Evening Wrap: ASX 200 notches an important record as broad-based gain sees us bid farewell to another earnings season

Well that's the end of another August reporting season!

Was it a good or bad one? Well, I like to let prices guide me when gauging the health or lack-thereof of the Aussie share market.

Today's close of 8,091.9 was the highest end-of-week close on record. Yes, the 8149 all-time high still eludes us, but if we assume investors vote on the health of a stock market with their cash, then one could conclude we're doing ok for now.

As for today's Wrap, you'll find all the usual updates on all the usual suspects, plus over 150 broker notes, as well as scans, economic data, and more within...so for the last time this week and this month...

Let's dive in!

Markets

ASX 200 Session Chart

The S&P/ASX 200 (XJO) finished 46.8 points higher at 8,091.9, 0.6% from its session low and smack-bang on its session high. In the broader-based S&P/ASX 300 (XKO), advancers beat decliners by an overwhelming 215 to 65. This is important because broad-based moves which close at the high of the session are more likely to be sustainable.

For the week, the XJO finished up 68 points or 0.85% higher, 1% from its intraweek low and just 0.19% from its intraweek high.

The Gold (XGD) (+1.9%) sub-index was the best performing sector today, helped by another record high close for COMEX gold futures overnight. As can be seen from the sector performance table below, gains were widely spread. There’s plenty of solid charts in this sector, and many stocks that regularly appear in The ChartWatch Scans Uptrends List – so it’s an area of the market worth keeping an eye on.

The best of the ASX gold sector today

Also doing well today was the Industrials (XNJ) (+1.7%) sector – but this was mainly to do with a 17% gain in Downer EDI (DOW), following the release of its FY24 results.

The Energy (XEJ) (+1.3%) sector was a little more interesting, its outperformance was aided by stronger crude oil, natural gas, and coking coal prices over the past 24 hours. It makes sense then that stocks like Karoon Energy (KAR) (+9.8), Yancoal (YAL) (+2.5%), and sector heavyweight Woodside Energy (WDS) (+2.1%) did well. The uranium price also edged higher overnight, and this helped several of our beaten down uranium stocks bounce.

Finally, a good day for the Energy sector

Really, the only sector that you could say did it tough today was the Consumer Discretionary (XDJ) (-0.46%) sector – but most of this modest loss was due to a poorly received set of FY24 results from Harvey Norman (HVN) (-6.3%).

Economy

Today

• AUS Retail Sales m/m

  • 0.0% (flat) vs +0.3% forecast and +0.5% previous

Later this week

Friday

• 19:00 EUR CPI Flash Estimate y/y (+2.2% p.a. forecast vs +2.6% p.a. previous)

• 22:30 USA Core PCE Price Index m/m (+0.2% m/m forecast vs +0.2% m/m previous)

Latest News

Interesting Movers

Trading higher

• +22.2% Ioneer (INR) - Second big rally in two days (split by a big loss) - no news! 🤔

• +16.9% Downer EDI (DOW) - Annual Report to shareholders and FY24 Results Presentation

• +14.3% Botanix Pharmaceuticals (BOT) - Botanix Appendix 4E & Announcement of Commercial Day Webinar, rise is consistent with prevailing short and long term uptrends 🔎📈

• +12.4% Spartan Resources (SPR) - Company Secretary Appointment/Resignation, rise is consistent with prevailing short and long term uptrends 🔎📈

• +11.0% Immutep (IMM) - Appendix 4E & 2024 Full Year Statutory Accounts, rise is consistent with prevailing short term uptrend, long is transitioning from down to up 🔎📈

• +10.6% Iperionx (IPX) - No news, rise is consistent with prevailing short and long term uptrends 🔎📈

• +9.8% Karoon Energy (KAR) - No news since 28 Aug 2024 Half Year Results Presentation

• +9.4% Bega Cheese (BGA) - Continued positive response to yesterday's 2024 Full Year Results Presentation, rise is consistent with prevailing short and long term uptrends 🔎📈

• +9.2% IPD Group (IPG) - Appendix 4E and Financial Report 30 June 2024 and FY24 Investor Presentation

• +8.7% Pantoro (PNR) - No news, strong ASX gold sector today, rise is consistent with prevailing short and long term uptrends 🔎📈

• +8.4% Mesoblast (MSB) - MSB Annual Financial Results and Operational Update and Annual Financial Results Presentation

