Lithium prices have bottomed: These are the highest rated ASX lithium stocks
Mon 11 Nov 24, 1:35pm (AEDT)
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/Evening Wrap: ASX 200 slides as investors dump iron ore, energy and other resources stocks in wake of no bazooka Chinese stimulus
Market Wraps
Evening Wrap: ASX 200 slides as investors dump iron ore, energy and other resources stocks in wake of no bazooka Chinese stimulus
Mon 11 Nov 24, 5:45pm (AEDT)
Stocks in article
The S&P/ASX 200 closed 28.9 points lower, down 0.35%.
It was another day of very clearly delineated haves and have nots. “Have” sectors included those still basking in the warm afterglow of last week’s Trump + Red Sweep, plus those enjoying a continued but very modest dip in market yields in the USA on Friday.
“Have Not” sectors were generally those more exposed to Chinese economic growth as investors lamented China’s National People’s Congress Standing Committee's failure to wield a bazooka of fresh fiscal stimulus measures at their meeting over the weekend.
Click/scroll through for the usual reporting of the major sector and stock-specific moves, the broker responses to them, as well as all of the key upcoming economic data in tonight's Evening Wrap.
Let's dive in!
Today in Review
Mon 11 Nov 24, 5:07pm (AEDT)
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Markets
ASX 200 Session Chart
The S&P/ASX 200 (XJO) finished 28.9 points lower at 8,266.2, 0.35% from its session high and 0.24% from its low. In the broader-based S&P/ASX 300 (XKO), advancers lagged decliners by a disappointing 111 to 166.
It was another day of very clearly delineated haves and have nots. “Have” sectors included those still basking in the warm afterglow of last week’s Trump + Red Sweep (US earners and other strong US dollar beneficiaries), plus those enjoying a continued but very modest dip in market yields in the USA on Friday (high-PE / long duration earnings and consumer-related).
Information Technology (XIJ) (+1.4%), Real Estate Investment Trusts (XPJ) (+1.4%), Health Care (XHJ) (+0.70%), and Consumer Discretionary (XDJ) (+0.41%) topped the Have winners list.
Company | Last Price | Change $ | Change % | 1mo % | 1yr % |
Weebit Nano (WBT) | $2.73 | +$0.35 | +14.7% | +32.5% | -38.1% |
Novonix (NVX) | $0.810 | +$0.09 | +12.5% | -4.1% | +6.6% |
Pointsbet (PBH) | $0.975 | +$0.09 | +10.2% | +43.4% | +129.9% |
Appen (APX) | $2.59 | +$0.15 | +6.1% | +19.4% | +175.1% |
Findi (FND) | $6.90 | +$0.33 | +5.0% | +38.8% | +961.5% |
Mesoblast (MSB) | $1.460 | +$0.065 | +4.7% | +0.7% | +316.2% |
HMC Capital (HMC) | $10.80 | +$0.42 | +4.0% | +23.1% | +133.3% |
Megaport (MP1) | $7.69 | +$0.29 | +3.9% | +1.5% | -26.6% |
Clarity Pharmaceuticals (CU6) | $7.48 | +$0.28 | +3.9% | +7.3% | +564.0% |
LTR Pharma (LTP) | $1.535 | +$0.055 | +3.7% | -20.5% | 0% |
Light & Wonder (LNW) | $157.29 | +$4.37 | +2.9% | +12.3% | +26.0% |
Cettire (CTT) | $1.475 | +$0.04 | +2.8% | -35.0% | -49.5% |
Cochlear (COH) | $300.93 | +$8.01 | +2.7% | +3.0% | +19.2% |
Goodman Group (GMG) | $36.60 | +$0.9 | +2.5% | +0.4% | +63.9% |
Macquarie Technology Group (MAQ) | $90.15 | +$2.15 | +2.4% | +6.1% | +40.5% |
Wisetech Global (WTC) | $129.90 | +$2.81 | +2.2% | -2.1% | +104.1% |
Stockland (SGP) | $5.15 | +$0.11 | +2.2% | -3.4% | +33.4% |
Mayne Pharma Group (MYX) | $5.20 | +$0.1 | +2.0% | +15.0% | +30.7% |
