News | Market Wraps
Evening Wrap: ASX 200 rebounds over 130 points as investors snap up discounted bank, consumer and resources stocks
The S&P/ASX 200 closed 134.6 points higher, up 1.67%.
Mentioned
The S&P/ASX 200 closed 134.6 points higher, up 1.67%.
It was a complete about face from Friday’s deluge, but really, also from the consistent beating we’ve taken for the better part of the last 3 weeks.
Why? I have the definitive answer for you – well my hunch anyway.
All you have to do is 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 S&P/ASX 200 in today's ChartWatch.
Let's dive in!
Today in Review
Mon 23 Dec 24, 5:16pm (AEST)
Name | Value | % Chg |
|---|---|---|
Major Indices | ||
| ASX 200 | 8,201.6 | +1.67% |
| All Ords | 8,452.7 | +1.64% |
| Small Ords | 3,087.3 | +1.58% |
| All Tech | 3,829.3 | +1.67% |
| Emerging Companies | 2,245.5 | +1.13% |
Currency | ||
| AUD/USD | 0.6261 | +0.15% |
US Futures | ||
| S&P 500 | 6,031.0 | +0.49% |
| Dow Jones | 43,460.0 | +0.33% |
| Nasdaq | 21,727.5 | +0.75% |
Name | Value | % Chg |
|---|---|---|
Sector | ||
| Financials | 8,664.6 | +2.38% |
| Consumer Discretionary | 3,933.4 | +2.30% |
| Real Estate | 3,853.1 | +1.95% |
| Utilities | 9,031.1 | +1.67% |
| Industrials | 7,716.7 | +1.66% |
| Information Technology | 2,752.7 | +1.46% |
| Energy | 8,407.2 | +1.38% |
| Communication Services | 1,647.2 | +1.37% |
| Materials | 16,258.4 | +0.98% |
| Consumer Staples | 11,743.2 | +0.64% |
| Health Care | 44,621.7 | +0.57% |
Markets
ASX 200 Session Chart
The S&P/ASX 200 (XJO) finished 134.6 points higher at 8,201.6, 1.67 % from its session low and smack–bang on its session high. In the broader-based S&P/ASX 300 (XKO), advancers beat decliners by a comprehensive 251 to 30.
It was a complete about face from Friday’s deluge, but really, also from the consistent beating we’ve taken for the better part of the last 3 weeks.
Night vs Day.
Black vs White.
Literally, on the last point in terms of candles – and I have full technical analysis and opinions on today’s rally for you in ChartWatch below.
As for what happened in today’s trading session sector-wise, let’s start at the bottom and work our way up.
The worst performing sector today was Health Care (XHJ) with a 0.57% return. Nice. Resources (XJR) was third worst with 1.1% - you’d take that any day of the week – and even lowly Energy (XEJ) managed a 1.4% gain. Happy, happy days!
At the top of the pile were two of the sectors that have been at the top of the pile all year – Financials (XFJ) (+2.4%) and Consumer Discretionary (XDJ) (+2.3%). Banks, consumer stocks – can’t beat ‘em in 2024.
But interestingly, the third Amigo of the 2024-winners-by-a-long-shot-trio was a subtle laggard today – I am of course talking about Information Technology (XIJ) – with just a 1.5% gain.
Still, there’s very little Aussie investors can complain about today. Why the about-face?
Was it interest rates – who’s spike pre-and-post Fed meeting was largely responsible for this December of discontent?
Was it a renewed confidence in the prospects for the global economy in 2025…or perhaps a sprinkling of China stimulus talk (that’s worked pretty well at times this year!)?
Was it the old chestnut of “bargain hunting” as I’ve seen a rival financial journalism rag write in their wrap today? (It’s what you write when you have no idea why stocks rallied after a selloff!)
The answer: A bit of the first item, and none of the rest. Mainly, it’s just December shenanigans. Plain and simple.
They’ve kicked off – at the perfect time as trading volumes have dried up like Perth neighbourhood verges in the 43-degree December sun…😎
No doubt the fund managers who remain at their desks are going to tackle this Shenanigans Season with all the unabashed enthusiasm I’ve come to expect from them over my 30 years of observing Shenanigans Season!