• +8.4% Clarity Pharmaceuticals (CU6) - No news, rise is consistent with prevailing short and long term uptrends 🔎📈

• +8.3% TPG Telecom (TPG) - Appendix 4D and Half-Year Financial Report and Half-Year Results Investor Presentation

• +7.8% Fleetpartners Group (FPR) - On-Market Share Buy-Back Program Update

• +7.7% PYC Therapeutics (PYC) - FDA Grants Rare Pediatric Disease Designation to PYC-001 and Q3 2024 Investor Webinar Presentation, rise is consistent with prevailing short and long term uptrends 🔎📈

• +7.6% Fletcher Building (FBU) - Fletcher Building Industry Response to WA Plumbing Issues

• +7.3% Rpmglobal (RUL) - No news, strong bounce off long term uptrend ribbon 🔎📈

• +6.7% Australian Finance Group (AFG) - AFG FY24 Results Investor Presentation

• +6.3% Red 5 (RED) - Generally positive broker response to yesterday's FY24 Financial Results and FY25 Outlook, see Broker Notes section below

• +6.1% Genesis Minerals (GMD) - Generally strong ASX gold sector today, plus yesterday's FY24 Financial Results, rise is consistent with prevailing short and long term uptrends 🔎📈

• +5.6% Westgold Resources (WGX) - Generally strong ASX gold sector today, plus yesterday's FY24 Full Year Results Presentation, rise is consistent with prevailing short and long term uptrends 🔎📈

Trading lower

• -17.7% Appen (APX) - Appendix 4D & Interim Financial Report and Investor Presentation and 2024 Half -Year Results and 2024 Outlook

• -13.2% Predictive Discovery (PDI) - Guinea Update

• -11.9% Jupiter Mines (JMS) - Preliminary Final Report, fall is consistent with prevailing short and long term downtrends 🔎📉

• -9.8% Dicker Data (DDR) - Appendix 4D & FY24 Interim Financial Report and H1 FY2024 Results Presentation, fall is consistent with prevailing short and long term downtrends 🔎📉

• -8.2% Syrah Resources (SYR) - No news, fall is consistent with prevailing short and long term downtrends, serial constituent of ChartWatch Scans ASX Downtrends list 🔎📉

• -6.8% Ramsay Health Care (RHC) - Preliminary Final Report and Investor Presentation & Speech FY2024 Results Briefing, fall is consistent with prevailing short and long term downtrends - possibly the most Featured stock in ChartWatch Scans ASX Downtrends list! 🔎📉

• -6.3% Harvey Norman (HVN) - FY24 Annual Report and Appendix 4E and Presentation of Results for FY24

• -5.7% Anteris Technologies (AVR) - No news, fall is consistent with prevailing short and long term downtrends 🔎📉

• -4.4% Tabcorp (TAH) - Continued negative response to 28 Aug Full Year Results - Investor Presentation, fall is consistent with prevailing short and long term downtrends, serial constituent of ChartWatch Scans ASX Downtrends list 🔎📉

• -3.9% Platinum Asset Management (PTM) - No news, fall is consistent with prevailing short and long term downtrends, serial constituent of ChartWatch Scans ASX Downtrends list 🔎📉

• -3.6% Peninsula Energy (PEN) - No news, fall is consistent with prevailing short and long term downtrends 🔎📉

• -3.4% Ampol (ALD) - No news, fall is consistent with prevailing short and long term downtrends, serial constituent of ChartWatch Scans ASX Downtrends list 🔎📉

Broker Notes

• Australian Clinical Labs (ACL)

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

  • Upgraded to positive from negative at E&P; Price Target: $3.30 from $2.80

  • Retained at neutral at Macquarie; Price Target: $2.95 from $2.55

  • Retained at buy at Ord Minnett; Price Target: $3.35 from $3.20

  • Retained at outperform at RBC Capital Markets; Price Target: $4.00 from $3.25

• Adrad (AHL)

  • Retained at buy at Bell Potter; Price Target: $1.12 from $1.15

• AI-Media Technologies (AIM)

  • Retained at add at Morgans; Price Target: $0.70

• Air New Zealand (AIZ)

  • Retained at outperform at Macquarie; Price Target: NZ$0.69 from NZ$0.72

• Atlas Arteria (ALX)