Aristocrat Leisure (ALL) | $65.61 | +$1.2 | +1.9% | +12.1% | +63.0% |
Resmed Inc (RMD) | $38.08 | +$0.69 | +1.8% | +8.2% | +59.8% |
The best performing stocks from the best performing ASX sectors today
“Have Not” sectors were generally those more exposed to Chinese economic growth, like Resources (XJR) (-2.8%) and Energy (XEJ) (-0.67%), and Gold (XGD) (-0.53%). China’s National People’s Congress (NPC) Standing Committee meeting over the weekend did not produce the bazooka of fresh fiscal stimulus measures investors had built into Friday’s gains in these sectors. Who would have thunk it!? 🤔
This excerpt from a Citi note on the meeting says it all:
The RMB12trn implicit local-debt resolution is more decisive than expected, but its direct growth impact could be quite limited, saving local governments’ interest expenses <0.1% of GDP a year. We think the lack of pro-growth measures, especially consumer stimulus, was a disappointment to markets
– Citi, From: “China Economics: Fiscal Details Appear to Fall Short of Market Expectations Despite High Headline Number”, 10 November 2024
If there is a silver lining, Citi do go on to say about the disappointing NPC meeting it was not enough “to dismiss the ‘policy pivot’”. This suggests the broker still feels there exists the possibility the bazooka (or cap gun) could still be unleashed.
Iron ore stocks like BHP Group (ASX: BHP) (-4.1%), Champion Iron (ASX: CIA) (-9.8%), Fortescue (ASX: FMG) (-7.3%), and Rio Tinto (ASX: RIO) (-3.1%) came in for some special attention today, but falls were also otherwise democratically distributed across base and precious metals, uranium, energy and lithium – the prices of each were generally lower (to sharply lower) on Friday.
Elsewhere, a profit downgrade from Endeavour Group (ASX: EDV) (-4.9%) surprised investors (or at least those investors who don’t read my ChartWatch ASX Daily Scans where it has been one of the most featured in the Downtrends lists for several months now). This dragged on Consumer Staples (XSJ) (-1.8%), making it the second worst performing major sector index.
Company | Last Price | Change $ | Change % | 1mo % | 1yr % |
Resolute Mining (RSG) | $0.450 | -$0.22 | -32.8% | -38.8% | +16.9% |
Champion Iron (CIA) | $5.64 | -$0.61 | -9.8% | -15.8% | -26.0% |
Pantoro (PNR) | $0.100 | -$0.01 | -9.1% | -16.7% | +156.4% |
Develop Global (DVP) | $2.21 | -$0.21 | -8.7% | -8.3% | -32.2% |
Iluka Resources (ILU) | $5.37 | -$0.46 | -7.9% | -18.1% | -25.8% |
Fortescue (FMG) | $18.12 | -$1.43 | -7.3% | -6.9% | -21.6% |
The A2 Milk Company (A2M) | $4.92 | -$0.36 | -6.8% | -23.7% | +24.9% |
Lotus Resources (LOT) | $0.240 | -$0.015 | -5.9% | -12.7% | +9.1% |
Endeavour Group (EDV) | $4.50 | -$0.23 | -4.9% | -8.7% | -8.7% |
Ora Banda Mining (OBM) | $0.805 | -$0.04 | -4.7% | +27.8% | +403.1% |
Deterra Royalties (DRR) | $3.56 | -$0.16 | -4.3% | -7.3% | -24.6% |
Treasury Wine Estates (TWE) | $11.01 | -$0.47 | -4.1% | -9.1% | -4.0% |
BHP Group (BHP) | $41.63 | -$1.77 | -4.1% | -4.1% | -6.9% |
Mineral Resources (MIN) | $36.95 | -$1.52 | -4.0% | -27.5% | -37.6% |
Coronado Global Resources (CRN) | $0.980 | -$0.04 | -3.9% | -14.8% | -41.0% |
Elders (ELD) | $8.65 | -$0.32 | -3.6% | +0.2% | +39.5% |
Bannerman Energy (BMN) | $2.85 | -$0.1 | -3.4% | -13.1% | +15.9% |
Nickel Industries (NIC) | $0.900 | -$0.03 | -3.2% | -2.2% | +10.4% |
