Evening Wrap: ASX 200 slides as investors dump big techs XRO and WTC, while gold and silver melt-up continues

The S&P/ASX 200 closed 45.4 points lower, down 0.51%.

It was a soggy day’s performance overall for the ASX 200, but it’s likely many of you probably didn’t notice given all the green you’re seeing on your precious metals stocks! They were on a tear today in response to moves in silver and gold prices over the weekend and into Asian trade today.

This means that silver has broken a key resistance level to trade at new 12-year highs, and the gold price is similarly firming towards the beak of its key technical level. The result? The ASX Gold sub sector (XGD) (+5.8%) is suitably on fire! 🔥

To make sense of all the above, I have detailed technical analysis on the Nasdaq Composite, the S&P/ASX 200, and Silver 🥈 and Gold 🥇 in today's ChartWatch.

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.

Let's dive in!

Markets

ASX 200 Session Chart

The S&P/ASX 200 (XJO) finished 45.4 points lower at 8,927.7, 0.51% from its session high and just 0.21% from its low. In the broader-based S&P/ASX 300 (XKO) advancers lagged decliners by 114 to 163.

If I had a dollar for each time in the Movers list below (scroll down!) I type:

"No news / news...blah... rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈 "

Well, I'd have about 30 bucks just today. Ka-ching! 🫰

The reason for ChartWatch ASX Scans' seemingly incredible ability to somehow pick in advance most of the day's best gainers... um most days of the week... is not due to magic nor great foresight – and it sure ain't to do with my incredible research into the minutiae of each company's fundamentals.

Nope, it's far simpler than that: Their charts go from the bottom left to the top right – or variations thereof 📈.

The main show today, in an otherwise dour market, was without doubt the continued surge in the Gold sub sector (XGD) (+5.8%). There's no point listing the biggest winners here, firstly, because there's too many, and secondly, because as noted above – I do so in the Movers section below!

As for the rest of the dour bunch today, save for Consumer Discretionary (XDJ) (-1.2%) and Information Technology (XIJ) (-2.6%), no other major ASX sector moved by more than 1% either way.

In the XDJ, it was a range of stocks in entrenched in long term downtrends that did the damage – the likes of Bapcorp (BAP) (-6.7%), Cettire (CTT) (-6.3%), and Domino's Pizza (DMP) (-3.0%).

In the XIJ, it was sector leaders Xero (XRO) (-4.0%), and Wisetech Global (WTC) (-3.4%). It seems like I'm owed a few more bucks here, too, as all of these biggest losers except WTC have featured in ChartWatch ASX Scans Downtrends Scan List 📉.

Today's best blue chip gainers

Today's worst blue chip losers

ChartWatch

Nasdaq Composite Index

Nasdaq Composite Index chart (click here for full size image)

Friday’s candle looks nasty:

• Black-bodied, opening low and progressing lower through the session

• Close near the low (very small downward pointing shadow noted)

• Sets new, lower peak / point of supply at 21743

• At close, its range from 21743 (288 points) is roughly the same as the last 3 sessions’ gain (i.e., one supply-side candle knocked out the last three)

But (yes, you know what’s coming next) the rest of the technicals, as in – trend (double green and still above short term uptrend ribbon), and price action (still rising troughs and still well above last trough at 20906) – suggests nothing more than a marginal increase in caution here.

One candle does not a new bear market make! 🚫

So, we proceed as before, staying the course at FRP.

I note that Friday’s volume was well below average – suggesting that supply did not empty their coffers of shares in great numbers. When we put the candle and the volume together, we see that there was some motivated supply hitting a demand vacuum.

That latter part could be an indication of something really sinister (where was the demand-side…why didn’t the move in to buy the dip?), or it could simply be a case of a slow Friday’s trade on the last trading day of the month, prior to a long weekend, on the last day of summer vacation. 🤔

I think common sense suggests one option over the other (hint – the less sinister one!)…

But, as always, assuming there’s no change to our risk settings – there isn’t – then we just sit and wait. There’s nothing we can do much about tonight, anyways, due to the Labor Day holiday.

So, we look forward to the next candle on Wednesday morning local time.

That candle, and the next few, will either confirm there is indeed something sinister developing with respect to growing supply-side control – or as is usually the case in this bull market – the demand-side is still very much in control.