  • Retained at buy at Jefferies; Price Target: $6.16 from $6.27

  • Retained at neutral at Macquarie; Price Target: $5.10

  • Retained at equal-weight at Morgan Stanley; Price Target: $5.55

  • Retained at hold at Morgans; Price Target: $4.98 from $5.12

  • Retained at sector perform at RBC Capital Markets; Price Target: $5.75 from $5.50

• Aurelia Metals (AMI)

  • Retained at buy at Ord Minnett; Price Target: $0.26 from $0.27

• ANZ Group (ANZ)

  • Retained at sell at Citi; Price Target: $25.00

• Alliance Aviation Services (AQZ)

  • Retained at add at Morgans; Price Target: $4.10 from $4.75

  • Retained at buy at Ord Minnett; Price Target: $4.10 from $4.41

• Airtasker (ART)

  • Retained at add at Morgans; Price Target: $0.52

• Bluebet (BBT)

  • Retained at buy at Ord Minnett; Price Target: $0.38

• Bendigo and Adelaide Bank (BEN)

  • Retained at sell at Citi; Price Target: $9.75

• Bega Cheese (BGA)

  • Retained at buy at Bell Potter; Price Target: $5.75 from $5.35

  • Retained at hold at Morgans; Price Target: $4.91 from $4.35

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

  • Retained at neutral at UBS; Price Target: $4.80 from $4.50

• Boss Energy (BOE)

  • Retained at buy at Bell Potter; Price Target: $5.70 from $5.75

  • Retained at buy at Shaw and Partners; Price Target: $4.20

• Bank of Queensland (BOQ)

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

• Commonwealth Bank of Australia (CBA)

  • Retained at sell at Citi; Price Target: $91.50

• City Chic Collective (CCX)

  • Retained at hold at Bell Potter; Price Target: $0.16 from $0.20

• Cromwell Property Group (CMW)

  • Retained at hold at Morgans; Price Target: $0.46

• Cooper Energy (COE)

  • Retained at neutral at Goldman Sachs; Price Target: $0.25 from $0.26

  • Retained at hold at Ord Minnett; Price Target: $0.24 from $0.22

• COG Financial Services (COG)

  • Retained at buy at Bell Potter; Price Target: $1.75

• Clinuvel Pharmaceuticals (CUV)

  • Retained at buy at Bell Potter; Price Target: $22.25

  • Retained at add at Morgans; Price Target: $17.00 from $16.00

• Downer EDI (DOW)

  • Retained at neutral at UBS; Price Target: $4.90

• EBR Systems (EBR)

  • Retained at buy at Bell Potter; Price Target: $1.96

• Eureka Group (EGH)

  • Downgraded to hold from outperform at CLSA; Price Target: $0.56 from $0.60

• Frontier Digital Ventures (FDV)

  • Retained at buy at Bell Potter; Price Target: $0.70 from $0.74

  • Retained at add at Morgans; Price Target: $0.66

• Fisher & Paykel Healthcare Corporation (FPH)

  • Downgraded to neutral from buy at UBS; Price Target: NZ$36 from NZ$32.80

• Generation Development Group (GDG)

  • Retained at hold at Morgans; Price Target: $2.88 from $2.56

  • Retained at buy at Ord Minnett; Price Target: $3.40 from $3.00

• Genesis Minerals (GMD)

  • Retained at outperform at Macquarie; Price Target: $2.40

  • Retained at buy at Shaw and Partners; Price Target: $2.75

  • Retained at neutral at UBS; Price Target: $2.25

• Goodman Group (GMG)

  • Retained at buy at Citi; Price Target: $40.00

• Harvey Norman (HVN)

  • Retained at buy at UBS; Price Target: $5.50

• IDP Education (IEL)

  • Upgraded to neutral from underperform at Bank of America; Price Target: $16.00 from $13.25

  • Retained at positive at E&P; Price Target: $20.00 from $20.10

  • Retained at buy at Goldman Sachs; Price Target: $19.85 from $21.75

  • Retained at overweight at Morgan Stanley; Price Target: $19.20

  • Upgraded to add from hold at Morgans; Price Target: $18.20 from $17.40

  • Retained at neutral at UBS; Price Target: $16.45 from $16.10

• IGO (IGO)

  • Retained at sell at Bell Potter; Price Target: $4.60 from $5.00

  • Retained at neutral at Citi; Price Target: $5.90 from $6.00

  • Retained at buy at Goldman Sachs; Price Target: $6.35 from $6.75

  • Upgraded to outperform from neutral at Macquarie; Price Target: $6.10 from $5.60

