Evening Wrap: ASX 200 rebounds as employment data stokes rate hike fears, Santos +6% on quarterly results

The S&P/ASX 200 closed 65 points higher, up 0.75%.

A surprise plunge in unemployment from 4.4% to 4.1% reignited February interest rate hike bets and sent local bond yields higher.

On the ASX, Energy stocks led on stronger oil-and-gas sentiment after Santos’ quarterly report was well received by investors, while Discretionary stocks clawed back from eight-month lows.

Major Banking stocks were also higher, but it seems at the expense of the Resources sector (particularly Gold stocks — which in many cases plummeted! 💥)

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 Nasdaq Composite and the S&P/ASX 200 in today's ChartWatch.

Let's dive in!

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Markets

ASX 200 Session Chart

The S&P/ASX 200 (XJO) finished 65 points higher at 8,848.7, 0.75% from its session high and 0.18% from its low. In the broader-based S&P/ASX 300 (XKO) advancers beat decliners by a very healthy 196 to 76.

Fund flows: Gold folds, banks swing ♻️

Forget the “tech-wreck” we’ve been tracking… today was all about the “gold-fold”!

Looking at the performance of local gold stocks — which at the Gold Sub-Index (XGD) level dove 5.6% — you might think that the gold price got belted on TACO Wednesday (Trump Always Chickens Out!).

Nope, it was still up on the session, albeit off highs, and it’s only down 0.8% in Asian trade today.

Gold Futures (Front month, back-adjusted) COMEX Top vs Gold Sub-Index (XGD) (-5.6%) Bottom

You might have heard the phrase: ASX gold stocks are “high beta” plays. This means they tend to deliver supercharged returns versus the gold price — on the way up and on the way down. Today seems evidence of this, but I do note that several of the majors did report quarterly production updates today. It may have been a case of reality lagging expectations, or it may have just been good old fund flow shenanigans!

Can I say (leaning towards the latter), that gold was/is a massively crowded trade. So, it's plausible that when many aim to lock in profits at the same time — and when at the same time demand falters on a day where many of the key risk factors driving gold’s ascent have taken a breather — it could create a substantial imbalance between supply and demand indeed.

Still, some of the moves (and massive black candles within impeccable uptrends) are confounding! 🤷

Major gold stocks today:

• Pantoro Gold (PNR) (-11.2%)

• Emerald Resources (EMR) (-8.7%)

• Northern Star Resources (NST) (-8.4%)

• Regis Resources (RRL) (-7.8%)

• Ora Banda Mining (OBM) (-7.2%)

• Bellevue Gold (BGL) (-6.5%)

Possibly also driving the gold-fold, or at least sucking in some of the capital resulting from pruning gold sector exposure — was the recovery of our Swinger Sector, Financials (XFJ) (+1.9%) (did I call it a new Loser Sector yesterday!? 🤦)

Financials, still swinging…

Major bank stocks today:

• Bank of Queensland (BOQ) (+5.3%)

• Bendigo and Adelaide Bank (BEN) (+3.5%)

• National Australia Bank (NAB) (+3.0%)

• Judo Capital Holdings (JDO) (+3.0%)

• Macquarie Group (MQG) (+2.4%)

• Commonwealth Bank of Australia (CBA) (+2.3%)

• Westpac Banking Corp. (WBC) (+2.1%)

• ANZ Group Holdings (ANZ) (+0.6%)

Why the sudden about face? Well, as I noted yesterday, "news" i.e., new information, can, when it breaks, have a major impact on demand and supply. Today's banking sector news was a biggie, several ratings upgrades:

• BOQ = Macquarie: Neutral from Underperform, UBS: BUY from Sell

• MQG = UBS: BUY from Neutral

• NAB = Macquarie: OUTPERFORM from Neutral; UBS: BUY from Neutral

But Financials wasn’t the only of the usual Loser Sectors to show a massive white candle today… as in, bigger than yesterday’s horrific black one!!! See below the showing from Consumer Discretionary (XDJ) (+2.4%) and I note that Health Care (XHJ) (+1.5%) wasn’t terrible either…

With these stocks prospering, there was always going to be a good chance that the Resources (XJR) (-1.2%) was going to be down... ⚖️

That's one heck of a reversal of fortunes... 📉📈

Two sectors that remained terrible, and that moved in keeping with their Loser Sector status, were Information Technology (XIJ) (-0.3%) and Communication Services (XTJ) (+0.4%). Tech down again? Tisk-tisk, and while the XTJ did scape a gain, it lagged the broader market.