I don’t mind writing this a thousand times (although you may be tired or reading it!), because as noted on Friday we have new readers engaging all the time – hey, you were new here once too! Here’s the drill:

Indications of growing supply-side control

• Trend ribbons flatten (assuming from uptrend state as is currently the case), narrow, or change colour (amber first, then pink).

• Price closes below the short term trend ribbon (ends the short term uptrend), presently 21150-21360.

• Price closes below the long term trend ribbon (ends the long term uptrend), presently 19115-19735.

• Price action transitions from rising peaks and rising troughs to falling peaks (likely initially) and then falling troughs (likely subsequently).

• Candles transition from predominantly demand-side (i.e., white-bodied and or downward pointing shadows) to predominantly supply-side (i.e., black-bodied and or downward pointing shadows).

• Large supply-side candles appear (long candles, especially those that set a new peak / lower peak or that close below the short term uptrend ribbon or previous point of demand).

S&P/ASX 200 (XJO)

S&P/ASX 200 chart (click here for full size image)

And today's XJO candle looks a little nasty too – not coincidentally for roughly the same reasons as the Comp’s Friday candle does.

The only major differences are:

• Our corresponding new point of supply is 8991.

• 8991 is further below its previous point of supply at 9055 than the comp’s last two points of supply on a relative basis

• Technically, today’s low takes out the previous trough set on 26-Aug (not labelled about to save on clutter in the chart), and therefore, we’re officially falling peaks and falling troughs here – price action that’s consistent with supply-side control.

• “That shadow” on 25-Aug – as noted after it happened – I just don’t like it one bit!!!

But (here I go again), I propose this last little ripple in the price action is minor in comparison to the broader trends and even the broader price action.

There’s just no real bite to it yet – and therefore I must put it down to a demand-side that’s just ticking over without any great urgency against a supply-side that’s unable to make any real headway… Rather than a likely changing of control of the price from demand-side to supply-side.

Illustrating the supply-side’s lack of credentials – and lack of ability to make a move stick – just take today’s downward pointing shadow for example.

As with the Comp, it’s all alertness, all awareness, and all caution here… But without any action as yet.

Conclusion: Stay the course, FRP.

Silver Futures (Front month, back-adjusted) COMEX

Silver is first, not second 🥇 (click here for full size image)

In Thursday's ChartWatch, I noted that Silver was looking “very warm” and that the critical point of supply at 40.11 would likely be dealt with “sooner rather than later”.

It turns out that sooner was the next trading session. The other thing is, very warm has official transitioned to “hot” 🔥!!!

You can google all the crackpot theories you want about why silver is about to rocket to the moon – honestly, I don’t care about any of them, and should you want to tell me – well excuse me… I’ll be sitting over there in the corner doing Duolingo on my phone 📱.

I only care about D vs S = P.

And right now, I make it D > S = P⬆️ for silver.

As for how much higher it will go and when it will get here – again Google and the top 5 crackpot hits that come up thereafter are your best bet.

Let me just say that I believe Silver’s trends, price action, and candles are all consistent with strong demand-side control. There appears to be a consensus here: Those with cash want to own silver ✅ + Those with silver want to own silver ✅.

Adds up to lots of demand and not so much supply, by my reckoning 🤔.

Silver Futures (Front month, back-adjusted) COMEX weekly chart (click here for full size image)

43.51 is the next major point of supply. Zooming out to the monthly chart you can see its significance (I propose likely only moderate) compared to other waypoints along the path north – of which 45.86, 52.77, and 58.36 are prominent.

40.41 should now transition to a point of demand, and as aways, the strong term trend remains intact until we see a close below the short term uptrend ribbon (currently 38.80-39.20).

Gold Futures (Front month, back-adjusted) COMEX

Gold is second, not first 🥈 (click here for full size image)

This is the next logical place to go after silver's breakout, because as per our last update on gold in the Evening Wrap on 15-Aug, we noted that “equilibrium phases don’t last forever – and there’s usually a very good move once they’re broken either way”.

Are we about to see silver spur gold to break out of its major trading range? 🤔

It’s certainly looking likely, with the gold price pressing past the 3530.20—3252.80 points of supply, and as of today’s live candle – into the broader 3530.20-3594.60 supply zone. That’s the big one. Obviously, close above 3494.60 and we have our answer!

