Price Target: $1.750

  • Retained at outperform at Macquarie; Price Target: $2.00 from $2.35

• Articore Group (ATG)

  • Retained at equal-weight at Morgan Stanley; Price Target: $0.250 from $0.400

• Accent Group (AX1)

  • Retained at neutral at Citi; Price Target: $2.43

  • Retained at positive at E&P; Price Target: $2.67

  • Retained at outperform at RBC Capital Markets; Price Target: $2.50

  • Retained at buy at UBS; Price Target: $2.45

• Bendigo and Adelaide Bank (BEN)

  • Retained at underperform at Macquarie; Price Target: $10.00

• Bega Cheese (BGA)

  • Retained at buy at Bell Potter; Price Target: $7.00 from $6.45

  • Retained at hold at Morgans; Price Target: $5.90 from $4.91

  • Retained at hold at Ord Minnett; Price Target: $4.40 from $3.70

• Beacon Lighting Group (BLX)

  • Retained at buy at Citi; Price Target: $3.96 from $3.12

  • Retained at add at Morgans; Price Target: $3.55 from $3.40

  • Retained at buy at Ord Minnett; Price Target: $3.60 from $3.35

• Bank of Queensland (BOQ)

  • Retained at underperform at Macquarie; Price Target: $5.75

• Brambles (BXB)

  • Retained at outperform at Bank of America; Price Target: $23.00 from $21.00

  • Retained at neutral at Citi; Price Target: $18.50

  • Retained at sell at Goldman Sachs; Price Target: $18.35 from $16.30

  • Retained at hold at Jefferies; Price Target: $17.75 from $17.43

  • Retained at overweight at JP Morgan; Price Target: $20.90 from $18.60

  • Retained at outperform at Macquarie; Price Target: $21.85 from $21.20

  • Retained at overweight at Morgan Stanley; Price Target: $20.00

• Chrysos Corporation (C79)

  • Retained at hold at Bell Potter; Price Target: $5.40 from $5.70

  • Retained at accumulate at Ord Minnett; Price Target: $5.95 from $6.40

• Commonwealth Bank of Australia (CBA)

  • Retained at underperform at Macquarie; Price Target: $105.00

• Charter Hall Group (CHC)

  • Retained at neutral at Macquarie; Price Target: $17.15 from $15.71

  • Retained at overweight at Morgan Stanley; Price Target: $18.56

• Collins Foods (CKF)

  • Retained at buy at Citi; Price Target: $9.38

• Coronado Global Resources (CRN)

  • Retained at buy at Bell Potter; Price Target: $0.950 from $1.200

  • Retained at buy at Morgans; Price Target: $0.900 from $1.100

  • Retained at hold at Ord Minnett; Price Target: $0.750 from $0.900

• Capstone Copper Corp. (CSC)

  • Retained at buy at Citi; Price Target: $12.80 from $13.50

  • Retained at outperform at Macquarie; Price Target: $11.60 from $11.50

• Domain Australia (DHG)

  • Retained at neutral at Citi; Price Target: $3.25

  • Upgraded to outperform from underperform at CLSA; Price Target: $4.20 from $2.10

  • Upgraded to overweight from neutral at JP Morgan; Price Target: $1.750 from $1.300

• Downer EDI (DOW)

  • Retained at neutral at Goldman Sachs; Price Target: $5.70 from $5.50

• Duratec (DUR)

  • Retained at buy at Bell Potter; Price Target: $1.950 from $1.730

  • Retained at accumulate at Ord Minnett; Price Target: $1.720 from $1.600

  • Retained at buy at Shaw and Partners; Price Target: $1.900

• Deep Yellow (DYL)

  • Retained at buy at Canaccord Genuity; Price Target: $1.830

• Environmental Group (The) (EGL)

  • Retained at buy at Bell Potter; Price Target: $0.370 from $0.400

• Envirosuite (EVS)

  • Upgraded to overweight from market-weight at Wilsons; Price Target: $0.060

• Fortescue (FMG)

  • Retained at hold at Bell Potter; Price Target: $16.85 from $17.53

  • Retained at hold at CLSA; Price Target: $18.50 from $19.75

  • Retained at sell at Goldman Sachs; Price Target: $16.20 from $16.40

  • Retained at underperform at Macquarie; Price Target: $15.00 from $15.25

  • Retained at equal-weight at Morgan Stanley; Price Target: $18.10

  • Retained at buy at Ord Minnett; Price Target: $21.00 from $21.10

  • Retained at outperform at RBC Capital Markets; Price Target: $21.00

• Genesis Minerals (GMD)

