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 (AEDT)

Name Value % Chg
Major Indices
ASX 200 7,049.4 -0.13%
All Ords 7,261.0 -0.12%
Small Ords 2,708.6 -0.03%
All Tech 2,470.8 -0.36%
Emerging Companies 1,927.1 +0.16%
Currency
AUD/USD 0.6465 -0.07%
US Futures
S&P 500 $4,525.0 +0.04%
Dow Jones $35,038.0 +0.05%
Nasdaq $15,879.0 -0.12%
Name Value % Chg
Sector
Industrials 6,505.5 +0.45%
Information Technology 1,700.9 +0.43%
Materials 17,879.1 +0.36%
Health Care 38,194.8 +0.30%
Financials 6,213.2 -0.11%
Real Estate 3,067.8 -0.45%
Communication Services 1,487.6 -0.66%
Consumer Staples 11,819.3 -0.68%
Utilities 8,329.9 -1.03%
Consumer Discretionary 3,057.9 -1.04%
Energy 10,315.8 -1.59%

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Markets

ASX 200 Session Chart

s&P asx 200 xjo intraday 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 

Top Gainers

Code Company Last % Chg
MRR Minrex Resources Ltd $0.025 +56.25%
ID8 Identitii Ltd $0.027 +42.11%
CXU Cauldron Energy Ltd $0.016 +33.33%
CZN Corazon Mining Ltd $0.024 +33.33%
MGT Magnetite Mines Ltd $0.455 +31.88%
View all top gainers

Top Fallers

Code Company Last % Chg
GMR Golden Rim Resour... $0.013 -27.78%
8VI 8VI Holdings Ltd $0.06 -25.00%
NAG Nagambie Resource... $0.028 -24.32%
MIO Macarthur Mineral... $0.125 -19.36%
EVZ EVZ Ltd $0.13 -18.75%
View all top fallers

52 Week Highs

Code Company Last % Chg
ID8 Identitii Ltd $0.027 +42.11%
CXU Cauldron Energy Ltd $0.016 +33.33%
WRK WRKR Ltd $0.03 +15.39%
DVR Diverger Ltd $1.30 +12.07%
SGI Stealth Global Ho... $0.24 +11.63%
View all 52 week highs

52 Week Lows

Code Company Last % Chg
GMR Golden Rim Resour... $0.013 -27.78%
8VI 8VI Holdings Ltd $0.06 -25.00%
MIO Macarthur Mineral... $0.125 -19.36%
EVZ EVZ Ltd $0.13 -18.75%
TNC True North Copper... $0.13 -16.13%
View all 52 week lows

Near Highs

Code Company Last % Chg
VLUE Vaneck MSCI Inter... $24.10 +0.29%
SEMI Global X Semicond... $12.64 +0.88%
GMG Goodman Group $23.13 -1.41%
WSP Whispir Ltd $0.495 +2.06%
SLA Silk Laser Austra... $3.34 0.00%
View all near highs

Relative Strength Index (RSI) Oversold

Code Company Last % Chg
AMP AMP Ltd $0.855 0.00%
PAC Pacific Current G... $8.40 +2.69%
NXD Nexted Group Ltd $0.655 -1.50%
BRL Bathurst Resource... $0.975 +8.33%
AVJ Avjennings Ltd $0.25 0.00%
View all RSI oversold

Written By

Carl Capolingua

Content Editor

Carl has over 30-years investing experience and has helped 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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