We’d need some concerted demand-side control to make that happen, and supporting this:

Candles have re-oriented back (like a the needle of a magnet swinging north!) to demand-side control.

The short term trend is re-established

The price action looks healthier now above the 3530.20-3532.80 points of supply and with the 3353.40 point of demand above 3319.20.

So, I’m happy to back the developing shorter term uptrend signals here – against what has been an unwavering long term uptrend since early 2024.

The last time silver and gold sounded so good together!

Economy

Today

• AUS Various:

  • MI Inflation Gauge July: -0.3% m/m vs 0.9% m/m in June

  • ANZ Job Advertisements July: +0.1% m/m vs -0.6% m/m in June (revised up from -1.0%)

  • Building Approvals July: -8.2% m/m vs -4.8% m/m forecast and +12.2% m/m in June (revised up from +11.9%)

  • Company Operating Profits June Quarter: -2.4% q/q vs 1.0% q/q forecast and -1.0% q/q in June (revised down from -0.5%)

• USA All Day: US markets are closed in observance of Labor Day

Later this week

Tuesday

• 19:00 EUR Core Consumer Price Index (CPI) Flash estimate August (+2.2% p.a. forecast vs +2.3% p.a. in July)

Wednesday

• 00:00 USA ISM Manufacturing Purchasing Managers Index (PMI) August (48.9 forecast vs 48.0 in July)

• 11:30 AUS Gross Domestic Product (GDP) June Quarter (+0.5% q/q vs +0.2% q/q in March)

• 18:00 AUS Speech by RBA Governor Michelle Bullock

Thursday

• 00:00 USA JOLTS Job Openings July (7.24 million forecast vs 7.44 million in June)

• 22:15 USA ADP Non-Farm Employment Change August (+71,000 forecast vs +104,000 in July)

Friday

• 00:00 USA ISM Services PMI August (50.5 forecast vs 50.1 in July)

• 22:30 USA Non Farm Payrolls August

  • Employment Change: +74,000 forecast vs +73,000 in July

  • Average Hourly Earnings: +0.3% m/m forecast vs +0.3% m/m in July

  • Unemployment Rate: 4.3% forecast vs 4.2% in July

Latest News

Interesting Movers

Trading higher

• +36.0% 4DMEDICAL (4DX) - 4DMedical receives FDA clearance for CTVQ, rise is consistent with prevailing short term uptrend and long term trend is transitioning from down to up, a recent regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +22.8% Rpmglobal (RUL) - RPM receives NBIO from Caterpillar Inc enters exclusivity, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +19.8% Caprice Resources (CRS) - No news, general strength across the broader Precious Metals sector today, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +16.7% Silver Mines (SVL) - Silver Mines Successfully Completes Share Purchase Plan, general strength across the broader Precious Metals sector today.

• +15.3% Mithril Resources (MTH) - No news, general strength across the broader Precious Metals sector today, rise is consistent with prevailing short and long term uptrends, a recent regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +14.1% Rox Resources (RXL) - No news, general strength across the broader Precious Metals sector today, rise is consistent with prevailing short and long term uptrends, a recent regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +13.8% Meeka Metals (MEK) - No news, general strength across the broader Precious Metals sector today, rise is consistent with prevailing short and long term uptrends 🔎📈

• +13.2% Kaiser Reef (KAU) - Drilling Commences at Maldon, general strength across the broader Precious Metals sector today, rise is consistent with prevailing short and long term uptrends 🔎📈

• +11.7% Black Cat Syndicate (BC8) - Bonanza Grades including 1.60m @ 623.94g/t Au - Paulsens, general strength across the broader Precious Metals sector today, rise is consistent with prevailing short and long term uptrends 🔎📈

• +11.7% Capricorn Metals (CMM) - No news, general strength across the broader Precious Metals sector today, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +11.5% Genesis Minerals (GMD) - Drilling results at Laverton&Leonora support organic growth, general strength across the broader Precious Metals sector today, rise is consistent with prevailing short and long term uptrends 🔎📈

• +11.1% Medallion Metals (MM8) - No news, general strength across the broader Precious Metals sector today, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +10.9% Fenix Resources (FEX) - Fenix Secures 290MT Weld Range Iron Ore Project, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +10.3% Unico Silver (USL) - Drilling Recommences at Joaquin Following $25m Capital Raise, rise is consistent with prevailing short and long term uptrends 🔎📈

• +10.0% Lotus Resources (LOT) - First Uranium Production at Kayelekera, general strength across the broader Uranium sector today.