  • Retained at buy at Canaccord Genuity; Price Target: $4.15

• Growthpoint Properties Australia (GOZ)

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

  • Retained at outperform at Macquarie; Price Target: $2.57 from $2.61

• Guzman y Gomez (GYG)

  • Retained at underperform at RBC Capital Markets; Price Target: $32.00

  • Retained at neutral at UBS; Price Target: $40.00

• Hastings Technology Metals (HAS)

  • Retained at buy at Canaccord Genuity; Price Target: $0.450 from $0.350

• Hipages Group (HPG)

  • Retained at buy at Shaw and Partners; Price Target: $1.900 from $1.600

• Hansen Technologies (HSN)

  • Retained at overweight at Morgan Stanley; Price Target: $6.50 from $6.25

• Insignia Financial (IFL)

  • Retained at equal-weight at Morgan Stanley; Price Target: $4.40

• IGO (IGO)

  • Retained at sell at Bell Potter; Price Target: $3.85 from $4.20

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

  • Retained at neutral at Citi; Price Target: $5.30

  • Retained at buy at Goldman Sachs; Price Target: $5.30 from $5.60

  • Retained at outperform at Macquarie; Price Target: $5.50 from $5.80

  • Inghams Group (ING) retained at sell at RBC Capital Markets; Price Target: $3.00

• IPH (IPH)

  • Retained at outperform at Macquarie; Price Target: $6.75 from $7.11

  • Retained at overweight at Morgan Stanley; Price Target: $7.00

  • Retained at add at Morgans; Price Target: $6.30 from $6.80

• Integrated Research (IRI)

  • Retained at buy at Bell Potter; Price Target: $0.800 from $0.750

• James Hardie Industries (JHX)

  • Retained at accumulate at Ord Minnett; Price Target: $59.00 from $58.00

• Jumbo Interactive (JIN)

  • Retained at buy at Citi; Price Target: $14.70

• MA Financial Group (MAF)

  • Retained at add at Morgans; Price Target: $8.92 from $6.68

  • Retained at buy at Ord Minnett; Price Target: $10.00 from $7.20

• Magellan Financial Group (MFG)

  • Retained at neutral at Goldman Sachs; Price Target: $10.20

  • Retained at underweight at Morgan Stanley; Price Target: $8.20 from $8.95

• Maas Group (MGH)

  • Upgraded to buy from hold at Jefferies; Price Target: $4.75 from $5.30

  • Retained at add at Morgans; Price Target: $4.85 from $5.30

• Mineral Resources (MIN)

  • Upgraded to overweight from neutral at Barrenjoey; Price Target: $35.00 from $42.00

  • Retained at buy at Bell Potter; Price Target: $39.50 from $59.80

  • Retained at overweight at Morgan Stanley; Price Target: $50.00

• Megaport (MP1)

  • Retained at neutral at Goldman Sachs; Price Target: $9.50 from $8.30

  • Retained at outperform at Macquarie; Price Target: $14.30 from $10.20

  • Retained at equal-weight at Morgan Stanley; Price Target: $10.00

  • Retained at add at Morgans; Price Target: $14.00 from $12.50

• National Australia Bank (NAB)

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

• Nanosonics (NAN)

  • Retained at hold at Bell Potter; Price Target: $4.06 from $3.45

  • Upgraded to add from hold at Morgans; Price Target: $4.50 from $3.75

• Nine Entertainment (NEC)

  • Upgraded to neutral from underweight at JP Morgan; Price Target: $4.20 from $2.75

• Newmont Corporation (NEM)

  • Retained at buy at Citi; Price Target: $95.00

• Netwealth Group (NWL)

  • Retained at hold at Bell Potter; Price Target: $30.00 from $28.10

  • Retained at neutral at Citi; Price Target: $30.70

  • Retained at underweight at JP Morgan; Price Target: $22.50 from $20.50

  • Retained at neutral at Macquarie; Price Target: $33.90 from $26.50

  • Retained at equal-weight at Morgan Stanley; Price Target: $29.50

  • Retained at hold at Morgans; Price Target: $30.25 from $27.50

  • Upgraded to accumulate from hold at Ord Minnett; Price Target: $33.00 from $31.00

  • Retained at sector perform at RBC Capital Markets; Price Target: $29.00 from $27.50

  • Retained at neutral at UBS; Price Target: $30.75

  • Upgraded to buy from hold at Unified Capital Partners; Price Target: $36.60 from $27.50

