The S&P/ASX 200 closed 18.0 points higher, up 0.22%.
September kicked off with a modest gain, but that's despite the dividend taps starting to turn on in earnest from here on in. Around $39 billion in dividends will be paid over the next couple of months as ASX companies dispense second half profits to shareholders.
Some of this will be reinvested - and that's an interesting conundrum in itself - where is that money going to go? Is it going to be reinvested back into the FY24 earnings winners, or seek out potential bargains in those that weren''t so lucky?
September and October are the two shakiest months for stocks in general, and if August's volatility was anything to go by, I suggest you might want to strap yourself in! For now, strap yourself in for all the big moves in today's trade as well as broker updates, the economic week ahead, and much more...
Let's dive in!
Mon 02 Sep 24, 5:48pm (AEST)
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The S&P/ASX 200 (XJO) finished 18.0 points higher at 8,109.9, 0.85% from its session low and just 0.09% from its high. In the broader-based S&P/ASX 300 (XKO), advancers and decliners were roughly evenly split at 135 to 139.
Financials (XFJ) (+1.1%) was the best performing sector today, as our biggest banks continued to stack on gains. If you’ve been watching my ChartWatch Scans Uptrends Lists you’ll know the banks have consistently maintained some of the strongest charts on the entire ASX this year – I propose as a group, they’d be my most featured (highest conviction) set of charts. Interesting, seeing how most brokers have consistently called them too expensive / sell at the same time…it’s just demand vs supply I guess!
Company | Last Price | Change $ | Change % | 1mo % | 1yr % |
---|---|---|---|---|---|
Humm Group (HUM) | $0.740 | +$0.055 | +8.0% | +54.2% | +66.3% |
Kina Securities (KSL) | $1.080 | +$0.055 | +5.4% | +2.9% | +36.7% |
Medibank Private (MPL) | $3.99 | +$0.13 | +3.4% | 0% | +12.1% |
NIB (NHF) | $6.42 | +$0.16 | +2.6% | -13.8% | -21.3% |
Commonwealth Bank of Australia (CBA) | $141.77 | +$2.27 | +1.6% | +7.0% | +39.2% |
AMP (AMP) | $1.300 | +$0.02 | +1.6% | +9.7% | +3.6% |
Bank of Queensland (BOQ) | $6.40 | +$0.08 | +1.3% | +3.1% | +9.2% |
National Australia Bank (NAB) | $38.65 | +$0.48 | +1.3% | +5.9% | +34.0% |
Judo Capital (JDO) | $1.665 | +$0.02 | +1.2% | +19.8% | +80.0% |
Westpac Banking Corporation (WBC) | $31.60 | +$0.36 | +1.2% | +9.0% | +46.3% |
Pepper Money (PPM) | $1.365 | +$0.015 | +1.1% | -9.0% | +3.4% |
QBE Insurance Group (QBE) | $15.93 | +$0.14 | +0.9% | -8.2% | +8.4% |
ANZ Group (ANZ) | $30.66 | +$0.26 | +0.9% | +6.8% | +22.4% |
Suncorp Group (SUN) | $17.81 | +$0.14 | +0.8% | +3.5% | +32.5% |
Credit Corp Group (CCP) | $15.19 | +$0.11 | +0.7% | -4.8% | -28.3% |
Auswide Bank (ABA) | $4.28 | +$0.03 | +0.7% | -5.3% | -21.8% |
Macquarie Group (MQG) | $217.04 | +$1.39 | +0.6% | +5.0% | +22.6% |
The Energy (XEJ) (+1.1%) sector also did well today despite falling energy commodity prices on Friday night. Yancoal (YAL) (+3.9%) led the way, but was supported by decent gains in sector heavyweights Woodside Energy (WDS) (+1.4%) and Santos (STO) (+1.1%). Gains in these three easily outweighed losses suffered by most uranium stocks.
