Evening Wrap: ASX 200 run stops at 10, by a whisker, as earnings bombs take out Inghams, Jumbo Interactive, and Accent

Oof...so close today...but our days in a row run stops at 10 this time!!!

Lots to get through today, including a bunch of earnings bombs and beats (plenty of +/-10% moves), as well as over 160 broker updates - such is earnings season.

For the last time in what was a rather productive week for the Aussie stock market...

Let's dive in!

Markets

ASX 200 Session Chart

The S&P/ASX 200 (XJO) finished 3.1 points lower at 8,013.8, 0.29% from its session low and just 0.04% from its high, and therefore about 0.05% from pushing its winning streak to 11. It's over 20 years since we've done 11, and the record stands at 12.

oof...so close for the ASX...but days in a row run stops at 10 this time!!!

As for market breadth, I'm surprised we got so close to breakeven today given that in the broader-based S&P/ASX 300 (XKO), advancers lagged decliners by 107 to 167.

For the week, the XJO finished up 52.8 points or 0.66% higher, 0.92% from its intraweek low and just 0.20% from its intraweek high.

It was a pretty quiet day on the surface as the Information Technology (XIJ) (+0.63%) sector led the way for the third straight session, with Health Care (XHJ) (+0.58%) and retail stocks not far off (Consumer Discretionary (XDJ) (+0.45%) and Consumer Staples (XSJ) (+0.41%)).

The best performing stocks from the strongest sectors today

At a sector level nothing really excelled, and to be fair nothing got really belted either. Utilities (XUJ) (-1.7%) wasn’t great, but that sector swings on Origin Energy (-2.0%) and AGL Energy (-1.3%), and both were down today.

The not-so-dynamic duo of Energy (XEJ) (-1.1%) and Resources (XJR) (-0.91%) were down again – hardly surprising to any investor suffering with holdings on those sectors. Lithium futures tanked again in China, dragging that sector down – there was a day and a half rally somewhere among them this week. Gold pulled back, iron ore and base metals prices leads were lousy overnight – all the usual stuff we've come to expect...

It was another tough day for energy and resources

It's nice to see a few speccies that have recently appeared in the Uptrends lists of my daily ChartWatch Scans doing well like Larvotto Resources (LRV), Elixir Energy (EXR), Waratah Minerals (WTM), and Santana Minerals (SMI). To be fair, there's also several in the top list such as LTR Pharma (LTP), Appen (APX), Breville Group (BRG), Guzman Y Gomez (GYG), and Codan (CDA).

Note, I put those lists out every morning before market open, including my favourite uptrends and downtrends based on my technical model. Worth a look if I say so myself!

Beneath the surface of a flat overall performance, there were many earnings bombs and beats triggering massive moves both ways. Check the Interesting Moves section below for full details, but +10% moves were common – and frustratingly with a few – against the prevailing trends (see Inghams Group (ING) (-20.2%), Accent Group (AX1) (-15.3%), and Mayne Pharma (MYX) (+11.2%).

Economy

Today

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

Later this week

Friday

• 00:00 USA Existing home sales July (3.92 million forecast vs 3.89 million June)

• ALL DAY USA Jackson Hole Symposium

Saturday

• 00:00 USA Federal Reserve Chairman Jerome Powell speech

• 00:00 USA New home sales July (628,000 forecast vs 617,000 June)

• ALL DAY USA Jackson Hole Symposium

Latest News

Interesting Movers

Trading higher

• +11.9% Fisher & Paykel Healthcare Corporation (FPH) - Profit Guidance, rise is consistent with prevailing short and long term uptrends 🔎📈

• +11.2% Mayne Pharma Group (MYX) - Appendix 4E and Full Year Statutory Accounts and 2024 Full Year Results Investor Presentation

• +6.6% IPH (IPH) - IPH Successfully Completes $100m Placement

• +6.2% Judo Capital (JDO) - Continued positive response to 20 Aug Judo FY24 Result Investor Presentation, rise is consistent with prevailing short and long term uptrends 🔎📈