Chalice Mining (CHN) | $1.520 | -$0.05 | -3.2% | -1.3% | -20.4% |
Rio Tinto (RIO) | $119.47 | -$3.84 | -3.1% | -0.1% | +0.1% |
The worst performing stocks from the worst performing ASX sectors today
Economy
Today
There weren't any major data releases in our time zone today
Later this week
Tuesday
10:30 AUS Westpac Consumer Sentiment October (6.2% September)
10:30 AUS NAB Business Confidence October (-2 September)
Wednesday
11:30 AUS Wage Price Index September quarter (+0.9% q/q forecast vs +0.8% q/q in June quarter)
Thursday
00:30 USA Core Consumer Price Index (CPI) October (+0.3% m/m and +3.3% p.a. forecast vs +0.3% m/m and +3.3% p.a. in September)
10:00 AUS RBA Governor Michelle Bullock speaks
11:30 AUS Employment change October (+25,200 jobs forecast vs +64,100 jobs in September), Unemployment rate forecast steady at 4.1% in September)
Friday
00:30 USA Core Producer Price Index October (PPI) (+0.2% m/m and +2.0% p.a. forecast vs +0.2% m/m and +2.0% p.a. in September)
07:00 USA Federal Reserve Chairman Jerome Powell speaks
12:30 CHN Data Dump:
New Home Prices m/m (-0.7% m/m previous)
Industrial Production y/y (+5.5% y/y forecast vs +5.4% y/y previous)
Retail Sales y/y (+3.8% y/y forecast vs +3.2% y/y previous)
Fixed Asset Investment ytd/y (+3.5% ytd/y forecast vs +3.4% ytd/y previous)
Unemployment Rate (steady at 5.1%)
Saturday
00:30 USA Core Retail Sales October (+0.2% m/m forecast vs +0.5% m/m in September)
Latest News
Interesting Movers
Trading higher
+14.7% Weebit Nano (WBT) - No news, probably started as Trump-Red Sweep tech rally, add in
The Australian article on Friday, equals a combination of speculative buying and at least some short covering in what was a horrific downtrend
+12.5% Novonix (NVX) - NOVONIX and Stellantis Sign Binding Offtake Agreement
+10.2% Pointsbet (PBH) - Response to Media Speculation, rise is consistent with prevailing short and long term uptrends, has been a regular in ChartWatch Daily Scans Uptrends lists for a few months now 🔎📈
+9.8% Iperionx (IPX) - No news, but this AFR article from Nov 7 likely helped spark this latest rally (paywall), rise is consistent with prevailing short and long term uptrends, has been a regular in ChartWatch Daily Scans Uptrends lists for a few months now 🔎📈
+6.1% Appen (APX) - Change of Director's Interest Notice - Mr Stuart Davis and Change of Director's Interest Notice - Ms Robin Low (participation in Share Purchase Plan), but also some Trump-Red Sweep tech rally, plus US earnings, plus rise is consistent with prevailing short and long term uptrends, has been a regular in ChartWatch Daily Scans Uptrends lists for a few months now 🔎📈
+5.3% Vulcan Energy Resources (VUL) - No news since 8 Nov First lithium hydroxide production at downstream plant, solid gain in benchmark lithium carbonate futures contract in China today, rise is consistent with prevailing short and long term uptrends, has been a regular in ChartWatch Daily Scans Uptrends lists for a few months now 🔎📈
+4.7% Mesoblast (MSB) - No news, rise is consistent with prevailing short and long term uptrends, has been a regular in ChartWatch Daily Scans Uptrends lists for a few months now 🔎📈
+4.0% HMC Capital (HMC) - Acquisition of iseek and DigiCo Platform Update and Acquisition of iseek Data Centre Platform, rise is consistent with prevailing short and long term uptrends, has been a regular in ChartWatch Daily Scans Uptrends lists for a few months now 🔎📈