One sector that deserves an honourable mention today is Energy (XEJ) (+3.0%) — today’s best sector by a long shot. The trend ribbons suggest that it’s largely overall-sideways… but today’s candle does continue a growing run of rising peaks and rising troughs… 🧐

Major energy stocks today:

• Beach Energy (BPT) (+5.8%)

• Santos (STO) (+5.3%)

• Viva Energy Group (VEA) (+5.0%)

• Nexgen Energy (NXG) (+2.9%)

• Woodside Energy Group (WDS) (+2.9%)

• Karoon Energy (KAR) (+2.8%)

• Boss Energy (BOE) (+2.3%)

• Ampol (ALD) (+2.2%)

A very strong performance from energy stocks today

Today's best blue chip gainers

Today's worst blue chip losers

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ChartWatch

Nasdaq Composite Index

Analysis

Trump changes nothing.

Well, nothing with respect to the fact that prices still move on the interaction between demand and supply.

Trump changes nothing! D vs S = P still rules!

He’s just one of the drivers of these critical price determining factors — albeit somewhat an unpredictable one!

Ultimately though… his threats, and his subsequent back downs, boil down to what we interpret as trends, price action, candles, and volume.

Fortunately, we didn’t make any rash decisions based on Tuesday’s nasty supply-side candle. I noted that I would suspend the addition of new long-side risk, but that I remained comfortable at the prevailing 2/3RP portfolio risk limit. Wednesday’s rally — on another TACO (“Trump Always Chickens Out”) result — suggests little change is required today, also.

Every other finance news outlet has spoken of the bounce in US stocks. But you know better, because you know how to read candles. 🧐

Wednesday’s candle was far from a convincing and decisive demand-side controlled move. Yes, the Comp was up like the finance journo’s noticed, but we note that decent upward pointing shadow that hints of sell the rally… and not “Phew, TACO, quick, let’s get back in!!!”

Next, consider that the top of Wednesday’s candle didn’t bridge the gap-down created by Tuesday's candle — we’re still a long way from a full recovery of Tuesday’s panic.

Net-net, as far as D vs S goes, the damage to P is real — and it’s concerning.

The top of Wednesday's candle tipped perfectly (as is so often the case!) the now-dynamic supply of the short term trend ribbon — which has neutralised. ⚠️

It also failed to breach latent supply at two small troughs (not labelled due to chart clutter) at 23353 on 8-Jan and 23306 on 14-Jan. Remember, previous points of demand, once consumed, have a tendency to act as a point of supply down the track (More Often Than Not!).

I know what you’re thinking: What does it all mean Basil!? 🤷

The short term uptrend is broken. Net-net, this latest episode of Trumpigans (“Trump” + “shenanigans”) has done some meaningful damage to the short term demand-supply dynamic. Wednesday’s candle is not the relief rally that the mainstream financial media purport, but rather it’s symptomatic of the prior day’s shift towards short term supply-side control.

We are falling peaks and falling troughs. That cannot be ignored either — because it smacks of sell the rally and run away from the dip. It’s inconsistent with FOMO + HOFU = the two critical driving forces of a bull market. ❌

We want rising peaks and rising troughs = FOMO + HOFU into rallies and buy the dip. ✅

In conclusion, can I suggest that Tuesday’s low of 22916 is now a mini go-no-go point for the short term trend. A close below that, and it will confirm short term supply-side control. Above it, and the damage can continue to be limited — or undone — if the news allows.

View

I am on hold for the addition of new long-side portfolio risk, but officially, remain at my 2/3RP portfolio risk limit 🪣 (RP = Risk Position — it reflects my personal allowable capital allocation limit for my investments in US stocks. So 1/2RP is 50%, 2/3RP is 67% and FRP is 100%). A close below 22692 would trigger a move to 1/2RP.

Key levels

After 22916, the next point of demand is 22692. If the Comp closes below that price, we can assume the supply side is in control. On a close below 21898 long term uptrend is likely under significant pressure = ⚠️. 23722-24020 is the nearest critical zone of supply — the Comp must close within this zone with a strong demand-side candle to confirm the demand-side is unequivocally back in control of the Comp's price.

