Evening Wrap: ASX 200 surges 150 points as investors bet the worst of the Middle East crisis is over, BHP and RIO +3% each

The S&P/ASX 200 closed 149.3 points higher, up 1.74%.

The ASX 200 rallied as investors rotated back into beaten-down technology and mining stocks, even as geopolitical tensions in the Middle East remained elevated. It didn’t take much good news — or simply the absence of bad news — to send stocks sharply higher.

In stock specific news:

• Guzman y Gomez (GYG) (+18.6%) — rocketed to its biggest single-day gain since its 2024 IPO after posting stronger-than-expected third-quarter sales growth of 19.5 per cent.

• NextDC (NXT) (+11.9%) — surged after launching a $1 billion wholesale offering of subordinated 100-year hybrid securities, cornerstoned by Quebec pension giant La Caisse, to fund its data centre growth pipeline.

• Bank of Queensland (BOQ) (+6.9%) — leapt after striking a strategic capital partnership with Challenger, offloading $3.7 billion of whole-of-loans in a 12-month forward flow arrangement, with the deal expected to lift return on equity by 15–25 basis points in FY26 and return $300 million to shareholders via buybacks and a special dividend.

• Domino's Pizza Enterprises (DMP) (+6.7%) — jumped after Citi upgraded the stock from sell to neutral, with Guzman y Gomez's strong quarterly update prompting a reassessment of the fast food sector.

• Telix Pharmaceuticals (TLX) (+5.1%) — advanced after its first-quarter result beat expectations on strong imaging volumes and pricing, with analysts tipping full-year revenue to hit the top end of guidance; the company also progressed multiple regulatory pipelines including an FDA new drug application for its brain imaging candidate.

• DigiCo Infrastructure REIT (DGT) (-1.7%) — fell after withdrawing its development application for a data centre in Monterey Park, California, following signals from the city council that approval was uncertain.

• The a2 Milk Company (A2M) (-1.9%) — lost ground after agreeing to pay $62 million to settle two shareholder class action proceedings in the Supreme Court of Victoria.

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.

Also, I have detailed technical analysis on the Nasdaq Composite and the S&P/ASX 200 in today's ChartWatch.

Let's dive in!

Markets

ASX 200 Session Chart

The S&P/ASX 200 (XJO) finished 149.3 points higher at 8,728.8, 1.7% from its session high/low and 0.9% from its high. In the broader-based S&P/ASX 300 (XKO) advancers beat decliners by a healthy 192 to 60.

Information Technology (XIJ) (+4.0%) was the standout sector of the session, with the rally partly a catch-up trade — IT has been the hardest-hit sector over the past three months as rising rates and geopolitical risk hobbled growth assets. A recovery in US tech stocks overnight provided the catalyst, with the move driven by NextDC (NXT) (+11.9%), whose $1 billion raise — anchored by La Caisse on a 100-year maturity — was read by the market as a major institutional vote of confidence in the long-term data centre story. WiseTech Global (WTC) (+3.4%) and Xero (XRO) (+1.7%) also contributed.

The Resources sector (XJR) (+2.5%) rebounded strongly, supported by a recovery in iron ore stocks and a lift in copper prices. BHP Group (BHP) (+3.3%) and Rio Tinto (RIO) (+3.0%) led the iron ore names, with Mineral Resources (MIN) (+3.4%) among the better performers. South32 (S32) (+2.9%) and BlueScope Steel (BSL) (+3.8%) added from the base metals and steel side. Industrial metals prices on the LME were patchy overnight, but COMEX benchmark copper futures firmed 0.3 per cent to $US5.615 a pound in the Asian session.

Financials (XFJ) (+2.2%) were a significant contributor to the day's gains, with Bank of Queensland (BOQ) (+6.9%) the headline mover on its loan-book divestment and capital return announcement. The major banks all outperformed: National Australia Bank (NAB) (+2.6%), Commonwealth Bank (CBA) (+2.4%), Westpac (WBC) (+2.4%), Macquarie Group (MQG) (+3.2%), and ANZ (ANZ) (+1.7%) all closed higher.