+3.9% Clarity Pharmaceuticals (CU6) - Clarity and Nucleus RadioPharma sign MSA
+3.4% SRG Global (SRG) - No news, rise is consistent with prevailing short and long term uptrends, has been a regular in ChartWatch Daily Scans Uptrends lists for a few months now 🔎📈
+3.1% Zip Co. (ZIP) - No news, rise is consistent with prevailing short and long term uptrends, has been a regular in ChartWatch Daily Scans Uptrends lists for a few months now 🔎📈
Trading lower
-32.8% Resolute Mining (RSG) - Company Statement regarding Mali (another sovereign risk casualty - Bullish on Gold? The case for bullion and gold ETFs over ASX gold stocks!)
-11.3% Infomedia (IFM) - Revised Revenue Guidance Range, fall is consistent with prevailing short and long term downtrends, has been a regular in ChartWatch Daily Scans Downtrends lists for a few months now 🔎📉
-10.0% Kingsgate Consolidated (KCN) - No news, generally tough day for ASX gold stocks even without foreign government intervention in projects!
-9.8% Champion Iron (CIA) - No news, generally tough day for ASX iron ore stocks on disappointment over lack of meaningful stimulus measures announced at weekend's China NPC meeting, lower iron ore price today, fall is consistent with prevailing short and long term downtrends, has been a regular in ChartWatch Daily Scans Downtrends lists for a few months now 🔎📉
-9.1% Pantoro (PNR) - November 2024 Investor Presentation, but ditto tough day for gold stocks generally
-8.7% Develop Global (DVP) - No news, ditto resources stocks struggling in general today on China stimulus disappointment, also LME metals prices generally sharply lower on Friday
-7.9% Iluka Resources (ILU) - No news, fall is consistent with prevailing short and long term downtrends, one of the most featured charts in ChartWatch Daily Scans Downtrends lists 🔎📉
-7.6% Clearview Wealth (CVW) - Continued negative response to Friday's 2024 AGM Addresses to Shareholders and proceedings and Thursday's Response to ASX Price Query, fall is consistent with prevailing short and long term downtrends
-7.3% Fortescue (FMG) - Ditto lousy day for ASX iron ore stocks, fall is consistent with prevailing short and long term downtrends, has been a regular in ChartWatch Daily Scans Downtrends lists for a few months now 🔎📉
-6.8% The A2 Milk Company (A2M) - No news, fall is consistent with prevailing short and long term downtrends, has been a regular in ChartWatch Daily Scans Downtrends lists for a few months now 🔎📉
-5.9% Lotus Resources (LOT) - No news, fall is consistent with prevailing short and long term downtrends, has been a regular in ChartWatch Daily Scans Downtrends lists for a few months now 🔎📉
-4.9% Endeavour Group (EDV) - F25 First Quarter Trading Update, fall is consistent with prevailing short and long term downtrends, one of the most featured charts in ChartWatch Daily Scans Downtrends lists 🔎📉
-4.3% Deterra Royalties (DRR) - Ceasing to be a substantial holder, ditto lousy day for ASX iron ore stocks, fall is consistent with prevailing short and long term downtrends, has been a regular in ChartWatch Daily Scans Downtrends lists for a few months now 🔎📉
-4.1% Droneshield (DRO) - No news, fall is consistent with prevailing short and long term downtrends, has been a regular in ChartWatch Daily Scans Downtrends lists for a few months now 🔎📉