  • Retained at neutral at UBS; Price Target: $5.40

• Inghams Group (ING)

  • Retained at sell at Goldman Sachs; Price Target: $2.90 from $3.15

• Impedimed (IPD)

  • Retained at buy at Morgans; Price Target: $0.20

• Judo Capital (JDO)

  • Retained at sell at Citi; Price Target: $1.35

• Kelsian Group (KLS)

  • Retained at buy at Ord Minnett; Price Target: $4.90 from $6.60

• Microba Life Sciences (MAP)

  • Retained at buy at Morgans; Price Target: $0.33 from $0.35

• Matrix Composites & Engineering (MCE)

  • Upgraded to buy from hold at Bell Potter; Price Target: $0.44 from $0.42

• Medadvisor (MDR)

  • Retained at buy at Bell Potter; Price Target: $0.62 from $0.64

• Meteoric Resources (MEI)

  • Retained at buy at Ord Minnett; Price Target: $0.20

• Magellan Global Fund (MGG)

  • Retained at sell at Citi; Price Target: $176.00

• Mineral Resources (MIN)

  • Retained at overweight at Barrenjoey; Price Target: $56.50 from $60.00

  • Retained at buy at Citi; Price Target: $55.00 from $60.00

  • Downgraded to hold from outperform at CLSA; Price Target: $41.50 from $60.00

  • Retained at positive at E&P; Price Target: $67.00 from $73.00

  • Retained at sell at Jarden; Price Target: $32.00 from $44.70

  • Retained at hold at Jefferies; Price Target: $45.00 from $55.00

  • Retained at neutral at Macquarie; Price Target: $48.00 from $60.00

  • Retained at overweight at Morgan Stanley; Price Target: $70.00 from $79.00

  • Retained at add at Morgans; Price Target: $53.00 from $67.00

  • Retained at outperform at RBC Capital Markets; Price Target: $73.00 from $78.00

• Metro Mining (MMI)

  • Retained at buy at Shaw and Partners; Price Target: $0.14

• Macquarie Group (MQG)

  • Retained at neutral at Goldman Sachs; Price Target: $84.90 from $90.20

• Mesoblast (MSB)

  • Retained at buy at Bell Potter; Price Target: $1.40

• Micro-X (MX1)

  • Retained at buy at Morgans; Price Target: $0.21

• National Australia Bank (NAB)

  • Retained at sell at Citi; Price Target: $26.50

• Newmont Corporation (NEM)

  • Upgraded to buy from hold at Argonaut Securities; Price Target: US$58

• Nickel Industries (NIC)

  • Retained at buy at Bell Potter; Price Target: $1.47 from $1.41

  • Downgraded to hold from buy at Canaccord Genuity; Price Target: $0.85 from $0.95

• Nexted Group (NXD)

  • Retained at buy at Ord Minnett; Price Target: $0.50 from $0.75

• Nextdc (NXT)

  • Retained at buy at UBS; Price Target: $19.40 from $20.10

• Paladin Energy (PDN)

  • Retained at buy at Shaw and Partners; Price Target: $16.80

• Pepper Money (PPM)

  • Retained at buy at Goldman Sachs; Price Target: $1.55 from $1.67

  • Retained at outperform at Macquarie; Price Target: $1.55 from $1.60

• Perpetual (PPT)

  • Retained at buy at Bell Potter; Price Target: $27.60

  • Retained at neutral at Citi; Price Target: $21.40 from $22.25

  • Retained at neutral at Macquarie; Price Target: $21.20 from $22.80

  • Retained at equal-weight at Morgan Stanley; Price Target: $22.40

  • Retained at buy at UBS; Price Target: $22.80 from $25.00

• Pacific Smiles Group (PSQ)

  • Retained at overweight at Morgan Stanley; Price Target: $2.15 from $1.90

• Platinum Asset Management (PTM)

  • Retained at buy at Bell Potter; Price Target: $1.10

  • Retained at sell at Goldman Sachs; Price Target: $1.00

• Qantas Airways (QAN)

  • Retained at neutral at Citi; Price Target: $6.60 from $5.85

  • Retained at outperform at CLSA; Price Target: $7.00 from $6.80

  • Retained at buy at Goldman Sachs; Price Target: $8.05

  • Retained at buy at Jefferies; Price Target: $7.98 from $7.85

  • Retained at overweight at JP Morgan; Price Target: $7.10

  • Retained at outperform at Macquarie; Price Target: $6.60 from $6.30

  • Retained at overweight at Morgan Stanley; Price Target: $8.50 from $8.00

  • Upgraded to buy from accumulate at Ord Minnett; Price Target: $8.00 from $6.90

  • Retained at buy at UBS; Price Target: $7.95 from $7.50

• Qualitas Real Estate Income Fund (QRI)