The Gold Sub-Index (XGD) (+1.6%) advanced despite a soft commodity lead — COMEX benchmark gold futures eased 0.4 per cent in the Asian session to $US4,665 an ounce. The sector's gains were likely driven more by broader risk-on flows and short covering than fresh commodity momentum. Greatland Resources (GGP) (+4.0%) and Newmont (NEM) (+2.9%) were the standout movers.

Energy (XEJ) (+1.4%) held firm as ICE benchmark Brent crude oil futures rose 1.7 per cent to $US111.64 a barrel — their highest level since the peak following Russia's invasion of Ukraine in 2022. The geopolitical tension keeping oil elevated remains acute: Trump's deadline for Iran to reopen the Strait of Hormuz expires overnight, and the market is pricing in meaningful escalation risk. Woodside Energy (WDS) (+2.6%) and Karoon Energy (KAR) (+2.8%) were the notable movers.

Real Estate (XPJ) (+0.2%) and Consumer Staples (XSJ) (+0.1%) technically closed in the green but were clear laggards — as bond proxies and defensives struggled. Stockland (SGP) (-3.4%) was the sharpest individual decliner in real estate. Coles Group (COL) (-1.5%) and The a2 Milk Company (A2M) (-1.9%) retreated in staples.

In other commodities moves, GFEX lithium carbonate futures in China rose 3.3 per cent to CNY163,580 a tonne, lifting Elevra Lithium (ELV) (+6.2%), Vulcan Energy Resources (VUL) (+5.2%), and IGO (IGO) (+3.3%).

NdPr rare earths prices in China firmed 2.0 per cent to CNY767,500 a tonne, supporting Lynas Rare Earths (LYC) (+4.6%) and Iluka Resources (ILU) (+2.8%).

SGX benchmark iron ore futures in Singapore eased 0.4 per cent to $US106.30 a tonne, while COMEX benchmark silver futures slipped 0.7 per cent to $US72.37 an ounce.

Today's best blue chip gainers

Today's worst blue chip losers

ChartWatch

Nasdaq Composite Index

Analysis

Long suffering readers of ChartWatch! 📢 This is why the 1/3 portfolio risk limit exists — for scenarios exactly like these:

1. Uber-uncertain environment, something is broken, causing markets to come under extreme pressure

2. But the natural goal of regulators and politicians is to “fix” the threat that caused the uber-uncertainty in the first place.

Usually, the problem isn’t so obviously caused by a single politician, but in someways, the fact that this one is may make it even simpler to resolve (i.e., the person that caused it un-causes it!)

Whether you believe that person has the ability (or wherewithal) to un-cause the present crisis — the fact remains:

1. Uber risky environment = markets susceptible to sudden and large down-swings

2. Regulatory and political intent to shield markets from uber-risks plus desire to repair the damage = markets susceptible to sudden and large up-swings (as shorts are torched and underweight funds fumble for weighting!).

Compare my theory to every other market crisis you can remember, and you’ll very quickly come to the conclusion that I came to roughly half-way through the GFC-induced bear market back in 2008 (during which I was substantially SHORT!)

In markets where there are simultaneously uber-risks and an uber desire to fix the problems that created those risks — prices can swing wildly from down to up — and back again.

Hence I developed my 1/3RP limit during periods where the long term trend is neutral / transitioning to down like it is now — and even in clear long term downtrends. It says:

Even if you’re trading the plethora of downtrends on offer during the uber-uncertain period — one cannot overload one’s exposure to the downside because it’s in the nature of regulators and politicians to create news that causes investors to gain occasional bouts of hope that the end of the crisis is near — and therefore for stocks to rally violently.

It’s easy for one to believe that bear markets are easy places for traders who can go short to make a killing on the downside. That one should go FRP short.