• +6.2% Electro Optic Systems (EOS) - 2024 Half-year Results Reporting Date and Investor Call, rise is consistent with prevailing short and long term uptrends 🔎📈

• +6.1% Appen (APX) - Continued positive response to 30 Jul Q2 FY24 Quarterly Activity Report and Appendix 4C, rise is consistent with prevailing short term uptrend, long term uptrend is transitioning from down to up 🔎📈

• +5.1% Chalice Mining (CHN) - Board Changes and Corporate Update

• +5.0% Breville Group (BRG) - Continued positive response to 21 Aug Year Ended 30 June 2024 - Investor Presentation, rise is consistent with prevailing short and long term uptrends 🔎📈

• +5.0% DUG Technology (DUG) - Continued positive response to 22 Aug FY2024 Investor Presentation, retained at buy at Ord Minnett and Shaw and Partners (see Broker Notes section below), rise is consistent with prevailing short and long term uptrends 🔎📈

• +4.8% WA1 Resources (WA1) - No news, trying to hold above / bounce off long term uptrend ribbon 🔎📈

• +4.7% Droneshield (DRO) - Ditto WA1, both look interesting as turnaround plays here on the charts 🤔

• +3.6% Stockland (SGP) - Continued positive response to 22 Aug Stockland FY24 Results Presentation, retained at buy at Citi, at outperform at CLSA, and at overweight at Morgan Stanley plus two price target increases (see Broker Notes section below), rise is consistent with prevailing short and long term uptrends 🔎📈

• +3.3% Codan (CDA) - Continued positive response to 22 Aug FY24 Investor Presentation, retained at buy at UBS (see Broker Notes section below), rise is consistent with prevailing short and long term uptrends 🔎📈

• +3.2% Zip Co. (ZIP) - No news, rise is consistent with prevailing short and long term uptrends 🔎📈

Trading lower

• -20.2% Inghams Group (ING) - Appendix 4E and FY2024 Full Year Financial Report and ING FY2024 Full Year Results Presentation

• -16.2% Jumbo Interactive (JIN) - 2024 Annual Report and FY24 Results - Investor Presentation, fall is consistent with prevailing short term downtrend, long term downtrend is transitioning from down to down 🔎📉

• -15.3% Accent Group (AX1) - Preliminary Final Report and FY24 Full Year Investor Presentation

• -9.3% Brainchip (BRN) - Share Purchase Plan Results, fall is consistent with prevailing short and long term downtrends 🔎📉

• -9.2% Playside Studios (PLY) - Appendix 4E & Annual Report and FY24 Results Investor Presentation, fall is consistent with prevailing short term downtrend, long term downtrend is transitioning from down to down 🔎📉

• -8.3% Grange Resources (GRR) - Half Yearly Report and Accounts and Investor Presentation, fall is consistent with prevailing short and long term downtrends 🔎📉

• -8.1% Wildcat Resources (WC8) - No news, generally tough day for ASX lithium stocks as lithium futures once again plunged in China, whatever the reason, fall is consistent with prevailing short and long term downtrends 🔎📉

• -7.8% EQT (EQT) - Continued negative response to 22 Aug 2024 Full Year Results Presentation

• -7.4% Spark New Zealand (SPK) - Spark New Zealand Limited FY24 Results, fall is consistent with prevailing short and long term downtrends 🔎📉

• -7.2% Whitehaven Coal (WHC) - Continued negative response to 22 Aug FY24 Results Presentation, several price target cuts from the brokers today (see Broker Notes section below), fall is consistent with prevailing short and long term downtrends 🔎📈

• -7.0% Fletcher Building (FBU) - Fletcher Building Responds to BGC Legal Action Publicity and Commerce Commission Winstone Wallboards Investigation, fall is consistent with prevailing short and long term downtrends 🔎📉

Broker Notes

• AIC Mines (A1M)