  • Retained at buy at Citi; Price Target: $1.60

• Red 5 (RED)

  • Retained at outperform at Macquarie; Price Target: $0.46 from $0.55

  • Retained at buy at Ord Minnett; Price Target: $0.47 from $0.53

• Ramsay Health Care (RHC)

  • Retained at neutral at UBS; Price Target: $58.00

• South32 (S32)

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

  • Retained at buy at Goldman Sachs; Price Target: $3.60 from $3.70

  • Retained at outperform at Macquarie; Price Target: $4.00 from $3.95

  • Retained at equal-weight at Morgan Stanley; Price Target: $2.95

  • Retained at buy at UBS; Price Target: $3.55 from $3.80

• Steadfast Group (SDF)

  • Retained at neutral at Goldman Sachs; Price Target: $6.50

  • Retained at equal-weight at Morgan Stanley; Price Target: $6.64 from $6.17

• Sandfire Resources (SFR)

  • Upgraded to buy from neutral at Bank of America; Price Target: $10.70 from $9.50

  • Retained at hold at Morgans; Price Target: $9.25 from $9.10

  • Retained at accumulate at Ord Minnett; Price Target: $9.60 from $9.65

  • Retained at neutral at UBS; Price Target: $9.20 from $9.40

• Smartgroup Corporation (SIQ)

  • Retained at buy at Bell Potter; Price Target: $9.75 from $10.95

• Silex Systems (SLX)

  • Retained at buy at Canaccord Genuity; Price Target: $6.21

  • Retained at buy at Euroz Hartleys; Price Target: $7.00 from $6.50

  • Retained at buy at Shaw and Partners; Price Target: $7.20

• SRG Global (SRG)

  • Retained at buy at Bell Potter; Price Target: $1.40 from $1.35

  • Retained at buy at Shaw and Partners; Price Target: $1.40

• Southern Cross Media Group (SXL)

  • Retained at neutral at UBS; Price Target: $0.56 from $0.68

• Tabcorp (TAH)

  • Downgraded to hold from add at Morgans; Price Target: $0.50 from $0.80

  • Downgraded to hold from accumulate at Ord Minnett; Price Target: $0.57 from $0.78

• TPG Telecom (TPG)

  • Retained at neutral at UBS; Price Target: $4.80

• Trajan Group (TRJ)

  • Retained at buy at Ord Minnett; Price Target: $1.40 from $1.10

• Vicinity Centres (VCX)

  • Retained at buy at Ord Minnett; Price Target: $2.35

• Westpac Banking Corporation (WBC)

  • Retained at sell at Citi; Price Target: $24.75

• Webjet (WEB)

  • Retained at overweight at JP Morgan; Price Target: $10.20 from $11.00

  • Retained at neutral at Macquarie; Price Target: $8.72 from $9.95

  • Retained at equal-weight at Morgan Stanley; Price Target: $8.15 from $9.30

  • Retained at buy at Ord Minnett; Price Target: $10.48 from $10.99

  • Retained at buy at Shaw and Partners; Price Target: $9.80 from $10.70

  • Retained at buy at UBS; Price Target: $10.00 from $10.60

• Wesfarmers (WES)

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

  • Retained at hold at CLSA; Price Target: $68.10 from $64.30

  • Retained at neutral at Goldman Sachs; Price Target: $66.60 from $69.20

  • Retained at neutral at Macquarie; Price Target: $75.30 from $72.10

  • Retained at underweight at Morgan Stanley; Price Target: $55.70 from $56.20

  • Retained at hold at Morgans; Price Target: $68.00 from $62.30

  • Retained at sell at Ord Minnett; Price Target: $60.00 from $50.00

  • Downgraded to sell from neutral at UBS; Price Target: $66.00

• Worley (WOR)

  • Retained at buy at Ord Minnett; Price Target: $16.00

• Waypoint Reit (WPR)

  • Retained at underweight at Morgan Stanley; Price Target: $2.56

  • Retained at accumulate at Ord Minnett; Price Target: $2.72 from $2.51

Scans