The reality is that FRP short generally only works in short, sharp patches of downdrafts when the you-know-what is really hitting the rotating cooling device.

Apart from those relatively brief periods, bear markets are volatile, choppy beasts where it’s all too easy for trend traders like us to get chopped up! 🪓🪓🪓

Looking at the Comp's chart above, I suggest we’re presently in the midst of a counter-trend bounce — one engineered by politicians hoping to repair the damage done to markets.

Whether those efforts succeed or not — is far less relevant to us than simply respecting the fact that the smart money hasn’t yet fully committed to excess demand.

On a positive note, though, we have a good start:

• 4 from 4 white candles (since the total abyss-teetering brink that was the 20690 low just 5 candles ago — your honour, I rest my case! 🧑‍⚖️)

• A return to higher peaks (supply removal = consistent with FOMO + HOFU) and higher troughs (demand reinforcement = consistent with BTD)

• Closed roughly halfway inside the short- and long-term trend ribbon band (= consumption of a decent whack of the latent supply we’d ordinarily expect in that zone).

But there’s still a long way to go. Let’s see if the Comp can close above the long term trend ribbon with similar candles — because then we can say the ship is at least “righted” for the time being.

Until then, my experience suggests that this is still an uber-risk environment — and not one for heroes to try and pick the bottom! ⚠️

View

My personal allowable capital allocation limit for my investments in US stocks remains unchanged at 1/3RP 🪣 (i.e., 33% invested vs 67% cash; Note: 1/2RP is 50% invested/cash, 2/3RP is 67% invested vs 33% cash, and FRP is 100% invested). Working within my 1/3RP limit, I'm happy to put a pause on adding new short exposure for the time being and to entertain new long exposure if absolute-top-quality uptrends can be found.

Key levels

The short- and long-term downtrends remain intact. Both trend ribbons appear to be acting as a zone of dynamic excess supply (downtrend ribbon combination (presently 21778-22371). We must see a long white-bodied candle closing at least above the short term trend ribbon to indicate the demand-side is any chance of being back in control of the Comp's price.

20690 is the key point of demand. As long as it holds, this new rally is intact. Below it, hello bear market! 🐻

S&P/ASX 200 (XJO)

Analysis

Very decent ✅

Could have been better ⚖️

Both statements are true when it comes to today’s candle on the ASX 200, aka, the Old Tin Pot.

Before the Easter break, I left off at a pause in my transition between 1/3RP and 1/2RP for my ASX portfolio. As noted, any move between portfolio risk limits is a process not a step-change. Hopefully you can see why.

Importantly, it’s less about target limits and more about finding the setups on a stock-by-stock basis to be able to execute the transition. Simultaneously, it should be noted that there remains some decent shorts out there than can be used to hedge out new long-side risk if required.

Given today’s move, I think the pragmatic approach remains simply adding risk on merit, with some flexibility on the 33% invested limit — allowing it to inflate towards 50% invested if there are individual stock-based trends that demand the risk be applied.

If that statement seems a bit wimpy — then I am open to listening to the case that argues a more forceful application of risk!

I'm all ears! 👂👂

Our current rally — and I can’t believe I’m saying this — is actually better-developed than the Comp’s. For the record, we’re also:

• Decent whack of demand-side candles since the 8262 teetering on the edge of the abyss low

• Rising peaks and rising troughs

• Today traded above the short- and long-term ribbon combo — only to fall at the hurdle of the 8760 point of demand, closing back below the top of the long term trend ribbon.

• Some decent (above average) volume on a couple of the recent demand-side showings

There are some credible signs that the demand-side is committing with motivation and size again — and that the supply-side is edging back to a HOFU mentality.

Ideally, we see a strong demand-side candle with a close near its high above the long term uptrend ribbon — an emphatic demand-side dominant display to show its “back on” again.

