Evening Wrap: ASX 200 logs third loss as Wesfarmers, JB Hi-Fi updates hint at slowing consumer demand. Resources resilient

The S&P/ASX 200 closed 40.7 points lower, down 0.46%.

Lithium and uranium stocks did very well, but so too did base metals and the smaller iron ore miners. Heading the other way, big tech and consumer discretionary stocks, with Wesfarmers and JB Hi-Fi the worst...

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 economic data in tonight's Evening Wrap.

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

Let's dive in!

Markets

ASX 200 Session Chart

The S&P/ASX 200 (XJO) finished 40.7 points lower at 8,885.5, 0.46% from its session high and just 0.11% from its low. In the broader-based S&P/ASX 300 (XKO) advancers lagged decliners by a rather dismal 108 to 169.

Fund flows: Robbing peter to pay Paul

Probably the most notable fund moves today were at the bottom of the sector performance table – where two sectors that were super stars for the better part of the last two years – have over the past couple of months, deteriorated substantially.

S&P-ASX 200 Information Technology Sector Index chart 30 Oct (click here for full size image)

Information Technology (XIJ) (-1.5%) is showing the strongest signs of trend reversal, logging its second close below it’s long term trend ribbon, which has now neutralised. I’ve been alerting you to this sectors marked underperformance for many weeks now!

S&P-ASX 200 Consumer Discretionary Sector Index chart 30 Oct (click here for full size image)

Consumer Discretionary (XDJ) (-4.2%) is the other of note – today hobbled sharp falls in two of its biggest constituents in Wesfarmers (WES) (-7.0%) and JB HI-FI (JBH) (-4.5%).

Apart from the above, I note another strong session (in a down market) for – arguably a “recipient” sector benefiting from funds being freed up in the XIJ and XDJ (i.e., “funding” sectors!). Here, lithium and uranium stocks did very well, but so too did base metals and the smaller iron ore miners.

I have full technical analysis on lithium and uranium commodities in today’s edition of ChartWatch Markets.

Today's best blue chip gainers

Today's worst blue chip losers

ChartWatch

S&P/ASX 200 (XJO)

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

You know the drill…

Black-bodied candle, close near low (the third in a row!!!)

Lower peaks and lower troughs

Close below the short term trend ribbon

Short term trend ribbon neutralised (today)

= Pretty sure the supply-side has control of the short term price on the Old Tin Pot.

Yep, from the jaws of victory (remember those record highs just a few days ago!?), the OTP has once again snatched defeat! 🤦

The only saving grace, and it’s a small one – is that volume throughout the dud price action I mentioned above has been below average. So, it’s not a like a wall of supply is wiping out a wall of demand.

It’s more like the supply that’s there is a bit motivated – but it’s not finding any demand to stop the price from falling… Demand is either happy to step out of the way, or – and this is the scarier one – it’s unable to get in the way because there isn’t any left (i.e., after a new high there’s the potential that everyone is already in!!!).

I don’t think it’s quite so sinister, at least, the price action and volume remain tame enough. More likely, this is just a flat and choppy uptrend – zig and zag – and now we’re doing the latter.

I will, however, become far more concerned about proceedings if we close below 8843 – surely there’s some decent demand down there! 🙏

View: I was in two minds about cutting my personal portfolio risk limit to 2/3RP yesterday (2/3 Risk Position = My personal allowable capital allocation limit for my investments in Australian stocks is 67%). I’m going to do it today, though, on the basis that individual risk positions as per ChartWatch ASX Scans are paring back anyway – i.e., it would be difficult to find enough risk to fill to FRP anyway. It wouldn’t take much to flip it back, and let’s hope the Old Tin Pot obliges soon!

Key levels: 8843 is also a key level that the price ideally should not cross; but ultimately, 8731 remains the critical go-no-go zone for the XJO bull market = ⚠️.

Economy

Today

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

Later this week

Friday

• 00:00 USA September Core PCE Price Index (Tentative due to shutdown)

  • Personal Income: +0.4% m/m forecast vs +0.4% m/m in August

  • Personal Spending: +0.4% m/m vs +0.6% in August

• 12:30 CHN October Purchasing Managers Index (PMI)

  • Manufacturing PMI: 49.6 forecast vs 49.8 om September

  • Non-Manufacturing PMI: 50.2 forecast vs 50.0 in September

Latest News

Interesting Movers

Trading higher

• +20.7% Coronado Global Resources (CRN) - Q3 2025 ASX Quarterly Report.