• +10.0% Greatland Gold (GGP) - No news, general strength across the broader Precious Metals sector today.

• +9.7% Betmakers Technology Group (BET) - No news, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +9.2% Andean Silver (ASL) - No news, general strength across the broader Precious Metals sector today, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +9.1% Waratah Minerals (WTM) - No news, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +8.9% St George Mining (SGQ) - No news, general strength across the broader Critical Minerals sector today, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +8.6% Polymetals Resources (POL) - No news, general strength across the broader Precious Metals sector today.

• +8.6% St Barbara (SBM) - No news, general strength across the broader Precious Metals sector today, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +8.6% Harvey Norman (HVN) - No news, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +8.6% Catalyst Metals (CYL) - No news, general strength across the broader Precious Metals sector today, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +8.1% Sun Silver (SS1) - No news, general strength across the broader Precious Metals sector today.

• +8.0% Benz Mining Corp. (BNZ) - No news, general strength across the broader Precious Metals sector today, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +7.8% Westgold Resources (WGX) - No news, general strength across the broader Precious Metals sector today, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +7.1% Alkane Resources (ALK) - No news, general strength across the broader Precious Metals sector today, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +7.1% EDU (EDU) - No news, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +7.1% Ausgold (AUC) - No news, general strength across the broader Precious Metals sector today, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +7.0% Resolute Mining (RSG) - No news, general strength across the broader Precious Metals sector today, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +6.8% West Coast Silver (WCE) - No news, general strength across the broader Precious Metals sector today, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +6.5% Vault Minerals (VAU) - No news, general strength across the broader Precious Metals sector today, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +6.5% Ora Banda Mining (OBM) - No news, general strength across the broader Precious Metals sector today.

• +6.4% Northern Star Resources (NST) - No news, general strength across the broader Precious Metals sector today, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

Trading lower

• -16.7% Energy Transition Minerals (ETM) - No news, today's move is consistent with recent volatility.

• -13.6% EZZ Life Science (EZZ) - No news 🤔.

• -13.2% Dateline Resources (DTR) - $25M Institutional Cap Raise Boosts Dateline Funds to $35M, (as always... the biggest risk to a great looking chart is management making a grab for cash! 🤑).

• -11.1% Green Critical Minerals (GCM) - No news 🤔.

• -9.1% Lindian Resources (LIN) - No news 🤔.

• -8.7% Generation Development Group (GDG) - No news 🤔.

• -8.3% Bubs Australia (BUB) - No news 🤔.

• -7.3% Mesoblast (MSB) - Continued negative response to 29-Aug MSB Annual Financial Results and Operational Update.

• -6.8% Bapcor (BAP) - No news since 29-Aug FY25 Results Presentation, fall is consistent with prevailing short and long term downtrends, a recent regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -6.4% Perpetual (PPT) - No news 🤔.

• -6.3% Cettire (CTT) - No news, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -6.2% Kina Securities (KSL) - No news, ex-dividend $0.0383.

Broker Moves

Alpha HPA (A4N)

• Retained at outperform at Macquarie; Price Target: $1.41 from $1.42

Adairs (ADH)

• Retained at accumulate at Morgans; Price Target: $2.90

Aeris Resources (AIS)

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

• Retained at speculative buy at Ord Minnett; Price Target: $0.29 from $0.28

Ampol (ALD)

• Retained at overweight at Morgan Stanley; Price Target: $33.11 from $30.00

Aristocrat Leisure (ALL)

• Retained at outperform at Macquarie; Price Target: $70.00

Atlas Arteria (ALX)

• Retained at buy at Citi; Price Target: $5.70 from $5.80

• Retained at outperform at Macquarie; Price Target: $5.64 from $5.78

AMP (AMP)

• Retained at neutral at UBS; Price Target: $1.80

ANZ Group Holdings (ANZ)