Looking at today’s result: Bring it on, I say! 💪
Company | Last Price | Change $ | Change % | 1mo % | 1yr % |
|---|---|---|---|---|---|
Brainchip (BRN) | $0.300 | +$0.05 | +20.0% | +27.7% | +62.2% |
Bannerman Energy (BMN) | $2.90 | +$0.25 | +9.4% | +3.2% | +8.2% |
Deep Yellow (DYL) | $1.150 | +$0.075 | +7.0% | -9.1% | +13.9% |
Appen (APX) | $2.29 | +$0.14 | +6.5% | +9.6% | +231.9% |
Cettire (CTT) | $1.420 | +$0.085 | +6.4% | +20.3% | -49.1% |
Polynovo (PNV) | $2.06 | +$0.11 | +5.6% | +4.0% | +26.4% |
Iperionx (IPX) | $4.85 | +$0.25 | +5.4% | +10.2% | +277.4% |
MA Financial Group (MAF) | $5.90 | +$0.3 | +5.4% | -10.6% | +4.8% |
Opthea (OPT) | $0.725 | +$0.035 | +5.1% | +19.8% | +64.0% |
Super Retail Group (SUL) | $15.49 | +$0.73 | +4.9% | +6.8% | +1.6% |
Droneshield (DRO) | $0.655 | +$0.03 | +4.8% | -9.0% | +98.5% |
Ora Banda Mining (OBM) | $0.680 | +$0.03 | +4.6% | -8.7% | +216.3% |
Zip Co. (ZIP) | $2.96 | +$0.13 | +4.6% | -7.8% | +406.0% |
Mesoblast (MSB) | $2.53 | +$0.11 | +4.5% | +68.1% | +743.3% |
Metals Acquisition (MAC) | $17.79 | +$0.76 | +4.5% | -6.2% | 0% |
Tuas (TUA) | $6.10 | +$0.26 | +4.5% | +15.8% | +104.0% |
Bega Cheese (BGA) | $5.74 | +$0.24 | +4.4% | +8.9% | +66.4% |
Spartan Resources (SPR) | $1.325 | +$0.055 | +4.3% | +7.7% | +180.7% |
Bravura Solutions (BVS) | $2.17 | +$0.09 | +4.3% | +43.7% | +145.2% |
Botanix Pharmaceuticals (BOT) | $0.380 | +$0.015 | +4.1% | +18.8% | +153.3% |
Pilbara Minerals (PLS) | $2.15 | +$0.08 | +3.9% | -17.6% | -44.2% |
Silex Systems (SLX) | $4.92 | +$0.18 | +3.8% | -19.3% | +21.2% |
Chorus (CNU) | $8.00 | +$0.29 | +3.8% | -1.4% | +12.2% |
Nexgen Energy (NXG) | $11.49 | +$0.41 | +3.7% | -13.0% | +15.5% |
JB HI-FI (JBH) | $95.27 | +$3.37 | +3.7% | +5.8% | +85.2% |
Alcoa Corporation (AAI) | $60.93 | +$2.15 | +3.7% | -14.3% | 0% |
Accent Group (AX1) | $2.34 | +$0.08 | +3.5% | +4.0% | +15.8% |
Boss Energy (BOE) | $2.36 | +$0.08 | +3.5% | -23.1% | -42.9% |
Mirvac Group (MGR) | $1.955 | +$0.065 | +3.4% | -7.3% | -8.6% |
Block (SQ2) | $145.04 | +$4.82 | +3.4% | +2.0% | +26.2% |
Today’s best performing ASX stocks
Company | Last Price | Change $ | Change % | 1mo % | 1yr % |
|---|---|---|---|---|---|
WA1 Resources (WA1) | $12.48 | -$1.12 | -8.2% | -21.1% | +47.9% |
Clarity Pharmaceuticals (CU6) | $4.22 | -$0.33 | -7.3% | -25.7% | +155.0% |
GQG Partners (GQG) | $2.07 | -$0.1 | -4.6% | -6.3% | +21.4% |
Integral Diagnostics (IDX) | $2.91 | -$0.09 | -3.0% | +0.3% | +56.5% |
Arcadium Lithium (LTM) | $7.72 | -$0.12 | -1.5% | -4.7% | 0% |
Light & Wonder (LNW) | $137.45 | -$2.02 | -1.4% | -6.5% | +7.0% |
Gentrack Group (GTK) | $11.41 | -$0.15 | -1.3% | +18.9% | +86.7% |
Aussie Broadband (ABB) | $3.52 | -$0.03 | -0.8% | 0% | -7.4% |
Resmed Inc (RMD) | $36.50 | -$0.31 | -0.8% | -2.1% | +41.4% |
Karoon Energy (KAR) | $1.285 | -$0.01 | -0.8% | -7.9% | -37.9% |
Westgold Resources (WGX) | $2.87 | -$0.02 | -0.7% | +0.4% | +31.7% |
Graincorp (GNC) | $7.38 | -$0.05 | -0.7% | -5.8% | +0.9% |
Nufarm (NUF) | $3.56 | -$0.02 | -0.6% | -11.7% | -31.5% |
Telix Pharmaceuticals (TLX) | $24.62 | -$0.12 | -0.5% | +9.0% | +151.5% |
Ramelius Resources (RMS) | $2.15 | -$0.01 | -0.5% | +2.4% | +25.4% |
Perseus Mining (PRU) | $2.59 | -$0.01 | -0.4% | -3.4% | +38.5% |
Inghams Group (ING) | $3.07 | -$0.01 | -0.3% | -1.9% | -22.1% |
Ventia Services Group (VNT) | $3.57 | -$0.01 | -0.3% | -22.4% | +16.7% |
Orica (ORI) | $16.76 | -$0.04 | -0.2% | -6.9% | +0.8% |
Brickworks (BKW) | $25.77 | -$0.03 | -0.1% | -1.4% | -6.6% |
Today's worst performing ASX stocks (there weren't many of them, so what does it say about this sorry bunch!!!?