Company | Last Price | Change $ | Change % | 1mo % | 1yr % |
---|---|---|---|---|---|
Cooper Energy (COE) | $0.205 | +$0.01 | +5.1% | -8.9% | +78.3% |
Yancoal Australia (YAL) | $5.61 | +$0.21 | +3.9% | -22.2% | +5.8% |
Viva Energy Group (VEA) | $2.95 | +$0.07 | +2.4% | -8.1% | -5.4% |
Ampol (ALD) | $29.63 | +$0.7 | +2.4% | -12.2% | -13.7% |
Woodside Energy Group (WDS) | $27.57 | +$0.38 | +1.4% | +0.3% | -28.3% |
Santos (STO) | $7.30 | +$0.08 | +1.1% | -7.1% | -5.3% |
New Hope Corporation (NHC) | $4.51 | +$0.03 | +0.7% | -8.5% | -20.2% |
Whitehaven Coal (WHC) | $6.72 | +$0.03 | +0.4% | -12.7% | 0% |
Nexgen Energy (NXG) | $8.74 | -$0.08 | -0.9% | -4.0% | +7.4% |
Paladin Energy (PDN) | $9.60 | -$0.19 | -1.9% | -7.7% | +15.0% |
Beach Energy (BPT) | $1.220 | -$0.03 | -2.4% | -17.0% | -21.8% |
Peninsula Energy (PEN) | $0.078 | -$0.002 | -2.5% | -17.0% | -30.4% |
Boss Energy (BOE) | $2.73 | -$0.11 | -3.9% | -14.2% | -19.0% |
It fell away pretty quickly from there with most sectors within +/- 0.5% or so, that is – until you get to the worst performers Communication Services (XTJ) (-0.9%) and Materials (XMJ) (-1.1%). The former was dragged down by major constituent REA Group (REA) (-5.3%) which confirmed media speculation that it is indeed considering a takeover of Rightmove, its major competitor in the UK.
Materials was dragged down by a particularly dour showing from the Gold (XGD) (-2.6%) sub-index. The gold price was down 1.3% on Friday, so double that for the ASX Gold sector today feels a little overdone. Certainly, a 9.1% plunge in Bellevue Gold (BGL) shares following its FY24 results release this morning didn’t help things…
Lithium stocks were again under pressure as the price of lithium carbonate reversed recent modest gains on China’s GFEX exchange, trading down around 4.6% at the close of trading. It also didn’t help that major broker UBS downgraded its ratings and price targets for majors IGO (IGO) and Liontown Resources (LTR). See the Broker Notes section below for more details, but these two now join Mineral Resources (MIN) and Pilbara Minerals (PLS) in the UBS sell-side sin bin. (Along with uranium stocks, Aussie lithium stocks are easily the most featured in my ChartWatch Scans Downtrends Lists).
Company | Last Price | Change $ | Change % | 1mo % | 1yr % |
---|---|---|---|---|---|
Wildcat Resources (WC8) | $0.265 | -$0.03 | -10.2% | +8.2% | -14.5% |
Bellevue Gold (BGL) | $1.150 | -$0.115 | -9.1% | -17.9% | -28.3% |
Red 5 (RED) | $0.315 | -$0.025 | -7.4% | -12.5% | +37.0% |
Westgold Resources (WGX) | $2.83 | -$0.21 | -6.9% | +0.7% | +72.6% |
Chalice Mining (CHN) | $1.035 | -$0.06 | -5.5% | -6.8% | -79.5% |
Liontown Resources (LTR) | $0.710 | -$0.04 | -5.3% | -23.2% | -74.2% |
Perseus Mining (PRU) | $2.51 | -$0.13 | -4.9% | -2.0% | +34.2% |
Pilbara Minerals (PLS) | $2.84 | -$0.13 | -4.4% | -0.7% | -38.8% |
Capricorn Metals (CMM) | $5.77 | -$0.22 | -3.7% | +4.5% | +28.8% |
Champion Iron (CIA) | $6.05 | -$0.22 | -3.5% | +1.2% | +0.3% |
Ora Banda Mining (OBM) | $0.560 | -$0.02 | -3.4% | +33.3% | +582.9% |