• +13.7% Mineral Resources (MIN) - Quarterly Activity Report - Q1 FY26, general strength across the broader Lithium sector today, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +11.7% L1 Group (L1G) - L1G Successful Completion of Placement and Sale, rise is consistent with prevailing short and long term uptrends, a recent regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +11.2% Liontown Resources (LTR) - No news, general strength across the broader Lithium sector today, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +9.9% Champion Iron (CIA) - Quarterly Activities Report - Q2 FY26 Results and Investor Presentation Q2 FY26, rise is consistent with prevailing short and long term uptrends, a recent regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +8.9% Felix Gold (FXG) - Multiple High-Grade Antimony Discoveries and Results.

• +7.8% EQT Holdings (EQT) - 2025 AGM Presentation to Shareholders.

• +7.5% Wildcat Resources (WC8) - No news, general strength across the broader Lithium sector today.

• +5.9% Paladin Energy (PDN) - No news, general strength across the broader Uranium sector today, rise is consistent with prevailing short and long term uptrends, a recent regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +5.7% 29METALS (29M) - No news, general strength across the broader Copper sector today.

• +5.4% Pilbara Minerals (PLS) - No news, general strength across the broader Lithium sector today, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +5.3% Deep Yellow (DYL) - Tinkas Prospect Identified with Thick Uranium Mineralisation, general strength across the broader Uranium sector today.

• +5.3% Lotus Resources (LOT) - Quarterly Activities and Cash Flow Reports - September 2025, general strength across the broader Uranium sector today.

• +5.1% CSL (CSL) - No news, bounced in the wake of the recent sharp selloff.

• +5.0% Smart Parking (SPZ) - Continued positive response to 29-Oct Evans and Partners SMID Conference, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

Trading lower

• -12.8% Northern Minerals (NTU) - No news.

• -12.8% European Lithium (EUR) - Change in substantial holding for MOM, Change in substantial holding for CUF, and Change in substantial holding for CLE.

• -12.7% Dateline Resources (DTR) - Quarterly Activities/Appendix 5B Cash Flow Report.

• -11.7% Resolution Minerals (RML) - No news.

• -11.2% DUG Technology (DUG) - No news.

• -10.9% Lumos Diagnostics Holdings (LDX) - No news.

• -9.8% Stakk (SKK) - No news since 29-Oct Chime selects Stakk as critical Embedded Finance vendor.

• -9.7% Novonix (NVX) - Quarterly Activities/Appendix 4C Cash Flow Report.

• -9.5% Locksley Resources (LKY) - Kerrie Matthews Appointed Managing Director & CEO.

• -9.1% Broken Hill Mines (BHM) - No news.

• -8.1% Hastings Technology Metals (HAS) - No news.

• -7.8% Peninsula Energy (PEN) - Quarterly Activities Report.

• -7.7% Cobalt Blue Holdings (COB) - Quarterly Activities/Appendix 5B Cash Flow Report.

• -7.6% Larvotto Resources (LRV) - No news.

• -7.2% Metal Powder Works (MPW) - No news.

• -7.0% Wesfarmers (WES) - 2025 AGM Chairman's Address and Managing Director's Address.

• -5.5% Appen (APX) - Q3 FY25 Quarterly Activity Report and Appendix 4C, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

Broker Moves

The a2 Milk Company (A2M)

• Retained at buy at Citi; Price Target: $9.29

Austco Healthcare (AHC)

• Retained at buy at Bell Potter; Price Target: $0.55

Ansell (ANN)

• Retained at neutral at Citi; Price Target: $35.50

• Retained at hold at Ord Minnett; Price Target: $37.20 from $36.20

Boss Energy (BOE)

• Retained at buy at Bell Potter; Price Target: $2.90

• Retained at buy at Citi; Price Target: $2.20 from $2.70

• Retained at negative at E&P; Price Target: $1.60

• Retained at hold at Euroz Hartleys; Price Target: $2.80

• Retained at neutral at JPMorgan; Price Target: $2.00 from $2.10

• Retained at hold at Ord Minnett; Price Target: $2.10

• Retained at sector perform at RBC Capital Markets; Price Target: $2.75

• Retained at buy at Shaw and Partners; Price Target: $2.85

Challenger (CGF)

• Retained at buy at Citi; Price Target: $10.25

• Retained at buy at UBS; Price Target: $9.15

Centuria Industrial REIT (CIP)

• Retained at equal-weight at Morgan Stanley; Price Target: $3.63

Capricorn Metals (CMM)

• Retained at buy at Argonaut Securities; Price Target: $17.00

• Retained at buy at Goldman Sachs; Price Target: $14.50 from $14.70

Coles Group (COL)

• Retained at buy at Citi; Price Target: $25.40

• Retained at outperform at RBC Capital Markets; Price Target: $24.00

Cedar Woods Properties (CWP)

• Retained at buy at Bell Potter; Price Target: $9.70 from $8.75

• Retained at buy at Shaw and Partners; Price Target: $9.35 from $8.25

Data3 (DTL)