S&P/ASX 200 (XJO)

Analysis

Well done Old Tin Pot! 🏆

A nice demand-side showing today: decent white body, close near high… largely demand-side controlled from start to finish. Average volume… i.e., a bit of demand out there took out a bit of supply. ✅

Add in the fact that we have a new trough at yesterday’s low of 8765 — nicely higher than 8675 — which itself is nicely higher than 8547-62. ✅

Plus, the short term uptrend ribbon appears to be doing its job of acting as a zone of dynamic demand, not to mention the fact that it and the long term trend ribbon appear to be trundling nicely higher.

Compared to the uncertainty in the Comp’s technicals, it seems to be largely plain sailing here! ⛵

8916 is obviously going to take a little work to crack — and we’ll watch the candles and volume very closely there for signs the supply-side is making a stand (i.e., black-bodied candles and or upward pointing shadows, particularly on above-average volume). Otherwise, assuming we can consume that level — there’s nothing much in the way up to 9110-16.

Who would have thunk it!? The OTP arguably looks its best in about 3-months! 🤯

View

I remain comfortable at 2/3RP 🪣 (i.e., my personal allowable capital allocation limit for my investments in Australian stocks is now 67%).

Key levels

The short term trend ribbon is the closest zone of (dynamic) demand (presently 8749-8773). 8765 is the new closest static point of demand. A close below the short term uptrend ribbon would neutralise the present short term uptrend, while a close below the 8675 point of demand almost certainly would end it. After 8916, the October all-time highs around 9110-9116 is the next key zone of supply.

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Economy

Today

• 11:30 AUD December Unemployment Data

  • Employment change: +65.2k m/m vs +28.3k m/m forecast vs -28.7k m/m in December

  • Rate: +4.1% vs 4.4% forecast and 4.3% in November

  • Participation rate: 66.7% and unemployed people -30k

  • Hours worked: +0.4%, monthly hours topped 2 billion for the first time

  • Comment: Employment growth was well ahead of expectations, and hours worked hit a fresh record.

Later this week

Friday

• 00:30 USA September Final Gross Domestic Product (GDP) (+4.3% q/q forecast vs +4.3% q/q previous)

• 00:30 USA Core Personal Consumption Expenditures (PCE) Price Index (+0.2% m/m forecast)

• 09:00 AUD January Flash Purchasing Managers Index (PMI) (51.6 m/m in December)

  • Manufacturing: previous 51.6

  • Services: previous 51.1

Saturday

• 01:15 USA January Flash PMI

  • Manufacturing: previous 51.6

  • Services: previous 51.1

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Latest News

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Interesting Movers

Trading higher

• +26.4% Atomic Eagle (AEU) – Continued positive response to 21-Jan Shallow mineralisation intersected at Muntanga East.

• +16.0% Echoiq (EIQ) – No news, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +13.0% Weebit Nano (WBT) – No news, rise is consistent with prevailing short and long term uptrends, a recent regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +11.5% EQ Resources (EQR) – No news, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +9.9% Premier Investments (PMV) – No news, general strength across the broader Consumer Discretionary sector today.

• +9.5% Droneshield (DRO) – No news, general strength across the broader Defence sector today, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +9.3% Elsight (ELS) – No news, general strength across the broader Defence sector today.

• +8.3% Pmet Resources (PMT) – Wide, High-Grade Lithium Intercepts at Vega Zone, general strength across the broader Lithium sector today.

• +7.0% Electro Optic Systems Holdings (EOS) – No news, general strength across the broader Defence sector today.

• +6.9% Elevate Uranium (EL8) – No news since 21-Jan Quarterly Activities/Appendix 5B Cash Flow Report, general strength across the broader Uranium sector today.

• +6.7% Lotus Resources (LOT) – No news, general strength across the broader Uranium sector today.

• +5.8% Beach Energy (BPT) – Continued positive response to 21-Jan FY26 Second Quarter Activities Report, general strength across the broader Energy sector today.

• +5.3% Bank of Queensland (BOQ) – No news, upgraded by Macquarie and UBS, see Broker Moves, general strength across the broader Banks sector today, .

• +5.3% Santos (STO) – 2025 Santos Fourth Quarter Report, general strength across the broader Energy sector today.

• +5.3% South32 (S32) – December 2025 Quarterly Report, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +5.1% Eagers Automotive (APE) – No news, general strength across the broader Consumer Discretionary sector today, rise is consistent with prevailing short and long term uptrends, a recent regular in ChartWatch ASX Scans Uptrends list 🔎📈

Trading lower

• -12.5% Hillgrove Resources (HGO) – Quarterly Report and Appendix 5B for 31 December 2025.