  • Retained at buy at Ord Minnett; Price Target: $0.60

  • Retained at buy at Shaw and Partners; Price Target: $1.10 from $1.20

• ARN Media (A1N)

  • Downgraded to sell from neutral at UBS; Price Target: $0.51 from $0.65

• Acrow (ACF)

  • Retained at add at Morgans; Price Target: $1.30 from $1.43

  • Retained at buy at Ord Minnett; Price Target: $1.25 from $1.31

  • Retained at buy at Shaw and Partners; Price Target: $1.30

• Auckland International Airport (AIA)

  • Retained at buy at Citi; Price Target: NS$8.70 from NZ$9.20

  • Retained at outperform at Macquarie; Price Target: NS$9.13 from NS$9.22

• ANZ Group (ANZ)

  • Retained at underperform at Macquarie; Price Target: $26.50

• Australian Unity Office Fund (AOF)

  • Downgraded to hold from accumulate at Ord Minnett; Price Target: $1.32 from $1.37

• Eagers Automotive (APE)

  • Retained at buy at Bell Potter; Price Target: $13.00 from $13.35

  • Downgraded to hold from buy at Canaccord Genuity; Price Target: $11.00 from $11.70

  • Retained at sell at Citi; Price Target: $9.50 from $9.55

  • Retained at hold at Jefferies; Price Target: $10.60 from $10.40

  • Retained at neutral at Macquarie; Price Target: $10.50 from $10.60

  • Retained at overweight at Morgan Stanley; Price Target: $12.70 from $14.10

  • Retained at add at Morgans; Price Target: $14.10 from $14.35

  • Retained at buy at Ord Minnett; Price Target: $12.80

  • Retained at neutral at UBS; Price Target: $10.60 from $11.20

• Autosports Group (ASG)

  • Retained at outperform at Macquarie; Price Target: $2.80 from $3.10

  • Retained at buy at UBS; Price Target: $3.10

• AUB Group (AUB)

  • Retained at outperform at Macquarie; Price Target: $34.20 from $33.84

• Bendigo and Adelaide Bank (BEN)

  • Retained at underperform at Macquarie; Price Target: $9.25

• BHP Group (BHP)

  • Retained at buy at Citi; Price Target: $46.00 from $47.50

• Beacon Lighting Group (BLX)

  • Retained at add at Morgans; Price Target: $3.14 from $3.05

• Boss Energy (BOE)

  • Upgraded to buy from hold at Shaw and Partners; Price Target: $4.20 from $4.75

• Bank of Queensland (BOQ)

  • Retained at sell at Goldman Sachs; Price Target: $5.54 from $5.44

  • Retained at underweight at Morgan Stanley; Price Target: $5.70 from $5.60

  • Upgraded to hold from reduce at Morgans; Price Target: $6.18 from $5.24

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

• Breville Group (BRG)

  • Retained at outperform at Macquarie; Price Target: $35.10 from $28.60

• Brambles (BXB)

  • Retained at overweight at Morgan Stanley; Price Target: $20.00 from $16.60

  • Retained at buy at Ord Minnett; Price Target: $20.30 from $17.90

• Capitol Health (CAJ)

  • Retained at hold at Bell Potter; Price Target: $0.33

  • Downgraded to hold from buy at Canaccord Genuity; Price Target: $0.32 from $0.27

  • Retained at buy at Ord Minnett; Price Target: $0.32 from $0.33

• Commonwealth Bank of Australia (CBA)

  • Retained at underperform at Macquarie; Price Target: $95.00

• Codan (CDA)

  • Retained at neutral at Macquarie; Price Target: $14.60 from $11.15

  • Retained at buy at UBS; Price Target: $16.20 from $13.10

• Champion Iron (CIA)

  • Retained at buy at Citi; Price Target: $7.20 from $8.20

• Collins Foods (CKF)