• Pilbara Minerals (PLS)

  • Retained at buy at Bell Potter; Price Target: $3.00

  • Retained at buy at Canaccord Genuity; Price Target: $3.50 from $3.60

  • Retained at positive at E&P; Price Target: $3.90

  • Retained at neutral at Goldman Sachs; Price Target: $2.05 from $2.10

  • Retained at hold at Jefferies; Price Target: $2.20 from $2.55

  • Retained at add at Morgans; Price Target: $3.10 from $3.20

  • Retained at outperform at RBC Capital Markets; Price Target: $3.00

• QBE Insurance Group (QBE)

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

  • Retained at buy at UBS; Price Target: $23.85

• Qube (QUB)

  • Retained at buy at Citi; Price Target: $4.65 from $4.45

  • Upgraded to positive from neutral at E&P; Price Target: $4.35 from $3.72

  • Retained at buy at Jefferies; Price Target: $4.92 from $4.83

  • Retained at overweight at JP Morgan; Price Target: $4.10

  • Retained at accumulate at Ord Minnett; Price Target: $4.23 from $4.09

• Ramelius Resources (RMS)

  • Retained at buy at Canaccord Genuity; Price Target: $3.20

• Redox (RDX)

  • Retained at overweight at Morgan Stanley; Price Target: $4.50 from $3.90

  • Retained at hold at Ord Minnett; Price Target: $3.85 from $3.15

• REA Group (REA)

  • Retained at buy at Citi; Price Target: $230.00

• Retail Food Group (RFG)

  • Retained at buy at Bell Potter; Price Target: $4.00 from $4.20

• Ridley Corporation (RIC)

  • Downgraded to hold from outperform at CLSA; Price Target: $2.35 from $2.70

• Rio Tinto (RIO)

  • Retained at neutral at Citi; Price Target: $130.00 from $134.00

  • Retained at buy at Goldman Sachs; Price Target: $143.70 from $146.20

  • Retained at neutral at Macquarie; Price Target: $118.00 from $120.00

  • Retained at overweight at Morgan Stanley; Price Target: $130.50

  • Retained at add at Morgans; Price Target: $126.00 from $125.00

• Regis Resources (RRL)

  • Retained at buy at Bell Potter; Price Target: $3.75

  • Retained at hold at Canaccord Genuity; Price Target: $3.15 from $3.10

  • Retained at sell at Goldman Sachs; Price Target: $2.85 from $2.80

  • Retained at outperform at Macquarie; Price Target: $3.60 from $3.50

  • Retained at add at Morgans; Price Target: $3.89 from $3.83

• Sandfire Resources (SFR)

  • Retained at buy at Canaccord Genuity; Price Target: $11.00

  • Retained at neutral at Macquarie; Price Target: $10.40 from $9.80

  • Retained at hold at Morgans; Price Target: $11.00 from $10.90

  • Retained at accumulate at Ord Minnett; Price Target: $11.30 from $11.35

• Sonic Healthcare (SHL)

  • Upgraded to neutral from underperform at Bank of America; Price Target: $28.50 from $26.00

  • Retained at neutral at Citi; Price Target: $28.00

  • Retained at outperform at CLSA; Price Target: $31.10

  • Retained at neutral at Jarden; Price Target: $29.84 from $29.38

  • Retained at neutral at JP Morgan; Price Target: $29.00 from $28.50

  • Retained at add at Morgans; Price Target: $31.35 from $32.21

  • Retained at sector perform at RBC Capital Markets; Price Target: $32.00

• Skycity Entertainment Group (SKC)

  • Retained at outperform at Macquarie; Price Target: NZ$1.60 from NZ$1.70

• Superloop (SLC)

  • Retained at buy at Citi; Price Target: $2.40

  • Retained at buy at UBS; Price Target: $2.30

• Service Stream (SSM)

  • Retained at buy at Citi; Price Target: $2.00 from $1.70

  • Upgraded to outperform from neutral at Macquarie; Price Target: $1.830 from $1.410

  • Downgraded to hold from accumulate at Ord Minnett; Price Target: $1.780 from $1.710

• Santos (STO)

  • Retained at buy at Citi; Price Target: $7.60

  • Retained at overweight at Morgan Stanley; Price Target: $7.46 from $7.77

• Super Retail Group (SUL)