• -11.2% Pantoro Gold (PNR) – Quarterly Activities/Appendix 5B Cash Flow Report and Change in substantial holding (Regal Partners Funds Management 9.05% from 10.1%), general weakness across the broader Precious Metals sector today.

• -9.9% Vault Minerals (VAU) – No news, general weakness across the broader Precious Metals sector today.

• -9.7% Southern Palladium (SPD) – No news, general weakness across the broader Precious Metals sector today.

• -8.9% Argent Minerals (ARD) – No news, general weakness across the broader Precious Metals sector today.

• -8.7% Emerald Resources (EMR) – No news, general weakness across the broader Precious Metals sector today.

• -8.4% Northern Star Resources (NST) – December 2025 Quarterly Activities Report, general weakness across the broader Precious Metals sector today.

• -8.2% Meeka Metals (MEK) – No news, general weakness across the broader Precious Metals sector today.

• -7.8% Regis Resources (RRL) – Quarterly Activities Report, general weakness across the broader Precious Metals sector today.

• -7.4% Kelly Partners Group Holdings (KPG) – No news, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -7.2% Ora Banda Mining (OBM) – No news, general weakness across the broader Precious Metals sector today.

• -6.5% Bellevue Gold (BGL) – No news, general weakness across the broader Precious Metals sector today.

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Broker Moves

Life360 Inc (360)

• Retained at outperform at RBC Capital Markets; Price Target: $49.00 from $51.00

Amplitude Energy (AEL)

• Retained at buy at Euroz Hartleys; Price Target: $4.40

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

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

ALS (ALQ)

• Downgraded to hold from accumulate at Ord Minnett; Price Target: $24.10

Amcor Plc (AMC)

• Upgraded to buy from hold at Ord Minnett; Price Target: $73.50 from $70.50

Aurelia Metals (AMI)

• Retained at buy at Ord Minnett; Price Target: $0.50 from $0.45

ANZ Group Holdings (ANZ)

• Retained at sell at UBS; Price Target: $35.00 from $30.00

Amotiv (AOV)

• Retained at outperform at RBC Capital Markets; Price Target: $11.50

Eagers Automotive (APE)

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

ARB Corporation (ARB)

• Retained at outperform at RBC Capital Markets; Price Target: $40.00 from $47.50

Articore Group (ATG)

• Retained at sector perform at RBC Capital Markets; Price Target: $0.50 from $0.40

Adveritas (AV1)

• Retained at buy at Bell Potter; Price Target: $0.22 from $0.23

Accent Group (AX1)

• Retained at sector perform at RBC Capital Markets; Price Target: $1.20

Bapcor (BAP)

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

Baby Bunting Group (BBN)

• Retained at sector perform at RBC Capital Markets; Price Target: $2.60 from $2.70

Bendigo and Adelaide Bank (BEN)

• Retained at neutral at UBS; Price Target: $10.95

Bank of Queensland (BOQ)

• Upgraded to neutral from underperform at Macquarie; Price Target: $6.50 from $5.90

• Upgraded to buy from sell at UBS; Price Target: $7.50 from $6.75

Beach Energy (BPT)

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

• Retained at buy at Canaccord Genuity; Price Target: $1.26 from $1.30

• Retained at sell at Citi; Price Target: $1.00

• Retained at hold at CLSA; Price Target: $1.05 from $1.10

• Retained at underperform at Macquarie; Price Target: $0.80 from $0.76

• Retained at underweight at Morgan Stanley; Price Target: $1.12

• Retained at neutral at UBS; Price Target: $1.15

Breville Group (BRG)

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

BlueScope Steel (BSL)

• Retained at outperform at RBC Capital Markets; Price Target: $29.50 from $26.75

Brambles (BXB)

• Upgraded to neutral from sell at Jarden; Price Target: $23.10 from $22.10

CAR Group (CAR)

• Retained at outperform at RBC Capital Markets; Price Target: $41.00

Commonwealth Bank of Australia (CBA)

• Retained at sell at UBS; Price Target: $125.00

Cettire (CTT)

• Retained at underperform at RBC Capital Markets; Price Target: $0.20

Cedar Woods Properties (CWP)

• Retained at buy at Shaw and Partners; Price Target: $9.40 from $9.35

Catalyst Metals (CYL)

• Retained at buy at Morgans; Price Target: $12.51 from $10.58

Downer EDI (DOW)