  • Retained at neutral at Macquarie; Price Target: $8.30 from $10.80

  • Retained at add at Morgans; Price Target: $8.70 from $11.20

• Centuria Capital Group (CNI)

  • Retained at hold at Bell Potter; Price Target: $1.80 from $1.70

  • Upgraded to outperform from neutral at Macquarie; Price Target: $1.87 from $1.60

  • Retained at overweight at Morgan Stanley; Price Target: $2.03

  • Retained at sell at UBS; Price Target: $1.51

• Corporate Travel Management (CTD)

  • Retained at neutral at UBS; Price Target: $13.55 from $21.80

• Clearview Wealth (CVW)

  • Retained at add at Morgans; Price Target: $0.81 from $0.79

• DUG Technology (DUG)

  • Retained at buy at Ord Minnett; Price Target: $3.39 from $3.45

  • Retained at buy at Shaw and Partners; Price Target: $3.60 from $3.45

• Environmental Group (The) (EGL)

  • Retained at buy at Bell Potter; Price Target: $0.43 from $0.33

• Emeco (EHL)

  • Downgraded to neutral from overweight at Jarden; Price Target: $0.85 from $0.90

  • Retained at outperform at Macquarie; Price Target: $1.18 from $1.03

• EQT (EQT)

  • Retained at buy at Ord Minnett; Price Target: $37.50 from $37.00

• Fletcher Building (FBU)

  • Retained at underperform at Macquarie; Price Target: NZ$2.43 from NZ$2.56

  • Retained at equal-weight at Morgan Stanley; Price Target: $2.66 from $2.84

• Fineos Corporation (FCL)

  • Retained at outperform at Macquarie; Price Target: $2.11 from $2.22

• Firefly Metals (FFM)

  • Retained at buy at Shaw and Partners; Price Target: $1.10

• Fortescue (FMG)

  • Downgraded to neutral from buy at Citi; Price Target: $19.40 from $21.00

• G8 Education (GEM)

  • Retained at buy at Canaccord Genuity; Price Target: $1.46 from $1.43

  • Retained at outperform at Macquarie; Price Target: $1.38 from $1.35

  • Retained at buy at Moelis Australia; Price Target: $1.46

  • Retained at outperform at RBC Capital Markets; Price Target: $1.70

  • Retained at neutral at UBS; Price Target: $1.35 from $1.25

• Growthpoint Properties Australia (GOZ)

  • Retained at buy at Citi; Price Target: $2.60

  • Retained at neutral at Macquarie; Price Target: $2.35 from $2.24

• HMC Capital (HMC)

  • Retained at hold at Bell Potter; Price Target: $8.15 from $7.40

  • Retained at hold at Morgans; Price Target: $8.20 from $7.79

  • Retained at neutral at UBS; Price Target: $7.95

• Insignia Financial (IFL)

  • Retained at neutral at Citi; Price Target: $2.70 from $2.65

  • Retained at underweight at Morgan Stanley; Price Target: $2.21 from $2.25

• Iluka Resources (ILU)

  • Retained at buy at Ord Minnett; Price Target: $7.20 from $7.30

• IPH (IPH)

  • Retained at buy at Goldman Sachs; Price Target: $8.25 from $8.70

  • Retained at neutral at JP Morgan; Price Target: $7.00

  • Retained at overweight at Morgan Stanley; Price Target: $9.00

  • Retained at buy at UBS; Price Target: $8.00 from $8.50

• Lindsay Australia (LAU)

  • Retained at add at Morgan Stanley; Price Target: $1.15 from $1.20

  • Retained at buy at Ord Minnett; Price Target: $1.30 from $1.31

  • Retained at buy at Shaw and Partners; Price Target: $1.20

• MA Financial Group (MAF)

  • Retained at buy at Ord Minnett; Price Target: $7.00

  • Retained at buy at UBS; Price Target: $6.00 from $5.70

• MLG OZ (MLG)

  • Retained at buy at Ord Minnett; Price Target: $0.95 from $1.05

• Megaport (MP1)