  • Retained at buy at Citi; Price Target: $18.00 from $19.00

  • Retained at hold at CLSA; Price Target: $14.20 from $15.75

  • Retained at buy at Goldman Sachs; Price Target: $15.50 from $16.80

  • Retained at overweight at Jarden; Price Target: $15.70 from $16.80

  • Retained at hold at Jefferies; Price Target: $15.00 from $16.00

  • Retained at neutral at Macquarie; Price Target: $15.40 from $16.90

  • Retained at underweight at Morgan Stanley; Price Target: $15.75

  • Retained at add at Morgans; Price Target: $16.95 from $18.55

  • Retained at neutral at UBS; Price Target: $15.00 from $16.00

• Tabcorp (TAH)

  • Retained at neutral at E&P; Price Target: $0.730 from $0.600

  • Retained at overweight at Jarden; Price Target: $0.750 from $0.650

  • Retained at buy at Jefferies; Price Target: $0.770 from $0.730

  • Retained at underweight at JP Morgan; Price Target: $0.550 from $0.500

  • Retained at neutral at Macquarie; Price Target: $0.700 from $0.500

  • Retained at overweight at Morgan Stanley; Price Target: $0.650

• Transurban Group (TCL)

  • Retained at neutral at Citi; Price Target: $13.80

  • Retained at hold at Jefferies; Price Target: $13.70 from $13.38

  • Retained at neutral at JP Morgan; Price Target: $13.30 from $12.70

  • Retained at neutral at Macquarie; Price Target: $12.82

  • Retained at equal-weight at Morgan Stanley; Price Target: $13.20

  • Retained at hold at Morgans; Price Target: $12.65

  • Retained at sector perform at RBC Capital Markets; Price Target: $13.50 from $13.25

  • Retained at buy at UBS; Price Target: $14.85 from $14.75

• The Lottery Corporation (TLC)

  • Retained at add at Morgans; Price Target: $5.60 from $5.30

• Telstra Group (TLS)

  • Downgraded to hold from buy at Bell Potter; Price Target: $4.35 from $4.30

  • Retained at buy at Goldman Sachs; Price Target: $4.50

  • Retained at buy at Jefferies; Price Target: $4.70 from $4.50

  • Downgraded to neutral from outperform at Macquarie; Price Target: $3.93 from $4.30

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

  • Retained at buy at Ord Minnett; Price Target: $4.50

• The Reject Shop (TRS)

  • Retained at equal-weight at Morgan Stanley; Price Target: $3.40

  • Downgraded to hold from add at Morgans; Price Target: $3.50

  • Retained at buy at Ord Minnett; Price Target: $5.00 from $4.40

• Universal Store (UNI)

  • Retained at buy at Citi; Price Target: $8.91

  • Retained at positive at E&P; Price Target: $9.67 from $9.03

  • Retained at buy at Jarden; Price Target: $10.38 from $8.97

  • Retained at outperform at Macquarie; Price Target: $9.80 from $8.40

  • Retained at add at Morgans; Price Target: $10.20 from $8.75

  • Retained at sector perform at RBC Capital Markets; Price Target: $8.60 from $7.00

  • Retained at buy at UBS; Price Target: $10.30 from $9.00

• Vicinity Centres (VCX)

  • Retained at neutral at Macquarie; Price Target: $2.11 from $2.00

• Veem (VEE)

  • Retained at buy at Ord Minnett; Price Target: $1.900

• Ventia Services Group (VNT)

  • Retained at hold at Ord Minnett; Price Target: $4.45 from $4.30

• Westpac Banking Corporation (WBC)

  • Retained at underperform at Macquarie; Price Target: $28.00

• Wesfarmers (WES)

  • Retained at sell at Citi; Price Target: $61.00 from $59.00

  • Retained at buy at Goldman Sachs; Price Target: $80.40 from $78.70

  • Retained at underweight at Jarden; Price Target: $67.50 from $61.00

  • Retained at hold at Jefferies; Price Target: $75.00 from $73.00

  • Retained at neutral at Macquarie; Price Target: $81.00 from $74.35

  • Retained at underweight at Morgan Stanley; Price Target: $60.70

  • Retained at lighten at Ord Minnett; Price Target: $69.00 from $62.00

• Whitehaven Coal (WHC)

  • Retained at buy at Bell Potter; Price Target: $8.00 from $9.00

  • Retained at buy at Citi; Price Target: $8.60 from $8.30

  • Retained at buy at Goldman Sachs; Price Target: $9.20 from $8.90

  • Retained at add at Morgans; Price Target: $9.20 from $9.50

  • Retained at buy at Ord Minnett; Price Target: $9.50 from $9.60

• Block (XYZ)

  • Retained at positive at E&P; Price Target: $337.00

Scans