• Retained at outperform at Macquarie; Price Target: $8.50

• Retained at accumulate at Ord Minnett; Price Target: $8.85 from $8.45

DroneShield (DRO)

• Retained at buy at Bell Potter; Price Target: $5.00 from $4.40

Elsight (ELS)

• Retained at buy at Bell Potter; Price Target: $4.60 from $3.60

EML Payments (EML)

• Retained at outperform at RBC Capital Markets; Price Target: $1.40

Electro Optic Systems Holdings (EOS)

• Retained at buy at Bell Potter; Price Target: $12.00 from $9.00

Evolution Mining (EVN)

• Retained at hold at Canaccord Genuity; Price Target: $13.85 from $13.75

• Retained at neutral at Citi; Price Target: $14.40 from $12.70

• Retained at underperform at Jefferies; Price Target: $9.90

• Retained at neutral at JPMorgan; Price Target: $14.00

• Retained at underperform at Macquarie; Price Target: $10.20 from $10.10

• Retained at trim at Morgans; Price Target: $13.20 from $11.10

• Retained at underperform at RBC Capital Markets; Price Target: $10.10 from $10.00

• Retained at sell at UBS; Price Target: $12.20 from $10.70

Flight Centre Travel Group (FLT)

• Retained at outperform at RBC Capital Markets; Price Target: $16.00

G8 Education (GEM)

• Retained at outperform at RBC Capital Markets; Price Target: $1.30

GQG Partners Inc. (GQG)

• Retained at outperform at RBC Capital Markets; Price Target: $2.50 from $3.00

Helia Group (HLI)

• Retained at underperform at Macquarie; Price Target: $3.95

Healius (HLS)

• Downgraded to underperform from hold at Jefferies; Price Target: $0.81 from $0.78

HUB24 (HUB)

• Retained at hold at Morgans; Price Target: $110.60

• Retained at sector perform at RBC Capital Markets; Price Target: $100.00

Judo Capital Holdings (JDO)

• Retained at buy at UBS; Price Target: $2.20

Kogan.com (KGN)

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

LinQ Minerals (LNQ)

• Retained at speculative buy at Bell Potter; Price Target: $0.90 from $0.44

Lovisa Holdings (LOV)

• Retained at underperform at RBC Capital Markets; Price Target: $26.00

Lynas Rare Earths (LYC)

• Retained at buy at Canaccord Genuity; Price Target: $18.10 from $15.55

• Retained at outperform at CLSA; Price Target: $17.90 from $16.20

• Retained at hold at Jefferies; Price Target: $15.00 from $14.50

• Retained at neutral at JPMorgan; Price Target: $15.75 from $15.50

• Retained at outperform at Macquarie; Price Target: $17.50 from $17.00

• Retained at sell at Ord Minnett; Price Target: $11.00 from $10.50

• Retained at buy at UBS; Price Target: $17.70

Mader Group (MAD)

• Retained at outperform at Macquarie; Price Target: $10.40

MAAS Group Holdings (MGH)

• Retained at outperform at Macquarie; Price Target: $5.55

Monadelphous Group (MND)

• Retained at outperform at Macquarie; Price Target: $31.00 from $26.36

Macquarie Group (MQG)

• Upgraded to buy from neutral at UBS; Price Target: $235.00 from $225.00

National Australia Bank (NAB)

• Upgraded to outperform from neutral at Macquarie; Price Target: $45.00 from $39.00

• Upgraded to buy from neutral at UBS; Price Target: $47.00 from $42.50

New Murchison Gold (NMG)

• Downgraded to hold from buy at Argonaut Securities; Price Target: $0.07 from $0.06

NRW Holdings (NWH)

• Retained at outperform at Macquarie; Price Target: $6.05

Netwealth Group (NWL)

• Retained at buy at Citi; Price Target: $29.80

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

NEXTDC (NXT)

• Retained at outperform at Macquarie; Price Target: $22.30 from $20.90

Orora (ORA)

• Retained at hold at Ord Minnett; Price Target: $2.00

Paladin Energy (PDN)

• Downgraded to sell from hold at Argonaut Securities; Price Target: $10.50

• Retained at buy at Bell Potter; Price Target: $15.30 from $12.50

• Retained at buy at Canaccord Genuity; Price Target: $13.60 from $12.70

• Retained at neutral at Macquarie; Price Target: $12.35 from $11.10

• Retained at overweight at Morgan Stanley; Price Target: $14.45 from $12.05

• Retained at sell at Ord Minnett; Price Target: $9.75 from $7.50

• Retained at sector perform at RBC Capital Markets; Price Target: $9.50

Premier Investments (PMV)