I think my portfolio risk is pretty close to where it needs to be — and that it's respectful of both the risks and the reward. The rest is up to the market.

View

The move between 1/3RP and 1/2RP portfolio risk limit is occurring as long as the requisite absolute-top-quality uptrend risk can be found. Shorts may also be actively pursued to ensure a hedge against increased long-side exposure.

Key levels

This is very simple now, 8262-8379 is the key zone of demand. As long as it holds, this new rally is intact. Below it, hello bear market! 🐻

The ASX 200 must at least close back above the short- and long term uptrend ribbons (presently 8622-8733) to really confirm its newfound semblance of demand-side control.

Economy

Today

• AUS March MI Inflation Gauge

  • Result: +1.3% m/m vs -0.2% m/m in February

• AUS March ANZ Job Advertisements

  • Result: -3.1% m/m vs +3.2% in February

• Comment: That's a monthly inflation change print... so times it by 12!!! 😱 Then add in a sharp reversal in hiring... and you get STAGFLATION! ⚠️

Later this week

Tuesday

• USA March Core Durable Goods Orders (+0.5% m/m forecast vs +0.4% m/m in February)

Wednesday

• No major global economic data scheduled for release on Wednesday

Thursday

• 04:00 USA FOMC Meeting Minutes

• 22:30 USA March Personal Consumption Expenditures (PCE)

  • Core PCE Price Index: +0.4% m/m forecast vs +0.4% m/m in February

  • Personal Income: +0.3% m/m forecast vs +0.4% m/m in February

  • Personal Spending: +0.6% m/m forecast vs +0.4% m/m in February

Friday

• 11:30 CHN March Consumer Price Index (CPI) (+1.2% p.a. forecast vs +1.3% p.a. in February)

• 11:30 CHN March Producer Price Index (PPI) (+0.4% p.a. forecast vs -0.9% p.a. in February)

• 22:30 USA Core CPI (+1.0% m/m forecast vs +0.3% m/m in February)

Saturday

• 00:00 USA Prelim April UoM Consumer Sentiment (51.6 forecast vs 53.3 in February)

Latest News

Interesting Movers

Trading higher

• +18.6% Guzman Y Gomez (GYG) – Q3 FY26 Quarterly Sales Update and Becoming a substantial holder (Citigroup +5.3%).

• +11.9% Nextdc (NXT) – A$1.0 billion Hybrid Securities Offer & La Caisse Commitment, general strength across the broader Information Technology sector today.

• +9.9% Nufarm (NUF) – Becoming a substantial holder from MUFG (Mitsubishi UFJ Financial Group +5.1%) and Ceasing to be a substantial holder (possibly the end of a large sell order)

• +9.8% Core Lithium (CXO) – Grants Open Pit Mining to Commence, general strength across the broader Lithium sector today.

• +9.5% EQ Resources (EQR) – No news, general strength across the broader Rare Earths & Critical Minerals sector today, rise is consistent with prevailing short and long term uptrends 🔎📈

• +9.5% BetaShares Crude Oil ETF (OOO) – No news (long crude oil ETF).

• +8.3% Elsight (ELS) – No news, general strength across the broader Defence sector today, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +6.9% Bank of Queensland (BOQ) – BOQ Announces Capital Partnership with Challenger.

• +6.8% Domino's Pizza Enterprises (DMP) – Change in substantial holding (JPMorgan Chase & Co 9.7% from 8.6%).

• +6.2% Elevra Lithium (ELV) – No news, general strength across the broader Lithium sector today.

• +6.2% Macquarie Technology (MAQ) – No news, general strength across the broader Information Technology sector today.

• +5.2% Vulcan Energy Resources (VUL) – No news, general strength across the broader Lithium sector today.

• +4.9% Electro Optic Systems (EOS) – No news, general strength across the broader Defence sector today.

• +4.9% Telix Pharmaceuticals (TLX) – Q1 2026 Strong Revenue Growth and Tx Pipeline Advancement.