Firefly Metals (FFM) | $0.920 | -$0.03 | -3.2% | +15.7% | +91.7% |
Genesis Minerals (GMD) | $2.20 | -$0.07 | -3.1% | +3.8% | +36.6% |
Evolution Mining (EVN) | $4.11 | -$0.13 | -3.1% | +2.5% | +13.2% |
Nickel Industries (NIC) | $0.815 | -$0.025 | -3.0% | +0.6% | +5.2% |
Regis Resources (RRL) | $1.815 | -$0.055 | -2.9% | +8.7% | +14.9% |
Jupiter Mines (JMS) | $0.180 | -$0.005 | -2.7% | -25.0% | -7.7% |
Ramelius Resources (RMS) | $2.16 | -$0.06 | -2.7% | +11.3% | +57.1% |
IGO (IGO) | $5.41 | -$0.14 | -2.5% | +1.5% | -58.6% |
Latin Resources (LRS) | $0.195 | -$0.005 | -2.5% | +34.5% | -44.3% |
Arcadium Lithium (LTM) | $3.89 | -$0.09 | -2.3% | -13.0% | 0% |
Vulcan Energy Resources (VUL) | $3.83 | -$0.08 | -2.0% | -10.9% | +10.7% |
Lynas Rare Earths (LYC) | $6.92 | -$0.14 | -2.0% | +13.3% | -5.3% |
Iluka Resources (ILU) | $6.04 | -$0.12 | -1.9% | +4.1% | -28.8% |
Mineral Resources (MIN) | $39.51 | -$0.64 | -1.6% | -25.2% | -44.1% |
Rio Tinto (RIO) | $109.94 | -$1.61 | -1.4% | -7.4% | -2.0% |
South32 (S32) | $3.10 | -$0.04 | -1.3% | +2.6% | -9.1% |
BHP Group (BHP) | $40.33 | -$0.44 | -1.1% | -3.9% | -9.8% |
Northern Star Resources (NST) | $15.10 | -$0.16 | -1.0% | +6.1% | +27.4% |
Newmont Corporation (NEM) | $77.51 | -$0.76 | -1.0% | +1.7% | 0% |
Deterra Royalties (DRR) | $3.65 | -$0.03 | -0.8% | -8.3% | -15.7% |
Fortescue (FMG) | $18.18 | -$0.09 | -0.5% | -3.0% | -15.1% |
Sandfire Resources (SFR) | $8.59 | -$0.04 | -0.5% | -1.0% | +32.0% |
Today
AUS ANZ Job Advertisements August -2.1% vs -2.7% in July
AUS Building Approvals July +10.4% vs +2.4% forecast and -6.4% in June
CHN Caixin Manufacturing PMI August 50.4 vs 50.0 forecast and 49.8 in July (readings above 50 indicate growth in the sector, so not only was this an improvement on July and a meaningfully better than expected result, it also showed Chinese manufacturing swung back to growth last month)
USA Markets are closed in observance of Labor Day Holiday
Wednesday
00:00 USA ISM Manufacturing PMI August (47.5 forecast vs 46.8 in July)
11:30 AUS September Qtr GDP (+0.2% q/q forecast vs +0.1% q/q in March)
11:45 CHN Caixin Services PMI August (52.1 forecast vs 52.1 in July)
Thursday
00:00 USA JOLTS Job Openings August (8 million forecast vs 8.18 million in July)
12:00 AUS RBA Governor Michelle Bullock Speaks
Friday
00:00 USA ISM Services PMI August (50.9 forecast vs 51.4 in July)
22:30 USA Non-Farm Employment Change August (+164,000 forecast vs +114,000 in July) and Unemployment Rate (4.2% forecast vs 4.3% in July)
22:30 USA Average Hourly Earnings August (+0.3% forecast vs +0.2% in July)
+33.8% Cettire (CTT) - No news since 29 Aug FY24 Results Presentation, retained at buy at Bell Potter but price target cut to $2.00 from $2.60, potentially also a clickbait "media" article headline claiming stock "could rise 90%" stirred some punters into a frenzy / triggered short covering.
+10.6% Droneshield (DRO) - No news since 27 Aug 2024 Half Year Results - Investor Presentation, just a steady increase/recently gaining some momentum.
