Market Wraps

Evening Wrap: ASX 200 recoups early losses as major banks push higher, tech stocks pull back

Wed 06 Mar 24, 6:00pm (AEST)

The S&P/ASX 200 closed 9 points higher, up 0.12%.

The Australian stock market overcame early losses to post a slight gain. Major banks pulled the index higher while tech stocks gave back some of their recent gains due to weakness in US tech stocks.

Let's dive in!


Today in Review

Wed 06 Mar 24, 3:44pm (AEST)

Name Value % Chg
Major Indices
ASX 200 7,726.2 +0.03%
All Ords 7,981.8 -0.08%
Small Ords 3,020.1 -0.52%
All Tech 3,047.5 -1.24%
Emerging Companies 2,044.7 -0.34%
Currency
AUD/USD 0.6513 +0.15%
US Futures
S&P 500 5,089.25 +0.07%
Dow Jones 38,600.0 -0.02%
Nasdaq 17,978.25 +0.27%
Name Value % Chg
Sector
Financials 7,319.5 +0.60%
Utilities 7,975.8 +0.52%
Real Estate 3,586.7 +0.43%
Energy 10,445.0 +0.34%
Industrials 7,042.3 +0.23%
Consumer Discretionary 3,530.6 +0.11%
Health Care 42,329.0 -0.13%
Communication Services 1,567.9 -0.48%
Materials 17,779.2 -0.56%
Consumer Staples 11,942.8 -0.64%
Information Technology 2,244.2 -1.61%

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ASX 200 Session Chart

2024-03-06 17 51 22-S&P ASX 200 (LIVE DATA) Share Prices & Charts - Market Index
ASX 200 recovered from a weak start to finish higher and near best levels (Source: Market Index)

Markets

Today's Evening Wrap is an overview only due to Kerry and Carl being assigned to other projects this afternoon.

  • ASX 200 finished higher, up from session lows of -0.38%

  • ASX 200 slightly eased following the weaker-than-expected 4Q23 GDP data but started to trend higher from 1:00 pm AEDT onwards

  • Intraday turnaround was driven by a notable turnaround in heavyweight banks – The big four banks opened around breakeven and finished around 1.0% higher

  • Technology stocks led to the downside following a weak lead from the Nasdaq

  • Major tech losers include Dicker Data (-10.0%), Iress (-6.0%), Life360 (-5.0%), Wisetech Global (-2.6%) and Technology One (-2.4%)

Economy

Today

  • AU GDP December Quarter +0.2% (vs forecast +0.2% & September +0.3% upgraded from initial +0.2% estimate)

Later this week

  • Thursday

    • 02:00 US Speech by Federal Reserve Chairman Jerome Powell

    • 02:00 US JOLTS Job Openings January (forecast 8.8M vs 9.03M December)

  • Friday

    • 00:15 ECB Meeting & Monetary Policy Statement (forecast no change at 4.5%)

    • 02:00 US Federal Reserve Chairman Jerome Powell semiannual monetary policy testimony to a House committee

  • Saturday

    • 00:30 US Non-Farm Employment Change February (forecast +198K vs 353K January), Unemployment Rate (forecast 3.7% vs 3.7% January), & Average Hourly Earnings (forecast +0.2% vs +0.6% January)

    • 12:30 CHN Consumer Price Index (CPI) February (forecast +0.3% vs -0.8% January)

    • 12:30 CHN Producer Price Index (PPI) February (forecast -2.5% vs -2.5% January)


Latest News


Interesting Movers

Trading higher

Trading lower


Broker Notes

  • Audinate Group (AD8) retained at at Macquarie; Price Target: $17.90

  • Aeris Resources (AIS) retained at buy at Bell Potter; Price Target: $0.23

  • Altium (ALU) downgraded at at Macquarie; Price Target: $68.50

  • ASX (ASX) retained at underweight at Morgan Stanley; Price Target: $53.50

  • BHP Group (BHP)

    • Retained at outperform at Macquarie; Price Target: $48.00

    • Retained at neutral at UBS; Price Target: $45.00 from $44.00

  • Boral (BLD) retained at neutral at Jarden; Price Target: $5.80

  • Credit Corp Group (CCP) retained at neutral at Macquarie; Price Target: $18.32 from $16.89

  • Champion Iron (CIA) retained at outperform at Macquarie; Price Target: $9.20

  • Delta Lithium (DLI) initiated at neutral at Barrenjoey; Price Target: $0.30

  • Deterra Royalties (DRR) retained at neutral at Macquarie; Price Target: $4.80

  • Elders (ELD) retained at buy at Shaw and Partners; Price Target: $10.00 from $9.00

  • Evolution Mining (EVN) retained at buy at UBS; Price Target: $3.65 from $3.50

  • Fortescue (FMG) retained at underperform at Macquarie; Price Target: $18.50

  • Graincorp Class A (GNC) retained at buy at Bell Potter; Price Target: $9.30

  • Healius (HLS) retained at sell at Citi; Price Target: $1.10

  • Magellan Financial Group (MFG) retained at underweight at Morgan Stanley; Price Target: $7.85