• Retained at hold at Canaccord Genuity; Price Target: $9.33 from $8.67

• Retained at overweight at Jarden; Price Target: $9.60 from $8.80

• Retained at overweight at Morgan Stanley; Price Target: $9.50

• Downgraded to underperform from hold at Taylor Collison; Price Target: $8.30

• Retained at neutral at UBS; Price Target: $9.35 from $8.70

Dexus (DXS)

• Retained at buy at Citi; Price Target: $7.80

• Retained at underweight at Morgan Stanley; Price Target: $7.95

• Retained at buy at UBS; Price Target: $8.60

EBOS Group (EBO)

• Retained at outperform at Macquarie; Price Target: $39.78

Elevra Lithium (ELV)

• Retained at outperform at Macquarie; Price Target: $5.20 from $5.50

Energy One (EOL)

• Initiated at buy at Ord Minnett; Price Target: $24.47

IGO (IGO)

• Retained at hold at Canaccord Genuity; Price Target: $5.40

• Retained at outperform at RBC Capital Markets; Price Target: $5.50

ioneer (INR)

• Retained at speculative buy at Bell Potter; Price Target: $0.36

JB Hi-Fi (JBH)

• Retained at buy at Citi; Price Target: $120.00

James Hardie Industries Plc (JHX)

• Retained at neutral at Citi; Price Target: $33.00

Jumbo Interactive (JIN)

• Retained at neutral at Citi; Price Target: $11.80

Lotus Resources (LOT)

• Retained at speculative buy at Canaccord Genuity; Price Target: $0.31

Liontown Resources (LTR)

• Retained at sell at Ord Minnett; Price Target: $0.75

Lynas Rare Earths (LYC)

• Retained at equal-weight at Morgan Stanley; Price Target: $19.45

• Retained at sell at Ord Minnett; Price Target: $10.00

Microba Life Sciences (MAP)

• Retained at speculative buy at Bell Potter; Price Target: $0.14 from $0.16

Metals X (MLX)

• Retained at buy at Ord Minnett; Price Target: $1.05 from $0.80

Megaport (MP1)

• Retained at outperform at Macquarie; Price Target: $18.50 from $16.90

Medibank Private (MPL)

• Retained at neutral at Citi; Price Target: $5.05

• Retained at neutral at UBS; Price Target: $5.35 from $5.25

Nick Scali (NCK)

• Retained at buy at Citi; Price Target: $28.85 from $24.40

• Retained at outperform at Macquarie; Price Target: $28.20 from $21.90

• Downgraded to sell from lighten at Ord Minnett; Price Target: $19.00 from $18.00

Paragon Care (PGC)

• Retained at buy at Bell Potter; Price Target: $0.49 from $0.47

QBE Insurance Group (QBE)

• Retained at buy at Citi; Price Target: $25.60 from $26.20

QPM Energy (QPM)

• Retained at speculative buy at Bell Potter; Price Target: $0.09

• Retained at speculative buy at Ord Minnett; Price Target: $0.13

REA Group (REA)

• Retained at buy at Bell Potter; Price Target: $256.00 from $284.00

Ramelius Resources (RMS)

• Retained at buy at Argonaut Securities; Price Target: $5.30

• Retained at buy at Euroz Hartleys; Price Target: $4.34 from $4.00

• Retained at underperform at RBC Capital Markets; Price Target: $2.60 from $2.80

SiteMinder (SDR)

• Retained at outperform at Macquarie; Price Target: $8.55 from $8.11

• Retained at overweight at Morgan Stanley; Price Target: $7.70

St George Mining (SGQ)

• Initiated at outperform at Macquarie; Price Target: $0.20

Strike Energy (STX)

• Retained at buy at Euroz Hartleys; Price Target: $0.25 from $0.23

• Retained at neutral at Goldman Sachs; Price Target: $0.15

• Retained at neutral at Macquarie; Price Target: $0.11

• Retained at overweight at Morgan Stanley; Price Target: $235.00

Turaco Gold (TCG)

• Retained at speculative buy at Canaccord Genuity; Price Target: $1.35

Universal Store Holdings (UNI)

• Retained at buy at Citi; Price Target: $11.28

• Retained at sector perform at RBC Capital Markets; Price Target: $8.90

Wesfarmers (WES)

• Retained at neutral at Citi; Price Target: $90.00

Woolworths Group (WOW)

• Upgraded to buy from hold at Bell Potter; Price Target: $30.70 from $29.80

• Retained at overweight at Jarden; Price Target: $31.00 from $30.10

• Retained at hold at Jefferies; Price Target: $28.50

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

• Retained at hold at Morgans; Price Target: $28.25

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

• Retained at sector perform at RBC Capital Markets; Price Target: $30.50 from $30.00

• Retained at neutral at UBS; Price Target: $29.00 from $30.00

Xero (XRO)

• Retained at overweight at Morgan Stanley; Price Target: $235.00

Scans