+9.7% Imugene (IMU) - Three Complete Responses in Azer-Cel Phase 1b Trial.
+8.0% Humm Group (HUM) - Continued positive response to 21 Aug FY24 Investor Presentation, rise is consistent with prevailing short and long term uptrends 🔎📈.
+7.4% Austin Engineering (ANG) - No news since 27 Aug FY24 Results Presentation, bounced off long term uptrend ribbon 🔎📈.
+5.4% Kina Securities (KSL) - No news since 29 Aug 1H 2024 Results Investor Presentation, rise is consistent with prevailing short and long term uptrends (a regular Feature Uptrend in ChartWatch Scans) 🔎📈.
+4.8% Healius (HLS) - No news since 21 Aug HLS FY24 Results Presentation, rise is consistent with prevailing short term uptrend, long term trend is transitioning from down to up (Feature Uptrend in Today's ChartWatch Scans list) 🔎📈.
+4.7% Australian Clinical Labs (ACL) - Appointment of CFO, rise is consistent with prevailing short term uptrend, long term trend is transitioning from down to up 🔎📈.
+3.8% Botanix Pharmaceuticals (BOT) - No news since 30 Aug Botanix Appendix 4E & Announcement of Commercial Day Webinar, rise is consistent with prevailing short and long term uptrends (a regular Feature Uptrend in ChartWatch Scans) 🔎📈.
-14.8% Strickland Metals (STK) - High Grade Gold System Continues to Emerge at HW Gold Camp
-11.3% Weebit Nano (WBT) - No news since 28 Aug Appendix 4E and 2024 Annual Report, fall is consistent with prevailing short and long term downtrends (a regular Feature downtrend in ChartWatch Scans) 🔎📉.
-10.2% Wildcat Resources (WC8) - No news, fall is consistent with prevailing short and long term downtrends (a regular Feature downtrend in ChartWatch Scans) 🔎📉.
-9.1% Bellevue Gold (BGL) - Bellevue declares a maiden FY NPAT of $75m for FY24 and 2024 Annual Report, fall is consistent with prevailing short and long term downtrends (a regular Feature downtrend in ChartWatch Scans) 🔎📉.
-8.9% GR Engineering Services (GNG) - Ex-dividend $0.10/share fully franked.
-7.4% Red 5 (RED) - No news since 29 Aug FY24 Financial Results and FY25 Outlook, fall is consistent with prevailing short and long term downtrends (a regular Feature downtrend in ChartWatch Scans) 🔎📉.
-7.2% Neuren Pharmaceuticals (NEU) - No news since 27 Aug H1 2024 financial results, fall is consistent with prevailing short and long term downtrends (a regular Feature downtrend in ChartWatch Scans) 🔎📉.
Amaero International (3DA)
Retained at buy at Shaw and Partners; Price Target: $0.60
4DMEDICAL (4DX)
Retained at buy at Bell Potter; Price Target: $0.75 from $1.10
Australian Finance Group (AFG)
Retained at neutral at Citi; Price Target: $1.65 from $1.45
Retained at neutral at Macquarie; Price Target: $1.60 from $1.47
AGL Energy (AGL)
Retained at overweight at Morgan Stanley; Price Target: $12.88
Adrad (AHL)
Retained at add at Morgans; Price Target: $1.10
Aeris Resources (AIS)
Retained at buy at Bell Potter; Price Target: $0.27 from $0.28
ANZ Group (ANZ)
Retained at sell at Citi; Price Target: $25.00
Australian Unity Office Fund (AOF)
Retained at hold at Ord Minnett; Price Target: $1.33 from $1.32
APA Group (APA)
Retained at equal-weight at Morgan Stanley; Price Target: $8.58
APM Human Services International (APM)
Retained at hold at Bell Potter; Price Target: $1.45
Retained at equal-weight at Morgan Stanley; Price Target: $1.40
Austal (ASB)
Retained at buy at Citi; Price Target: $4.14 from $3.10
Burgundy Diamond Mines (BDM)