• +4.6% Lynas Rare Earths (LYC) – No news, general strength across the broader Rare Earths & Critical Minerals sector today.

• +3.5% Life360 (360) – No news, general strength across the broader Information Technology sector today.

• +3.4% Mineral Resources (MIN) – No news, general strength across the broader Iron Ore sector today.

• +3.4% Champion Iron (CIA) – No news, general strength across the broader Iron Ore sector today.

• +3.4% Wisetech Global (WTC) – No news, general strength across the broader Information Technology sector today.

• +3.3% BHP (BHP) – No news, general strength across the broader Iron Ore sector today.

• +3.3% IGO (IGO) – No news, general strength across the broader Lithium sector today.

Trading lower

• -6.8% (MSB) – Ryoncil Net Revenue for the Quarter Increases to US$30.3M, fall is consistent with prevailing short term downtrend and long term trend is transitioning from up to down, a recent regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -4.5% PYC Therapeutics (PYC) – No news, fall is consistent with prevailing short term downtrend and long term trend is transitioning from up to down, a recent regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -3.5% BetaShares Aus Equities Strong Bear ETF (BBOZ) – No news, (short ASX stocks ETF).

• -3.4% Stockland (SGP) – No news, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -3.2% HMC Capital (HMC) – No news, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

Broker Moves

29Metals (29M)

• Upgraded to buy from accumulate at Ord Minnett; Price Target: $0.55

AIC Mines (A1M)

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

Ampol (ALD)

• Retained at buy at Ord Minnett; Price Target: $35.50

AMP (AMP)

• Retained at buy at Ord Minnett; Price Target: $1.60 from $1.65

• Retained at buy at UBS; Price Target: $1.75

ANZ Group Holdings (ANZ)

• Retained at overweight at Morgan Stanley; Price Target: $37.80

• Retained at sell at UBS; Price Target: $36.50

APA Group (APA)

• Downgraded to lighten from hold at Ord Minnett; Price Target: $8.30

Arena REIT (ARF)

• Retained at outperform at Macquarie; Price Target: $3.90 from $3.99

ASX (ASX)

• Retained at underweight at Morgan Stanley; Price Target: $49.05

• Retained at hold at Ord Minnett; Price Target: $59.85 from $58.95

• Retained at neutral at UBS; Price Target: $58.40

AUB Group (AUB)

• Retained at buy at UBS; Price Target: $34.00

Bendigo and Adelaide Bank (BEN)

• Retained at neutral at UBS; Price Target: $10.95

BHP Group (BHP)

• Retained at overweight at Morgan Stanley; Price Target: $56.00

• Retained at accumulate at Ord Minnett; Price Target: $54.00

Boss Energy (BOE)

• Retained at overweight at Morgan Stanley; Price Target: $2.00

Bank of Queensland (BOQ)

• Retained at buy at Citi; Price Target: $7.15

• Retained at buy at UBS; Price Target: $7.50

BWP Trust (BWP)

• Retained at outperform at Macquarie; Price Target: $3.90

Commonwealth Bank of Australia (CBA)

• Retained at underweight at Morgan Stanley; Price Target: $131.20

• Retained at sell at UBS; Price Target: $130.00

Challenger (CGF)

• Retained at buy at Ord Minnett; Price Target: $9.85

• Retained at buy at UBS; Price Target: $10.95

Charter Hall Group (CHC)

• Retained at outperform at Macquarie; Price Target: $20.71 from $24.53

Centuria Industrial REIT (CIP)

• Retained at neutral at Macquarie; Price Target: $2.84 from $3.20

Charter Hall Long Wale REIT (CLW)

• Retained at neutral at Macquarie; Price Target: $3.28 from $3.75

Capricorn Metals (CMM)

• Upgraded to overweight from neutral at Jarden; Price Target: $13.50 from $11.00

Centuria Capital Group (CNI)

• Upgraded to outperform from neutral at Macquarie; Price Target: $1.78 from $2.02