  • Retained at positive at E&P; Price Target: $15.07 from $17.43

  • Retained at buy at Goldman Sachs; Price Target: $12.00 from $14.00

  • Retained at buy at Jefferies; Price Target: $13.40 from $17.51

  • Retained at outperform at Macquarie; Price Target: $13.60 from $15.50

  • Retained at equal-weight at Morgan Stanley; Price Target: $12.50

  • Retained at add at Morgans; Price Target: $12.50 from $13.50

  • Retained at accumulate at Ord Minnett; Price Target: $10.00 from $12.50

  • Downgraded to sector perform from outperform at RBC Capital Markets; Price Target: $11.00 from $15.00

  • Downgraded to neutral from buy at UBS; Price Target: $10.15 from $15.85

• Medibank Private (MPL)

  • Retained at neutral at Citi; Price Target: $3.90 from $3.80

  • Retained at neutral at Goldman Sachs; Price Target: $4.00

  • Retained at neutral at Macquarie; Price Target: $3.85 from $3.70

  • Retained at accumulate at Ord Minnett; Price Target: $4.25 from $4.15

  • Retained at buy at UBS; Price Target: $4.30 from $4.20

• Monash IVF Group (MVF)

  • Retained at outperform at Macquarie; Price Target: $1.50 from $1.55

  • Retained at add at Morgans; Price Target: $1.54 from $1.55

  • Retained at accumulate at Ord Minnett; Price Target: $1.25 from $1.50

• National Australia Bank (NAB)

  • Retained at underperform at Macquarie; Price Target: $32.50

• Northern Star Resources (NST)

  • Retained at neutral at Goldman Sachs; Price Target: $13.70 from $14.10

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

  • Retained at equal-weight at Morgan Stanley; Price Target: $14.35

  • Retained at hold at Ord Minnett; Price Target: $13.90 from $13.50

  • Retained at buy at UBS; Price Target: $16.00

• Objective Corporation (OCL)

  • Retained at neutral at Goldman Sachs; Price Target: $13.75

  • Retained at buy at Shaw and Partners; Price Target: $14.40

• Pointsbet (PBH)

  • Retained at buy at Bell Potter; Price Target: $0.66 from $0.63

  • Retained at buy at Ord Minnett; Price Target: $0.85 from $0.90

• Patriot Battery Metals (PMT)

  • Retained at buy at Bell Potter; Price Target: $0.90 from $0.80

  • Retained at outperform at Macquarie; Price Target: $0.90

  • Retained at buy at Shaw and Partners; Price Target: $1.80

• Peter Warren Automotive (PWR)

  • Upgraded to neutral from sell at Citi; Price Target: $1.70

  • Retained at equal-weight at Morgan Stanley; Price Target: $1.80

• Qualitas (QAL)

  • Retained at add at Morgan Stanley; Price Target: $3.20 from $3.10

• Qube (QUB)

  • Retained at buy at Citi; Price Target: $4.40 from $4.15

  • Retained at neutral at E&P; Price Target: $3.72 from $3.65

  • Retained at buy at Goldman Sachs; Price Target: $4.20 from $4.50

  • Downgraded to neutral from overweight at Jarden; Price Target: $3.85 from $4.00

  • Retained at overweight at JP Morgan; Price Target: $4.10 from $3.90

  • Retained at accumulate at Ord Minnett; Price Target: $4.01 from $3.87

  • Upgraded to sector perform from underperform at RBC Capital Markets; Price Target: $4.10 from $3.80

  • Retained at buy at UBS; Price Target: $4.15

• Redox (RDX)

  • Retained at accumulate at Ord Minnett; Price Target: $3.08 from $3.14

  • Retained at buy at UBS; Price Target: $3.40 from $3.45

• Rio Tinto (RIO)

  • Retained at neutral at Citi; Price Target: $123.00 from $128.00

• Regis Resources (RRL)