Retained at buy at Bell Potter; Price Target: $0.28
Bellevue Gold (BGL)
Retained at outperform at Macquarie; Price Target: $1.70
Commonwealth Bank of Australia (CBA)
Retained at sell at Citi; Price Target: $91.50
Cettire (CTT)
Retained at buy at Bell Potter; Price Target: $2.00 from $2.60
Civmec (CVL)
Retained at add at Morgans; Price Target: $1.45 from $1.40
Cleanaway Waste Management (CWY)
Retained at overweight at Morgan Stanley; Price Target: $3.23
Dicker Data (DDR)
Retained at buy at Citi; Price Target: $11.70
Retained at neutral at Goldman Sachs; Price Target: $9.80 from $9.90
Upgraded to overweight from neutral at JP Morgan; Price Target: $10.40 from $9.90
Retained at equal-weight at Morgan Stanley; Price Target: $10.00
De Grey Mining (DEG)
Retained at neutral at Goldman Sachs; Price Target: $4.80
Retained at outperform at Macquarie; Price Target: $1.80
Retained at outperform at Macquarie; Price Target: $1.80
Doctor Care Anywhere Group (DOC)
Retained at buy at Bell Potter; Price Target: $0.12
Downer EDI (DOW)
Retained at hold at CLSA; Price Target: $5.35 from $4.70
Retained at neutral at JP Morgan; Price Target: $5.00 from $4.90
Retained at neutral at Macquarie; Price Target: $5.77 from $4.86
Retained at hold at Ord Minnett; Price Target: $5.35
Retained at neutral at UBS; Price Target: $5.75 from $4.90
Fletcher Building (FBU)
Retained at sell at Citi; Price Target: NZ$2.97
Fortescue (FMG)
Retained at add at Morgans; Price Target: $22.00 from $23.00
Global Lithium Resources (GL1)
Retained at buy at Shaw and Partners; Price Target: $2.20
Harvey Norman (HVN)
Retained at buy at Citi; Price Target: $5.50
Upgraded to hold from underperform at CLSA; Price Target: $4.50 from $4.40
Retained at neutral at Goldman Sachs; Price Target: $4.50 from $4.60
Retained at neutral at Jarden; Price Target: $4.60 from $4.80
Retained at hold at Jefferies; Price Target: $4.60
Retained at overweight at JP Morgan; Price Target: $5.50 from $5.60
Retained at outperform at Macquarie; Price Target: $5.00 from $5.40
Retained at underweight at Morgan Stanley; Price Target: $4.20
Retained at hold at Ord Minnett; Price Target: $4.40
IDP Education (IEL)
Retained at neutral at Macquarie; Price Target: $16.00
IGO (IGO)
Downgraded to sell from neutral at UBS; Price Target: $4.95 from $5.40
IPD Group (IPG)
Retained at buy at Bell Potter; Price Target: $6.00 from $5.60
Retained at buy at Shaw and Partners; Price Target: $5.80 from $5.50
Jupiter Mines (JMS)
Retained at outperform at Macquarie; Price Target: $0.34 from $0.37
Kelsian Group (KLS)
Retained at add at Morgans; Price Target: $1.28 from $1.22
Lendlease Group (LLC)
Retained at buy at Citi; Price Target: $7.10
Lovisa (LOV)
Retained at lighten at Ord Minnett; Price Target: $30.00
Arcadium Lithium (LTM)
Initiated at neutral at UBS; Price Target: $3.00
Liontown Resources (LTR)
Downgraded to sell from neutral at UBS; Price Target: $0.70 from $0.85
Microba Life Sciences (MAP)
Retained at buy at Bell Potter; Price Target: $0.35
Macquarie Technology Group (MAQ)
Retained at overweight at Morgan Stanley; Price Target: $100.00
Michael Hill International (MHJ)
Retained at neutral at Citi; Price Target: $0.66
Mineral Resources (MIN)
Retained at buy at Bell Potter; Price Target: $66.00 from $80.00
Upgraded to neutral from sell at Goldman Sachs; Price Target: $43.00 from $47.00
Moneyme (MME)
Retained at buy at Morgans; Price Target: $0.22 from $0.23