Computershare (CPU)

• Retained at hold at Ord Minnett; Price Target: $35.20 from $36.75

• Retained at neutral at UBS; Price Target: $35.30

Charter Hall Retail REIT (CQR)

• Retained at outperform at Macquarie; Price Target: $3.91 from $4.15

Capstone Copper Corp. (CSC)

• Upgraded to buy from hold at Moelis Australia; Price Target: $14.60 from $14.50

CSL (CSL)

• Retained at neutral at Macquarie; Price Target: $176.00

Carnarvon Energy (CVN)

• Retained at buy at Ord Minnett; Price Target: $0.14

Digico Infrastructure REIT (DGT)

• Retained at outperform at Macquarie; Price Target: $3.30 from $3.54

Deterra Royalties (DRR)

• Retained at overweight at Morgan Stanley; Price Target: $4.75

Dexus Industria REIT (DXI)

• Retained at outperform at Macquarie; Price Target: $2.62 from $2.93

Dexus (DXS)

• Retained at outperform at Macquarie; Price Target: $6.91 from $7.55

Emerald Resources NL (EMR)

• Upgraded to hold from lighten at Ord Minnett; Price Target: $6.20

Fortescue (FMG)

• Retained at underweight at Morgan Stanley; Price Target: $18.35

• Retained at accumulate at Ord Minnett; Price Target: $22.50

Greatland Resources (GGP)

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

Genesis Minerals (GMD)

• Upgraded to buy from hold at Moelis Australia; Price Target: $8.40 from $8.05

Goodman Group (GMG)

• Retained at outperform at Macquarie; Price Target: $32.03 from $32.20

Growthpoint Properties Australia (GOZ)

• Downgraded to neutral from outperform at Macquarie; Price Target: $2.02 from $2.58

GPT Group (GPT)

• Retained at outperform at Macquarie; Price Target: $4.97 from $5.70

Genetic Signatures (GSS)

• Downgraded to speculative hold from speculative buy at Bell Potter; Price Target: $0.10 from $0.55

Guzman Y Gomez (GYG)

• Retained at sell at Citi; Price Target: $16.55

HealthCo Healthcare and Wellness REIT (HCW)

• Retained at neutral at Macquarie; Price Target: $0.67 from $0.77

HomeCo Daily Needs REIT (HDN)

• Upgraded to overweight from neutral at JPMorgan; Price Target: $1.40 from $1.45

• Retained at neutral at Macquarie; Price Target: $1.12 from $1.33

HMC Capital (HMC)

• Retained at outperform at Macquarie; Price Target: $3.71 from $3.96

HUB24 (HUB)

• Retained at neutral at UBS; Price Target: $100.00

Insurance Australia Group (IAG)

• Retained at buy at UBS; Price Target: $8.70

Insignia Financial (IFL)

• Retained at hold at Ord Minnett; Price Target: $4.80

IGO (IGO)

• Retained at underweight at Morgan Stanley; Price Target: $7.50

• Retained at accumulate at Ord Minnett; Price Target: $9.70

Iluka Resources (ILU)

• Retained at overweight at Morgan Stanley; Price Target: $6.70

Judo Capital Holdings (JDO)

• Retained at buy at UBS; Price Target: $2.25

Karoon Energy (KAR)

• Retained at buy at Ord Minnett; Price Target: $2.40 from $2.30

Kingsgate Consolidated (KCN)

• Upgraded to buy from hold at Moelis Australia; Price Target: $6.95 from $6.85

LendLease Group (LLC)

• Retained at outperform at Macquarie; Price Target: $4.99 from $5.46

Lovisa Holdings (LOV)

• Retained at hold at Bell Potter; Price Target: $24.00 from $33.50

Liontown (LTR)

• Downgraded to hold from accumulate at Ord Minnett; Price Target: $1.80 from $1.90

Lynas Rare Earths (LYC)

