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These lithium charts will shock you
Fri 17 Nov 23, 3:34pm (AEST)
Market Wraps
Evening Wrap: ASX 200 touch lower as gold shines, energy slumps again
Fri 17 Nov 23, 5:57pm (AEDT)
The S&P/ASX 200 closed 9 points lower, down -0.13%.
Steady as she goes. It was a quiet end to a constructive week for Aussie shares. Gold miners, and mining shares more generally, led the way, while a forlorn energy sector again had the dubious honour of being named "Biggest Loser".
Let's dive in.
Today in Review
Fri 17 Nov 23, 4:43pm (AEST)
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Markets
ASX 200 Session Chart
ASX 200 closed smack-bang in the middle of its tiny trading range (Source: Market Index)
The S&P/ASX200 (XJO) finished 9 points lower at 7049.4, exactly 0.18% from its high and from its low. This is kind of the epitome of a "quiet day".
Which is fine, because we closed a tidy 1.0% higher for the week - and I think we're all happy to take that given how hairy things were getting as early as the start of this month.
In the broader S&P/ASX 300 index advancers lagged decliners roughly 111 to 152. Not a ringing endorsement, but again, when you consider the weekly data, this was more like 190 to 96. I'd suggest that is convincing.
The S&P/ASX All Ordinaries Gold sub-index (XGD) (+2.6%) was the best performer today, likely in response to a firmer gold price overnight, but also to a modest decline in the Australian Dollar.
Company | Last Price | Change $ | Change % | 1-month Perf % | 1-year Perf % |
Evolution Mining (EVN) | 3.75 | 0.150 | 4.2% | 4.2% | 40.4% |
Northern Star Resources (NST) | 11.76 | 0.440 | 3.9% | -1.8% | 15.9% |
Westgold Resources (WGX) | 2.11 | 0.080 | 3.9% | 7.9% | 135.8% |
De Grey Mining (DEG) | 1.23 | 0.045 | 3.8% | -5.4% | -3.5% |
West African Resources (WAF) | 0.83 | 0.030 | 3.7% | 9.2% | -30.8% |
Bellevue Gold (BGL) | 1.455 | 0.050 | 3.6% | -2.0% | 61.7% |
Capricorn Metals (CMM) | 4.57 | 0.140 | 3.2% | -4.2% | 6.5% |
It was pretty marginal from there as the next best sector, the S&P/ASX 200 Materials (XMJ) sector only managed a 0.4% gain for the session, still, there were some notable moves in this sector.
Company | Last Price | Change $ | Change % | 1-month Perf % | 1-year Perf % |
Aeris Resources (AIS) | 0.155 | 0.010 | 6.9% | -26.2% | -69.9% |
Lotus Resources (LOT) | 0.295 | 0.015 | 5.4% | 37.2% | 22.9% |
Sheffield Resources (SFX) | 0.685 | 0.035 | 5.4% | 45.7% | 23.4% |
Core Lithium (CXO) | 0.38 | 0.015 | 4.1% | 10.1% | -79.6% |
Australian Strategic Materials (ASM) | 1.635 | 0.050 | 3.2% | 16.8% | -12.1% |
Ioneer (INR) | 0.165 | 0.005 | 3.1% | -5.7% | -72.7% |
Companies in the S&P/ASX 200 Energy sector (XEJ) (-1.6%) companies again dominated the losers' column, capping a terrible week. From Tuesday to Thursday, the crude oil price tumbled
Company | Last Price | Change $ | Change % | 1-month Perf % | 1-year Perf % |
Karoon Energy (KAR) | 2.05 | -0.079 | -3.7% | -23.3% | -11.1% |
Woodside Energy Group (WDS) | 31.4 | -0.730 | -2.3% | -14.1% | -18.5% |
Ampol (ALD) | 33.55 | -0.620 | -1.8% | 4.3% | 21.5% |
Origin Energy (ORG) | 8.6 | -0.140 | -1.6% | -6.7% | 14.8% |
Santos (STO) | 6.99 | -0.070 | -1.0% | -11.0% | -5.9% |
Economy
There weren't any major data releases today.
What to watch out for...
It must be a Friday thing, because there isn't a great deal on the agenda for this evening, either. You may wish to look out for US Building Permits and Housing Starts. The US housing market is a major employer, as well as a major contributor to US GDP.
Latest news
Interesting news and movers
Trading higher
+11.1% Starpharma Holdings (SPL) - AGM trading update (15 Nov) and Bell Potter Conference presentation (14 Nov)
+7.0% Bannerman Resources (BMN) - Part of broader uranium stocks rebound
+6.4% Deep Yellow (DYL) - Part of broader uranium stocks rebound
+5.0% a2 Milk Co. (A2M) - Forsyth Barr and Goldman Sachs upgrade
+4.8% NexGen Energy (NXG) - Terra Capital's Bond stock pick at Sohn conference
+4.4% Australian Agricultural Co (AAC) - H1 FY24 results presentation (16 Nov)
+4.2% GrainCorp (GNC) - Jefferies upgrade
+3.6% Pacific Smiles Group (PSQ) - Payroll tax reassessment letter in ACT for A$884K
Trading lower
-8.3% Accent Group (AX1) - YTD trading update
-3.7% Karoon Energy (KAR) - Completes A$384M entitlement offer and placement at A$2.05
-3.3% Steadfast Group (SDF) - Completes 54.5M-share placement at $5.14
-2.9% Charter Hall Group (CHC) - Reaffirms guidance (16 Nov)
-1.2% Serko (SKO) - UBS downgrade
Broker notes
a2 Milk Co. (A2M)
Upgraded to buy from neutral at Citi; Price Target: $4.81 from $4.74
Upgraded from to neutral from sell at Goldman Sachs; Price Target: $3.95 from $4.20
Aust. Agricultural Co (AAC) retained at buy at Bell Potter; Price Target: $1.90 from $1.85
Altium (ALU) downgraded to hold from buy at Jefferies; Price Target: $47.08 from $44.69
AMP (AMP)
Downgraded to hold from buy at Jefferies; Price Target: $0.97 from $1.28
Retained at sell at UBS; Price Target: $0.82 from $1.00
Retained at neutral at Citi; Price Target: $0.90 from $1.15
Bendigo & Adelaide Bank (BEN) downgraded to underperform from outperform at CLSA; Price Target: $8.70 from $9.50
Corporate Travel Management (CTD) retained at buy at Bell Potter; Price Target: $21.00 from $24.00
Data#3 (DTL) retained overweight at Morgan Stanley; Price Target: $8.20 from $7.10
Duratec (DUR) initiated buy at Moelis Australia; Price Target: $1.50
Graincorp (GNC)
Retained at buy at Bell Potter; Price Target: $9.55 from $9.45
Upgraded to buy from hold at Jefferies; Price Target: $9.25 from $9.15
Retained at buy at UBS; Price Target: $9.00 from $9.50
Karoon Energy (KAR) upgraded to overweight from neutral at Barrenjoey; Price Target: $2.53 from $2.55
Mineral Resources (MIN) retained at buy at Citi; Price Target: $78.00 from $77.00
Sonic Healthcare (SHL) retained at overweight at Morgan Stanley; Price Target: $35.55 from $36.60
Serko (SKO) upgraded to buy from buy / high risk at Citi; Price Target: $4.90 from $4.75
Seven Group Holdings (SVW) retained at buy at UBS; Price Target: $34.50 from $31.50
Woodside Energy (WDS) downgraded to sell from neutral at Citi; Price Target: $26.50 from $31.50
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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