National Australia Bank (NAB)
Retained at sell at Citi; Price Target: $26.50
Nickel Industries (NIC)
Retained at buy at Citi; Price Target: $1.05
Retained at outperform at Macquarie; Price Target: $1.13 from $1.10
Nobleoak Life (NOL)
Retained at buy at Shaw and Partners; Price Target: $2.85
Nuix (NXL)
Initiated at buy at Jefferies; Price Target: $6.10
Nextdc (NXT)
Retained at buy at UBS; Price Target: $19.40 from $20.10
Origin Energy (ORG)
Retained at underweight at Morgan Stanley; Price Target: $8.86
Paladin Energy (PDN)
Retained at buy at Bell Potter; Price Target: $15.70
Percheron Therapeutics (PER)
Retained at buy at Morgans; Price Target: $0.24 from $0.23
Paragon Care (PGC)
Retained at buy at Bell Potter; Price Target: $0.52
Retained at accumulate at Ord Minnett; Price Target: $0.46
Pioneer Credit (PNC)
Retained at buy at Shaw and Partners; Price Target: $0.80
Platinum Asset Management (PTM)
Upgraded to neutral from underweight at Jarden; Price Target: $1.00 from $1.05
Downgraded to sell from neutral at UBS; Price Target: $0.91 from $1.05
Qantas Airways (QAN)
Retained at add at Morgans; Price Target: $7.50 from $7.00
Ramsay Health Care (RHC)
Retained at neutral at Citi; Price Target: $44.00 from $50.00
Retained at neutral at Jarden; Price Target: $48.22 from $54.47
Retained at neutral at JP Morgan; Price Target: $43.00 from $50.00
Retained at neutral at Macquarie; Price Target: $45.75 from $50.10
Retained at hold at Ord Minnett; Price Target: $43.40 from $46.60
Downgraded to sector perform from outperform at RBC Capital Markets; Price Target: $52.00 from $61.00
Resimac Group (RMC)
Retained at buy at Bell Potter; Price Target: $1.30
Retained at neutral at Macquarie; Price Target: $1.00 from $1.05
RMA Global (RMY)
Retained at buy at Bell Potter; Price Target: $0.10
Resolute Mining (RSG)
Retained at outperform at Macquarie; Price Target: $0.75
South32 (S32)
Retained at add at Morgans; Price Target: $4.10 from $4.00
Retained at buy at UBS; Price Target: $3.55
Steadfast Group (SDF)
Retained at outperform at Macquarie; Price Target: $6.80 from $6.70
Sandfire Resources (SFR)
Retained at neutral at Citi; Price Target: $9.20 from $8.70
Retained at outperform at Macquarie; Price Target: $9.80 from $9.40
Strike Energy (STX)
Retained at buy at Bell Potter; Price Target: $0.32
Southern Cross Media Group (SXL)
Upgraded to buy from hold at Canaccord Genuity; Price Target: $0.96 from $0.90
Retained at neutral at Macquarie; Price Target: $0.55 from $0.61
Retained at underweight at Morgan Stanley; Price Target: $0.50 from $0.75
Tourism Rentals (THL)
Retained at hold at Morgans; Price Target: $2.02 from $1.94
TPG Telecom (TPG)
Retained at sell at Goldman Sachs; Price Target: $4.40 from $4.35
Retained at hold at Jefferies; Price Target: $5.40 from $5.12
Downgraded at neutral at JP Morgan; Price Target: $5.10
Retained at underweight at Morgan Stanley; Price Target: $4.30
Retained at hold at Morgans; Price Target: $5.20 from $4.94
Retained at neutral at UBS; Price Target: $4.95 from $4.80
West African Resources (WAF)
Retained at accumulate at Ord Minnett; Price Target: $1.65
Westpac Banking Corporation (WBC)
Retained at sell at Citi; Price Target: $24.75
Webjet (WEB)
Retained at neutral at Macquarie; Price Target: $8.72 from $9.95
Westgold Resources (WGX)
Retained at outperform at Macquarie; Price Target: $3.20 from $3.00
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