• Retained at neutral at Macquarie; Price Target: $30.00

• Retained at neutral at Macquarie; Price Target: $30.00

Austal (ASB)

• Downgraded to sell from hold at Argonaut Securities; Price Target: $6.00 from $4.40

• Retained at neutral at Citi; Price Target: $7.00

ASX (ASX)

• Retained at sell at UBS; Price Target: $62.15

Bapcor (BAP)

• Retained at neutral at Macquarie; Price Target: $3.85 from $3.80

• Retained at hold at Ord Minnett; Price Target: $4.15 from $4.00

BETR Entertainment (BBT)

• Retained at buy at Ord Minnett; Price Target: $0.46

BHP Group (BHP)

• Retained at neutral at Macquarie; Price Target: $43.00

Beacon Lighting Group (BLX)

• Retained at overweight at Jarden; Price Target: $3.60 from $3.30

• Retained at overweight at JPMorgan; Price Target: $3.55 from $3.60

Boss Energy (BOE)

• Retained at buy at Bell Potter; Price Target: $2.90

• Retained at speculative buy at Canaccord Genuity; Price Target: $3.65 from $3.50

• Retained at neutral at Macquarie; Price Target: $2.10 from $2.25

• Retained at underweight at Morgan Stanley; Price Target: $1.65

• Retained at hold at Ord Minnett; Price Target: $2.10

• Retained at buy at Shaw and Partners; Price Target: $2.85 from $3.26

Bank of Queensland (BOQ)

• Downgraded to sell from underweight at Jarden; Price Target: $6.00 from $6.70

• Retained at underperform at Jefferies; Price Target: $5.84 from $5.64

• Retained at underweight at JPMorgan; Price Target: $6.20 from $6.10

• Retained at underperform at Macquarie; Price Target: $5.75

• Retained at trim at Morgans; Price Target: $6.62 from $7.04

Bubs Australia (BUB)

• Retained at hold at Bell Potter; Price Target: $0.17

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

• Retained at buy at Shaw and Partners; Price Target: $0.20

Bhagwan Marine (BWN)

• Retained at buy at Shaw and Partners; Price Target: $0.80

Commonwealth Bank of Australia (CBA)

• Retained at underperform at Macquarie; Price Target: $105.00

• Retained at underperform at Macquarie; Price Target: $105.00

Challenger (CGF)

• Retained at buy at UBS; Price Target: $9.30

Camplify Holdings (CHL)

• Retained at buy at Morgans; Price Target: $1.05

Capricorn Metals (CMM)

• Retained at buy at Canaccord Genuity; Price Target: $12.15 from $12.20

• Retained at neutral at Macquarie; Price Target: $10.00

Computershare (CPU)

• Retained at sell at UBS; Price Target: $41.20

Clinuvel Pharmaceuticals (CUV)

• Retained at buy at Jefferies; Price Target: $37.25 from $40.00

• Retained at overweight at Wilsons; Price Target: $32.84 from $30.00

Civmec (CVL)

• Retained at buy at Bell Potter; Price Target: $1.40 from $1.20

• Upgraded to buy from accumulate at Morgans; Price Target: $1.50 from $1.10

Dicker Data (DDR)

• Retained at buy at Jarden; Price Target: $11.20 from $11.00

• Retained at overweight at JPMorgan; Price Target: $10.30 from $10.20

• Retained at overweight at Wilsons; Price Target: $11.06

Eureka Group Holdings (EGH)

• Retained at buy at Morgans; Price Target: $0.85 from $0.79

EMvision Medical Devices (EMV)

• Retained at speculative buy at Bell Potter; Price Target: $2.95

• Retained at buy at Bell Potter; Price Target: $2.95 from $1.74

Evolution Mining (EVN)

• Retained at underperform at Macquarie; Price Target: $7.00

Experience Co (EXP)

• Retained at buy at Ord Minnett; Price Target: $0.25 from $0.28

FINEOS Corporation Holdings PLC (FCL)

• Upgraded to outperform from sector perform at RBC Capital Markets; Price Target: $3.50 from $2.75

Genesis Minerals (GMD)

• Retained at buy at Canaccord Genuity; Price Target: $5.55

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

GQG Partners Inc. (GQG)

• Retained at buy at UBS; Price Target: $2.35

HUB24 (HUB)