Broker Notes
Amaero International (3DA)
Retained at buy at Shaw and Partners; Price Target: $0.60
The A2 Milk Company (A2M)
Retained at buy at Citi; Price Target: $7.04
Aristocrat Leisure (ALL)
Retained at buy at Citi; Price Target: $74.00 from $59.00
ANZ Group (ANZ)
Retained at sell at Citi; Price Target: $25.25 from $25.00
Retained at underweight at Macquarie; Price Target: $26.50
Retained at underweight at Morgan Stanley; Price Target: $27.80 from $27.50
Downgraded to reduce from hold at Morgans; Price Target: $25.29 from $26.13
Retained at hold at Ord Minnett; Price Target: $27.50
Downgraded to neutral from buy at UBS; Price Target: $32.00
APA Group (APA)
Retained at outperform at Macquarie; Price Target: $8.13 from $8.23
Avita Medical (AVH)
Retained at buy at Bell Potter; Price Target: $4.60 from $3.60
Retained at add at Morgans; Price Target: $4.56
Credit Corp Group (CCP)
Retained at outperform at Macquarie; Price Target: $19.62 from $18.01
Cochlear (COH)
Upgraded to outperform from sector perform at RBC Capital Markets; Price Target: $332.00 from $280.00
CSL (CSL)
Retained at buy at Citi; Price Target: $345.00
Retained at accumulate at Ord Minnett; Price Target: $320.00
Domain Australia (DHG)
Upgraded to buy from overweight at Jarden; Price Target: $3.35 from $3.45
Domino's Pizza Enterprises (DMP)
Retained at hold at Morgans; Price Target: $30.70 from $33.20
Endeavour Group (EDV)
Retained at neutral at Citi; Price Target: $5.18
Fortescue (FMG)
Initiated at neutral at CICC; Price Target: $18.10
GQG Partners (GQG)
Retained at buy at Ord Minnett; Price Target: $3.35
IPH (IPH)
Initiated at buy at Ord Minnett; Price Target: $6.40
Incitec Pivot (IPL)
Retained at neutral at Citi; Price Target: $3.10
Jumbo Interactive (JIN)
Retained at buy at Citi; Price Target: $14.70
Retained at overweight at Morgan Stanley; Price Target: $19.50
Lindsay Australia (LAU)
Retained at add at Morgans; Price Target: $1.15
Lynas Rare Earths (LYC)
Retained at sell at Citi; Price Target: $5.50
News Corporation (NWS)
Retained at buy at Goldman Sachs; Price Target: $52.00
Retained at hold at Ord Minnett; Price Target: $50.00
Orica (ORI)
Retained at overweight at Morgan Stanley; Price Target: $21.50
Propel Funeral Partners (PFP)
Retained at buy at Bell Potter; Price Target: $6.80 from $6.40
REA Group (REA)
Retained at buy at Bell Potter; Price Target: $258.00 from $239.00
Retained at buy at Goldman Sachs; Price Target: $249.00 from $245.00
Upgraded to underweight from sell at Jarden; Price Target: $181.00 from $177.00
Retained at hold at Morgans; Price Target: $210.00 from $204.00
Retained at hold at Ord Minnett; Price Target: $240.00 from $225.00
Retained at buy at UBS; Price Target: $268.00 from $263.00
Ramsay Health Care (RHC)
Retained at hold at Ord Minnett; Price Target: $42.40
Stockland (SGP)
Retained at buy at Citi; Price Target: $6.00
Vulcan Energy Resources (VUL)
Retained at buy at Canaccord Genuity; Price Target: $11.50
Woodside Energy Group (WDS)
Retained at neutral at Goldman Sachs; Price Target: $26.90 from $27.20
Retained at hold at Ord Minnett; Price Target: $25.50 from $26.50
WEB Travel Group (WEB)
Downgraded to underweight from equal-weight at Morgan Stanley; Price Target: $3.70 from $7.00
Scans
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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