  • Retained at buy at Bell Potter; Price Target: $2.02 from $1.85

  • Retained at neutral at Citi; Price Target: $1.85 from $1.80

  • Retained at neutral at Goldman Sachs; Price Target: $1.85 from $1.90

  • Retained at outperform at Macquarie; Price Target: $2.70 from $2.60

  • Retained at overweight at Morgan Stanley; Price Target: $1.85

  • Downgraded to sell from neutral at UBS; Price Target: $1.55 from $1.75

• St Barbara (SBM)

  • Retained at outperform at Macquarie; Price Target: $0.28

• Stockland (SGP)

  • Retained at buy at Citi; Price Target: $5.30 from $5.00

  • Upgraded to outperform from hold at CLSA; Price Target: $5.04 from $4.48

  • Retained at overweight at Morgan Stanley; Price Target: $5.30

• Sonic Healthcare (SHL)

  • Retained at neutral at Citi; Price Target: $27.00 from $25.00

  • Upgraded to outperform from hold at CLSA; Price Target: $29.70 from $26.10

  • Retained at positive at E&P; Price Target: $31.00

  • Retained at neutral at Macquarie; Price Target: $26.10

  • Retained at add at Morgans; Price Target: $32.21 from $31.21

  • Retained at lighten at Ord Minnett; Price Target: $23.75 from $24.45

  • Downgraded to neutral from buy at UBS; Price Target: $29.70

• Santana Minerals (SMI)

  • Initiated at buy at Shaw and Partners; Price Target: $2.86

• Servcorp (SRV)

  • Retained at buy at Shaw and Partners; Price Target: $6.60

  • Retained at buy at UBS; Price Target: $5.50 from $4.70

• Service Stream (SSM)

  • Retained at neutral at Macquarie; Price Target: $1.41 from $1.30

• Santos (STO)

  • Retained at buy at Goldman Sachs; Price Target: $8.65 from $8.75

  • Upgraded to buy from accumulate at Ord Minnett; Price Target: $8.50

• Super Retail Group (SUL)

  • Retained at buy at Citi; Price Target: $20.00 from $19.00

  • Downgraded to hold from outperform at CLSA; Price Target: $17.50 from $15.50

  • Retained at buy at Goldman Sachs; Price Target: $18.60 from $17.80

  • Retained at hold at Jefferies; Price Target: $16.50 from $13.40

  • Retained at neutral at JP Morgan; Price Target: $18.00 from $17.20

  • Retained at underweight at Morgan Stanley; Price Target: $13.90

  • Retained at add at Morgans; Price Target: $19.79 from $17.11

  • Downgraded to neutral from buy at UBS; Price Target: $18.00 from $15.00

• The Lottery Corporation (TLC)

  • Retained at buy at Ord Minnett; Price Target: $5.70

• The Reject Shop (TRS)

  • Retained at equal-weight at Morgan Stanley; Price Target: $3.70

  • Retained at add at Morgans; Price Target: $3.50 from $4.65

  • Retained at buy at Ord Minnett; Price Target: $4.40 from $4.20

• Universal Store (UNI)

  • Upgraded to outperform from neutral at Macquarie; Price Target: $7.80 from $6.30

  • Retained at add at Morgans; Price Target: $8.10 from $6.95

• Ventia Services Group (VNT)

  • Retained at add at Morgans; Price Target: $4.80 from $4.05

• Westpac Banking Corporation (WBC)

  • Retained at underperform at Macquarie; Price Target: $26.00

• Whitehaven Coal (WHC)

  • Retained at buy at Bell Potter; Price Target: $9.30 from $9.90

  • Retained at neutral at Citi; Price Target: $8.30 from $8.90

  • Retained at neutral at Macquarie; Price Target: $7.50 from $8.00

  • Retained at overweight at Morgan Stanley; Price Target: $9.70

  • Retained at add at Morgans; Price Target: $10.00 from $10.25

  • Retained at buy at Ord Minnett; Price Target: $9.30 from $10.00

Scans