• Upgraded to outperform from neutral at Macquarie; Price Target: $16.20

Pinnacle Investment Management Group (PNI)

• Retained at outperform at RBC Capital Markets; Price Target: $25.50

Pepper Money (PPM)

• Retained at outperform at RBC Capital Markets; Price Target: $2.30

Praemium (PPS)

• Retained at buy at Bell Potter; Price Target: $1.10 from $1.05

• Retained at buy at Canaccord Genuity; Price Target: $1.30

• Retained at buy at Moelis Australia; Price Target: $1.07

• Retained at buy at Ord Minnett; Price Target: $1.15

• Retained at outperform at RBC Capital Markets; Price Target: $1.05

Perenti (PRN)

• Retained at outperform at Macquarie; Price Target: $2.65

QBE Insurance Group (QBE)

• Retained at overweight at Morgan Stanley; Price Target: $22.80

Qoria (QOR)

• Retained at outperform at RBC Capital Markets; Price Target: $0.60 from $0.70

Redox (RDX)

• Retained at overweight at Morgan Stanley; Price Target: $3.50

Rio Tinto (RIO)

• Retained at outperform at CLSA; Price Target: $165.00 from $164.00

• Retained at buy at Goldman Sachs; Price Target: $160.00 from $160.30

• Retained at overweight at Morgan Stanley; Price Target: $6090.00

• Downgraded to hold from accumulate at Ord Minnett; Price Target: $150.00

• Retained at sector perform at RBC Capital Markets; Price Target: $137.00 from $134.00

SiteMinder (SDR)

• Retained at outperform at RBC Capital Markets; Price Target: $7.50

Sims (SGM)

• Retained at sector perform at RBC Capital Markets; Price Target: $19.25 from $17.00

SRG Global (SRG)

• Downgraded to accumulate from buy at Ord Minnett; Price Target: $3.20 from $3.15

Service Stream (SSM)

• Retained at outperform at Macquarie; Price Target: $2.70

Temple & Webster Group (TPW)

• Retained at outperform at RBC Capital Markets; Price Target: $19.00

Universal Store Holdings (UNI)

• Retained at sector perform at RBC Capital Markets; Price Target: $9.30 from $8.90

Vault Minerals (VAU)

• Downgraded to hold from buy at Canaccord Genuity; Price Target: $6.45

• Retained at neutral at Goldman Sachs; Price Target: $6.55 from $6.30

• Retained at neutral at Jarden; Price Target: $3.70 from $3.75

• Downgraded to neutral from outperform at Macquarie; Price Target: $6.50 from $7.00

• Retained at buy at Ord Minnett; Price Target: $7.40 from $7.10

• Retained at outperform at RBC Capital Markets; Price Target: $6.70 from $6.55

• Retained at buy at UBS; Price Target: $7.75 from $6.60

Ventia Services Group (VNT)

• Retained at outperform at Macquarie; Price Target: $6.50 from $5.50

• Downgraded to hold from accumulate at Ord Minnett; Price Target: $5.85 from $5.25

Vulcan Steel (VSL)

• Retained at sector perform at RBC Capital Markets; Price Target: $7.00 from $6.25

Westpac Banking Corporation (WBC)

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

Westgold Resources (WGX)

• Retained at buy at Argonaut Securities; Price Target: $12.00 from $10.30

• Retained at buy at Canaccord Genuity; Price Target: $8.35 from $8.10

• Retained at buy at Goldman Sachs; Price Target: $8.85 from $8.34

• Retained at outperform at Macquarie; Price Target: $8.20 from $7.40

• Retained at buy at Ord Minnett; Price Target: $8.65 from $7.65

• Retained at outperform at RBC Capital Markets; Price Target: $8.20 from $7.70

Worley (WOR)

• Retained at outperform at Macquarie; Price Target: $15.62 from $15.75

• Retained at buy at Ord Minnett; Price Target: $16.45 from $16.50

Wisetech Global (WTC)

• Upgraded to overweight from neutral at Jarden; Price Target: $74.00

Xero (XRO)

• Retained at buy at Citi; Price Target: $210.00

Zip Co (ZIP)

• Retained at outperform at RBC Capital Markets; Price Target: $5.25

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