  • Mount Gibson Iron (MGX) retained at outperform at Macquarie; Price Target: $0.55

  • Mineral Resources (MIN)

    • Retained at outperform at Macquarie; Price Target: $75.00

    • Retained at sell at UBS; Price Target: $60.00 from $51.00

  • Megaport (MP1) retained at at Macquarie; Price Target: $15.90

  • Medibank Private (MPL)

    • Retained at hold at Citi; Price Target: $3.80

    • Retained at neutral at Goldman Sachs; Price Target: $3.70

    • Retained at neutral at Macquarie; Price Target: $3.60

  • Macquarie Group (MQG) retained at overweight at Morgan Stanley; Price Target: $202.00

  • NIB Holdings (NHF)

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

    • Retained at buy at Goldman Sachs; Price Target: $8.10

    • Retained at neutral at Macquarie; Price Target: $7.30

  • Nextdc (NXT) retained at at Macquarie; Price Target: $20.00

  • Orica (ORI) retained at buy at Jarden; Price Target: $17.75

  • Perpetual (PPT) retained at overweight at Morgan Stanley; Price Target: $27.70

  • Platinum Asset Management (PTM)

    • Upgraded to hold from sell at Bell Potter; Price Target: $1.13 from $0.84

    • Retained at underweight at Morgan Stanley; Price Target: $1.30

  • QBE Insurance Group (QBE) retained at overweight at Morgan Stanley; Price Target: $19.80

  • Rio Tinto (RIO)

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

    • Retained at neutral at UBS; Price Target: $127.00 from $125.00

  • South32 (S32) retained at buy at UBS; Price Target: $4.00 from $3.95

  • Sandfire Resources (SFR) retained at buy at UBS; Price Target: $8.85 from $7.60

  • Sigma Healthcare (SIG) initiated overweight at Barrenjoey; Price Target: $1.30

  • Technology One (TNE) retained at at Macquarie; Price Target: $16.80

  • Wildcat Resources (WC8) initiated at overweight at Barrenjoey; Price Target: $0.80

  • Wisetech Global (WTC) retained at at Macquarie; Price Target: $81.90

  • Xero (XRO)

    • Retained at buy at Citi; Price Target: $159.00 from $129.40

    • Downgraded to neutral from overweight at Craigs Investment Partners; Price Target: $124.73


Scans

Top Gainers

Code Company Last % Chg
NME NEX Metals Explor... $0.025 +92.31%
GSN Great Southern Mi... $0.028 +33.33%
SLZ Sultan Resources Ltd $0.018 +28.57%
DXB Dimerix Ltd $0.28 +27.27%
ARV Artemis Resources... $0.019 +26.67%
View all top gainers

Top Fallers

Code Company Last % Chg
WHK Whitehawk Ltd $0.036 -26.53%
CMO Cosmo Metals Ltd $0.04 -20.00%
ADC Acdc Metals Ltd $0.042 -19.23%
SEG Sports Entertainm... $0.19 -19.15%
SRX Sierra Rutile Hol... $0.094 -18.26%
View all top fallers

52 Week Highs

Code Company Last % Chg
DXB Dimerix Ltd $0.28 +27.27%
DEL Delorean Corporat... $0.066 +17.86%
SXG Southern Cross Go... $1.695 +14.92%
MCY Mercury NZ Ltd $6.74 +6.98%
OBM Ora Banda Mining Ltd $0.275 +5.77%
View all 52 week highs

52 Week Lows

Code Company Last % Chg
CMO Cosmo Metals Ltd $0.04 -20.00%
ADC Acdc Metals Ltd $0.042 -19.23%
ASQ Australian Silica... $0.038 -17.39%
DY6 DY6 Metals Ltd $0.05 -16.67%
LVH Livehire Ltd $0.033 -15.39%
View all 52 week lows

Near Highs

Code Company Last % Chg
CDA Codan Ltd $10.75 +3.37%
FGX Future Generation... $1.155 -0.86%
MQG Macquarie Group Ltd $193.34 +0.54%
CPU Computershare Ltd $25.65 +0.39%
DBI Dalrymple Bay Inf... $2.73 -0.73%
View all near highs

Relative Strength Index (RSI) Oversold

Code Company Last % Chg
TPG TPG Telecom Ltd $4.63 -1.07%
ZIM Zimplats Holdings... $16.02 -0.81%
NTD National Tyre & W... $0.535 +2.89%
STX Strike Energy Ltd $0.215 +4.88%
SGM Sims Ltd $12.08 +0.08%
View all RSI oversold

Written By

Carl Capolingua

Content Editor

Carl has over 30-years investing experience, helping investors navigate several bull and bear markets over this time. He is a well respected markets commentator who specialises in how the global macro impacts Australian and US equities. Carl has a passion for technical analysis and has taught his unique brand of price-action trend following to thousands of Aussie investors.

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