• Retained at neutral at UBS; Price Target: $112.00

Harvey Norman Holdings (HVN)

• Retained at buy at Citi; Price Target: $7.70 from $5.80

• Retained at buy at Jefferies; Price Target: $7.80 from $6.50

• Retained at overweight at JPMorgan; Price Target: $7.50 from $6.50

• Retained at outperform at Macquarie; Price Target: $7.40 from $5.90

• Retained at underweight at Morgan Stanley; Price Target: $4.80

• Retained at lighten at Ord Minnett; Price Target: $5.90 from $4.50

• Upgraded to buy from neutral at UBS; Price Target: $7.75 from $5.25

Insurance Australia Group (IAG)

• Retained at buy at UBS; Price Target: $9.60

IDP Education (IEL)

• Downgraded to underperform from hold at CLSA; Price Target: $4.50 from $4.00

• Retained at hold at Jefferies; Price Target: $5.00 from $4.50

• Retained at neutral at JPMorgan; Price Target: $5.80 from $4.25

IGO (IGO)

• Downgraded to underperform from hold at Jefferies; Price Target: $4.20 from $5.00

ImExHS (IME)

• Retained at speculative buy at Morgans; Price Target: $0.35 from $0.75

IPD Group (IPG)

• Downgraded to sell from hold at PAC Partners; Price Target: $3.87 from $3.59

JB Hi-Fi (JBH)

• Retained at buy at Citi; Price Target: $120.00

• Retained at outperform at Macquarie; Price Target: $118.00

Judo Capital Holdings (JDO)

• Retained at outperform at Macquarie; Price Target: $1.90

Jupiter Mines . (JMS)

• Retained at outperform at Macquarie; Price Target: $0.25 from $0.23

Kina Securities (KSL)

• Retained at buy at Morgans; Price Target: $1.67 from $1.46

Lifestyle Communities (LIC)

• Retained at hold at Bell Potter; Price Target: $5.70 from $5.00

Lotus Resources (LOT)

• Retained at speculative buy at Canaccord Genuity; Price Target: $0.31

Lovisa Holdings (LOV)

• Retained at hold at Bell Potter; Price Target: $42.00 from $31.00

Lynas Rare Earths (LYC)

• Retained at hold at Canaccord Genuity; Price Target: $13.70 from $9.65

• Retained at overweight at Morgan Stanley; Price Target: $14.75 from $12.85

Magellan Financial Group (MFG)

• Retained at neutral at UBS; Price Target: $10.70

Mineral Resources (MIN)

• Retained at underperform at Macquarie; Price Target: $30.00 from $31.00

• Downgraded to accumulate from buy at Ord Minnett; Price Target: $40.00 from $33.00

Metro Mining (MMI)

• Retained at buy at Shaw and Partners; Price Target: $0.17

McMillan Shakespeare (MMS)

• Retained at hold at Bell Potter; Price Target: $19.70 from $16.30

• Retained at outperform at CLSA; Price Target: $20.00 from $19.70

• Retained at outperform at Macquarie; Price Target: $19.69 from $18.81

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

• Retained at accumulate at Ord Minnett; Price Target: $21.00 from $19.00

Mesoblast (MSB)

• Retained at speculative buy at Bell Potter; Price Target: $3.50

National Australia Bank (NAB)

• Retained at neutral at Macquarie; Price Target: $35.50

Newmont Corporation (NEM)

• Downgraded to neutral from outperform at Macquarie; Price Target: $111.00 from $109.00

NIB Holdings (NHF)

• Retained at underperform at Macquarie; Price Target: $5.50

Nickel Industries (NIC)

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

• Retained at neutral at Citi; Price Target: $0.70 from $0.80

NobleOak Life (NOL)

• Retained at buy at Shaw and Partners; Price Target: $2.85

Northern Star Resources (NST)

• Retained at outperform at Macquarie; Price Target: $24.00

Nufarm (NUF)

• Retained at hold at Morgans; Price Target: $2.60 from $2.78

Netwealth Group (NWL)

• Retained at neutral at UBS; Price Target: $35.00

NEXTDC (NXT)