ChartWatch
S&P/ASX 200 (XJO)
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A big hello to all of our fund manager friends in Noosa 👋⛱️
The last time we covered the XJO was in ChartWatch in the Evening Wrap on 19 December.
In that update, I said “I reiterate, holding 8063-8149 is crucial, as is holding the long term uptrend ribbon which isn't far below”.
Today’s long white candle with its close smack-bang on the session high, is certainly a signal that’s consistent with emphatic demand-side control.
The Friday-today trough that’s now formed holds both the 8063-8149 zone of demand and the long term uptrend ribbon (BTW: How good is my long term uptrend ribbon!?).
Sure, we need some confirmation – potentially in the form of a higher trough and or a series of demand-side candles (i.e., those with white bodies and or downward pointing shadows). But, assuming we get those…we should in theory be OK from here. The Bull is market intact. Happy days are here to stay. Right?
Definitely maybe (remember, I don’t do predictions!).
Yes, today’s candle is a fantastic signal of very strong demand-side control – but I note it occurred on significantly below average volume. I’m still waiting for my data provider’s final update, but as at 4pm (i.e. no closing price auction), today’s ASX 200 volume was around 363 million shares versus the 3-month rolling average of 604 million shares. Last Monday (to give you an idea of a typical Monday) it was coincidentally a perfectly average 604 million shares.
Today’s lack of volume is no surprise. I can’t believe I’m around to write you this update! But it does undermine my confidence the voracity of today’s rally somewhat.
Not enough to write it off as simply holiday volatility, or as the customary end of year window dressing, but just enough for me to require some further and solid confirmation, as discussed above.
The reason I’m not going to discount today’s volume-price action combination – is because it can be formed simply due to a supply vacuum - and that's decidedly bullish.
A supply vacuum just means desperate buyers were willing to hoover up shares at increasingly higher prices and they encountered little engagement from sellers – possibly because the fund managers controlling that supply also agree being in stocks right now is a fantastic idea – or also possibly because the fund managers controlling that supply are in Bali, or Noosa, or Byron (or somewhere befitting of their juicy 2024 record-breaking-year-bonus checks…) ⛱️🚤
Time, candles, price action, and to a large degree – volume, will tell…
Economy
Today
There weren't any major data releases in our time zone today
Later this week
Tuesday
02:00 CB Consumer Confidence December (112.9 forecast vs 111.7 in November)
10:50 JPN Bank of Japan December Policy Meeting Minutes
11:30 AUS RBA December Meeting Minutes
Wednesday
00:20 USA Core Durable Goods Orders November (+0.3% m/m forecast vs +0.2% m/m in October)
02:00 USA New Home Sales November (666,000 forecast vs 610,000 in October)
Thursday
AUS, USA, UK & EUR Markets closed
Friday
03:00 JPN Tokyo Core CPI December y/y (+2.5% p.a. forecast vs +2.2% p.a. in November)
AUS, UK, & EUR Market closed
Latest News
Interesting Movers
Trading higher
+20.0% Brainchip (BRN) - No news, rise is consistent with prevailing short-term uptrend, long-term trend is transitioning from down to up, watch out for this one in tomorrow's ChartWatch ASX Scans Uptrends list 🔎📉
+10.3% Electro Optic Systems (EOS) - EOS announces $34m of new orders
+9.4% Bannerman Energy (BMN) - No news, broadly stronger ASX uranium sector today, I couldn't find a reason for it (uranium price was down again on Friday, US u-stocks were modestly higher - but nothing like local plays today 🤔)