• Retained at overweight at Morgan Stanley; Price Target: $18.50

Mirvac Group (MGR)

• Retained at outperform at Macquarie; Price Target: $2.22 from $2.45

Mineral Resources (MIN)

• Retained at accumulate at Ord Minnett; Price Target: $65.00

Medibank Private (MPL)

• Upgraded to buy from accumulate at Ord Minnett; Price Target: $5.10

• Retained at neutral at UBS; Price Target: $4.85

Macquarie Group (MQG)

• Retained at buy at UBS; Price Target: $235.00

National Australia Bank (NAB)

• Retained at underweight at Morgan Stanley; Price Target: $39.80

• Retained at buy at UBS; Price Target: $50.50

New Hope Corporation (NHC)

• Downgraded to lighten from hold at Ord Minnett; Price Target: $4.70

NIB Holdings (NHF)

• Retained at buy at Ord Minnett; Price Target: $8.25

• Retained at neutral at UBS; Price Target: $7.05

National Storage REIT (NSR)

• Retained at neutral at Macquarie; Price Target: $2.63

Nufarm (NUF)

• Retained at buy at Bell Potter; Price Target: $3.60

Netwealth Group (NWL)

• Retained at neutral at UBS; Price Target: $28.35

Paladin Energy (PDN)

• Retained at overweight at Morgan Stanley; Price Target: $14.45

PLS Group (PLS)

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

• Downgraded to accumulate from buy at Ord Minnett; Price Target: $5.55

Pro Medicus (PME)

• Retained at buy at Citi; Price Target: $245.00 from $300.00

Qualitas (QAL)

• Retained at outperform at Macquarie; Price Target: $4.16

QBE Insurance Group (QBE)

• Retained at buy at Ord Minnett; Price Target: $26.00

• Retained at buy at UBS; Price Target: $23.95

Region Group (RGN)

• Retained at neutral at Macquarie; Price Target: $2.02 from $2.28

Ridley Corporation (RIC)

• Initiated at overweight at Jarden; Price Target: $3.10

Rio Tinto (RIO)

• Retained at accumulate at Ord Minnett; Price Target: $171.00 from $172.00

Regis Resources (RRL)

• Upgraded to hold from sell at Ord Minnett; Price Target: $7.00

South32 (S32)

• Retained at overweight at Morgan Stanley; Price Target: $4.70

• Upgraded to buy from accumulate at Ord Minnett; Price Target: $5.20 from $5.10

Scentre Group (SCG)

• Retained at neutral at Macquarie; Price Target: $3.23 from $3.73

Steadfast Group (SDF)

• Retained at buy at Ord Minnett; Price Target: $5.55 from $5.70

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

Sandfire Resources (SFR)

• Retained at underweight at Morgan Stanley; Price Target: $16.20

Stockland (SGP)

• Retained at outperform at Macquarie; Price Target: $4.42 from $5.42

Santos (STO)

• Downgraded to accumulate from buy at Ord Minnett; Price Target: $7.80 from $7.40

Suncorp Group (SUN)

• Retained at hold at Ord Minnett; Price Target: $18.00

• Retained at buy at UBS; Price Target: $19.25

Telix Pharmaceuticals (TLX)

• Retained at buy at Bell Potter; Price Target: $19.00

Vicinity Centres (VCX)

• Retained at neutral at Macquarie; Price Target: $2.17 from $2.42

Viva Energy Group (VEA)

• Retained at buy at Ord Minnett; Price Target: $2.85

Westpac Banking Corporation (WBC)

• Retained at underweight at Morgan Stanley; Price Target: $34.40

• Retained at neutral at UBS; Price Target: $40.00

Woodside Energy Group (WDS)

• Downgraded to hold from accumulate at Morgans; Price Target: $33.40 from $33.55

Whitehaven Coal (WHC)

• Retained at equal-weight at Morgan Stanley; Price Target: $9.80

Scans