• Retained at outperform at Macquarie; Price Target: $22.30 from $22.10

• Retained at overweight at Morgan Stanley; Price Target: $20.50 from $20.10

• Retained at accumulate at Morgans; Price Target: $19.00 from $18.80

• Retained at buy at Ord Minnett; Price Target: $19.00 from $18.00

• Retained at buy at UBS; Price Target: $21.45 from $20.20

Pointsbet Holdings (PBH)

• Retained at hold at Bell Potter; Price Target: $1.25

Paladin Energy (PDN)

• Retained at buy at Bell Potter; Price Target: $9.00 from $8.70

Pinnacle Investment Management Group (PNI)

• Retained at neutral at UBS; Price Target: $23.00

PEXA Group (PXA)

• Retained at buy at Goldman Sachs; Price Target: $16.50

• Upgraded to buy from overweight at Jarden; Price Target: $17.70 from $17.75

• Retained at overweight at JPMorgan; Price Target: $17.00 from $18.20

• Retained at outperform at Macquarie; Price Target: $17.30 from $14.72

• Retained at buy at UBS; Price Target: $17.45 from $17.35

QBE Insurance Group (QBE)

• Retained at neutral at Macquarie; Price Target: $23.30

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

ReadyTech Holdings (RDY)

• Retained at buy at Morgans; Price Target: $3.00 from $3.45

Resimac Group (RMC)

• Retained at neutral at Macquarie; Price Target: $1.05 from $0.95

RAS Technology Holdings (RTH)

• Retained at buy at Ord Minnett; Price Target: $1.82 from $1.78

South32 (S32)

• Downgraded to neutral from outperform at Macquarie; Price Target: $2.70 from $3.20

• Retained at overweight at Morgan Stanley; Price Target: $3.30 from $3.45

• Retained at neutral at UBS; Price Target: $2.75 from $2.90

Steadfast Group (SDF)

• Retained at outperform at Macquarie; Price Target: $7.00

• Retained at overweight at Morgan Stanley; Price Target: $6.74 from $6.71

• Retained at buy at UBS; Price Target: $6.85 from $7.00

SEEK (SEK)

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

Sandfire Resources (SFR)

• Downgraded to neutral from buy at Jarden; Price Target: $11.00 from $11.20

Sigma Healthcare (SIG)

• Retained at accumulate at Ord Minnett; Price Target: $3.20 from $3.00

Smartgroup Corporation (SIQ)

• Retained at hold at Morgans; Price Target: $9.10 from $7.95

Suncorp Group (SUN)

• Retained at neutral at UBS; Price Target: $22.75

Solvar (SVR)

• Downgraded to hold from buy at Bell Potter; Price Target: $1.60 from $1.58

• Retained at accumulate at Morgans; Price Target: $1.85 from $1.75

Southern Cross Media Group (SXL)

• Retained at neutral at UBS; Price Target: $0.77 from $0.69

TPG Telecom (TPG)

• Retained at outperform at Macquarie; Price Target: $5.60 from $5.80

• Retained at underweight at Morgan Stanley; Price Target: $4.70 from $4.35

Tetratherix (TTX)

• Retained at speculative buy at Morgans; Price Target: $5.76 from $5.72

Viva Energy Group (VEA)

• Retained at equal-weight at Morgan Stanley; Price Target: $2.59 from $2.11

Virgin Australia Holdings (VGN)

• Retained at hold at CLSA; Price Target: $3.51 from $3.19

• Retained at neutral at E&P; Price Target: $3.66 from $3.12

• Retained at buy at Goldman Sachs; Price Target: $3.90 from $3.60

• Retained at buy at UBS; Price Target: $4.10 from $3.90

Westpac Banking Corporation (WBC)

• Retained at underperform at Macquarie; Price Target: $30.00 from $27.50

• Retained at underperform at Macquarie; Price Target: $30.00 from $27.50

Westgold Resources (WGX)

• Retained at buy at Ord Minnett; Price Target: $3.75 from $3.50

Waypoint REIT (WPR)

• Upgraded to outperform from hold at CLSA; Price Target: $2.84 from $2.71

• Retained at underweight at Morgan Stanley; Price Target: $2.50

• Retained at accumulate at Ord Minnett; Price Target: $2.70 from $2.72

Wisetech Global (WTC)

• Retained at buy at Ord Minnett; Price Target: $123.00 from $124.00

Scans