+8.3% Lotus Resources (LOT) - Ditto big day out for ASX uranium sector…🤔
+7.0% Deep Yellow (DYL) - Ditto big day out for ASX uranium sector…🤔
+6.5% Appen (APX) - No news…🤔
+6.4% Cettire (CTT) - No news…🤔
+5.6% Polynovo (PNV) - First $A10m sales month
+5.4% Iperionx (IPX) - No news, rise is consistent with prevailing short and long-term uptrends, one of the most Featured stocks in ChartWatch ASX Scans Uptrends list in 2024 🔎📉
+5.4% MA Financial Group (MAF) - MA Financial Group 3Q24 Operating Update, also loves rising global markets…that likely helped a great deal today…also note bounced perfectly from long-term uptrend ribbon 🔎📈
Trading lower
-22.2% EML Payments (EML) - Leadership Changes
-8.2% WA1 Resources (WA1) - No news, fall is consistent with prevailing short-term downtrend, long-term trend is transitioning from up to down, watch out for this one in tomorrow's ChartWatch ASX Scans Downtrends list 🔎📉
-7.3% Clarity Pharmaceuticals (CU6) - No news, fall is consistent with prevailing short-term downtrend, long-term trend is transitioning from up to down, a recent regular in ChartWatch ASX Scans Downtrends list 🔎📉
-4.6% GQG Partners (GQG) - No news, fall is consistent with prevailing short-term downtrend, long-term trend is transitioning from up to down, watch out for this one in tomorrow's ChartWatch ASX Scans Downtrends list 🔎📉
-3.0% Integral Diagnostics (IDX) - Ceasing to be a substantial holder from MUFG and Ceasing to be a substantial holder (from Citi)
Broker Notes
Deep Yellow (DYL)
Retained at buy at Canaccord Genuity; Price Target: $1.90 from $1.92
Integral Diagnostics (IDX)
Retained at neutral at Citi; Price Target: $3.00
Paladin Energy (PDN)
Retained at buy at Shaw and Partners; Price Target: $15.40
Serko (SKO)
Retained at buy at Citi; Price Target: $4.25
Woodside Energy Group (WDS)
Retained at sell at Citi; Price Target: $21.50 from $23.00
Scans
Top Gainers
Code | Company | Last | % Chg |
|---|---|---|---|
| QEM | QEM Ltd | $0.054 | +58.82% |
| LM1 | Leeuwin Metals Ltd | $0.135 | +35.00% |
| MTM | MTM Critical Metals Ltd | $0.19 | +31.03% |
| NFM | New Frontier Minerals Ltd | $0.017 | +30.77% |
| SRI | Sipa Resources Ltd | $0.018 | +28.57% |
Top Fallers
Code | Company | Last | % Chg |
|---|---|---|---|
| C29 | C29 Metals Ltd | $0.049 | -47.31% |
| 8VI | 8VI Holdings Ltd | $0.03 | -25.00% |
| EML | EML Payments Ltd | $0.70 | -22.22% |
| MXO | Motio Ltd | $0.028 | -20.00% |
| IRX | Inhalerx Ltd | $0.032 | -15.79% |
52 Week Highs
Code | Company | Last | % Chg |
|---|---|---|---|
| LM1 | Leeuwin Metals Ltd | $0.135 | +35.00% |
| HIQ | HITIQ Ltd | $0.045 | +12.50% |
| SHG | Singular Health Group Ltd | $0.27 | +12.50% |
| ROG | Red Sky Energy Ltd | $0.012 | +9.09% |
| OCC | Orthocell Ltd | $1.31 | +5.65% |
52 Week Lows
Code | Company | Last | % Chg |
|---|---|---|---|
| C29 | C29 Metals Ltd | $0.049 | -47.31% |
| 8VI | 8VI Holdings Ltd | $0.03 | -25.00% |
| NWM | Norwest Minerals Ltd | $0.017 | -15.00% |
| 14D | 1414 Degrees Ltd | $0.025 | -13.79% |
| EMN | Euro Manganese Inc | $0.032 | -13.51% |
Near Highs
Code | Company | Last | % Chg |
|---|---|---|---|
| PCI | Perpetual Credit Income Trust | $1.175 | +0.43% |
| WVOL | Ishares MSCI World Ex Aust Minimum Volatility ETF | $42.26 | +0.84% |
| IPX | Iperionx Ltd | $4.85 | +5.44% |
| GCI | Gryphon Capital Income Trust | $2.07 | +0.98% |
| VVLU | Vanguard Global Value Equity Active ETF | $73.68 | +0.90% |
Relative Strength Index (RSI) Oversold
Code | Company | Last | % Chg |
|---|---|---|---|
| GRR | Grange Resources Ltd | $0.22 | 0.00% |
| FUEL | Betashares Global Energy Companies ETF - Currency Hedged | $6.08 | +1.33% |
| SEK | Seek Ltd | $22.78 | +1.97% |
| DUG | DUG Technology Ltd | $1.30 | +1.17% |
| CU6 | Clarity Pharmaceuticals Ltd | $4.22 | -7.25% |
