News
Morning Wrap: ASX 200 to fall, S&P 500 fades early strength, ACCC releases supermarkets report
Fri 21 Mar 25, 8:40am (AEDT)
Market Wraps
Evening Wrap: Tech stocks drag ASX 200 lower as gold stocks shine
Wed 22 Nov 23, 6:15pm (AEDT)
The S&P/ASX 200 closed 4.8 points lower, down 0.07%.
A small overall move hid a pretty lousy day for Aussie stocks. Tech stocks led the decline in a knee-jerk reaction to falls in their tech-counterparts in the USA on Tuesday. There were some bright spots though...
Let's dive in!
Today in Review
Wed 22 Nov 23, 4:35pm (AEST)
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Markets
ASX 200 Session Chart
The S&P/ASX200 edged lower, but there was still plenty of action under the surface (Source: Market Index)
The S&P/ASX200 (XJO) finished 9 points lower at 7,073.4, 0.45% from its session high and just 0.05% from its low. In the broader-based S&P/ASX 300, advancers lagged decliners by a considerable 98 to 186.
The gold price is firming on lower long term bond yields and a weaker US dollar
The Gold sub-index (XGD) +1.22% was the best performer today, likely in response to a firmer gold price overnight. A weaker US dollar on the back of falling long term US bond yields is the major catalyst for higher gold prices. As long as these tailwinds prevail, gold should retain a bid-side bias.
Company | Last Price | Change $ | Change % | 1-month Perf % | 1-year Perf % |
|---|---|---|---|---|---|
De Grey Mining (DEG) | 1.31 | +$0.06 | +4.8% | +5.6% | +10.5% |
Kingsgate Consolidated (KCN) | 1.235 | +$0.045 | +3.8% | +8.8% | -34.1% |
Resolute Mining (RSG) | 0.38 | +$0.01 | +2.7% | +4.1% | +100.% |
West African Resources (WAF) | 0.84 | +$0.02 | +2.4% | +12.% | -26.% |
Bellevue Gold (BGL) | 1.545 | +$0.035 | +2.3% | +3.3% | +71.7% |
SSR Mining Inc. (SSR) | 17.2 | +$0.3 | +1.8% | -23.5% | -18.7% |
Tietto Minerals (TIE) | 0.6 | +$0.01 | +1.7% | +48.1% | -22.6% |
Perseus Mining (PRU) | 1.815 | +$0.03 | +1.7% | +3.1% | -15.2% |
Genesis Minerals (GMD) | 1.68 | +$0.02 | +1.2% | +10.2% | +44.2% |
Regis Resources (RRL) | 1.82 | +$0.02 | +1.1% | +4.9% | -1.1% |
Capricorn Metals (CMM) | 4.6 | +$0.05 | +1.1% | -4.2% | +8.5% |
The best performing gold stocks today
Stocks in the Utilities (XUJ) +0.88% and Energy (XEJ) +0.46% sectors were next best, but there's quite a bit of overlap there - so let's just say energy companies in general did well.
Company | Last Price | Change $ | Change % | 1-month Perf % | 1-year Perf % |
|---|---|---|---|---|---|
Pancontinental Energy (PCL) | 0.016 | +$0.001 | +6.7% | +14.3% | +220.% |
Peninsula Energy (PEN) | 0.094 | +$0.004 | +4.4% | -21.7% | -44.7% |
Horizon Oil (HZN) | 0.16 | +$0.005 | +3.2% | 0% | +23.1% |
Carnarvon Energy (CVN) | 0.17 | +$0.005 | +3.% | +9.7% | +13.3% |
New Hope Corporation (NHC) | 5.3 | +$0.11 | +2.1% | -12.3% | +3.6% |
Whitehaven Coal (WHC) | 6.99 | +$0.13 | +1.9% | -7.9% | -14.7% |
Karoon Energy (KAR) | 2.16 | +$0.04 | +1.9% | -16.4% | -3.9% |
Origin Energy (ORG) | 8.42 | +$0.14 | +1.7% | -8.1% | +12.3% |
The best performing energy and utilities stocks today
S&P/ASX 200 Information Technology Sector (XIJ)
As mentioned in the opening blurb, tech stocks had a miserable day, despite the fact the S&P/ASX 200 Information Technology Sector (XIJ) -1.13% pretty much missed out on the big run up in their US counterparts since the beginning of November. What gives? We follow them down, but not up!?
Company | Last Price | Change $ | Change % | 1-month Perf % | 1-year Perf % |
|---|---|---|---|---|---|
Praemium (PPS) | 0.375 | -$0.205 | -35.3% | -31.8% | -56.4% |
4DS Memory (4DS) | 0.091 | -$0.014 | -13.3% | -20.9% | +279.2% |
Weebit Nano (WBT) | 3.75 | -$0.23 | -5.8% | -9.% | +20.6% |
Brainchip Holdings (BRN) | 0.185 | -$0.01 | -5.1% | +2.8% | -71.3% |
Life360 Inc. (360) | 7.35 | -$0.37 | -4.8% | -4.5% | +6.2% |
Fineos Corporation (FCL) | 1.7 | -$0.07 | -4.% | 0% | +6.9% |
EML Payments (EML) | 1.075 | -$0.03 | -2.7% | -2.7% | +108.7% |
DUG Technology (DUG) | 2.02 | -$0.05 | -2.4% | +11.% | +344.% |
Technology One (TNE) | 15.7 | -$0.37 | -2.3% | +3.3% | +28.1% |
Novonix (NVX) | 0.715 | -$0.015 | -2.1% | -4.% | -70.8% |
It just doesn't seem fair! Aussie tech stocks follow their US counterparts down, but not up!
Economy
There weren't any major data releases today.
What to watch out for...
Locally, a speech by RBA Governor Michelle Bullock at 7:30pm AEDT. In the USA, Weekly Unemployment Claims which are a day early this week due to Friday's Thanksgiving Holiday, and Durable Goods Orders, both at 12:30am AEDT.
Interesting news and movers
Trading higher
+18.2% Bowen Coking Coal (BCB) - Results of AGM
+12.0% Playside Studios (PLY) - Chairman and CEO AGM Addresses
+7.9% AIC Mines (A1M) - CEO AGM Presentation
+5.7% Patriot Battery Metals Inc. (PMT) - Patriot Makes New Discovery at the Corvette Property
+4.8% De Grey Mining (DEG) - Change of Director's interest notice x 4; 21 Nov: Hemi Gold Project Resource Update November 2023
Trading lower
-35.3% Praemium (PPS) - 2023 AGM - Chairman and CEO Address
-27.9% Healius (HLS) - Completion of Institutional Entitlement Offer
-11.6% Imugene (IMU) - No news since 14 Nov: Investor Webinar featuring COO, Dr Glover & CMO, Dr Woodard
-9.9% Audio Pixels Holdings (AKP) - No news since 20 Nov: Response to ASX Price Query
-9.5% Latin Resources (LRS) - Another Significant Spodumene Discovery at Salinas
Broker notes
Adbri (ABC) upgraded to neutral from sell at Citi; Price Target: $2.25
Avita Medical Inc. (AVH) retained at buy at Bell Potter; Price Target: $6.35 from $6.85
Brickworks (BKW)
Retained at buy at UBS; Price Target: $29.00 from $28.10
Retained at neutral at Macquarie; Price Target: $24.75 from $25.00
Bluescope Steel (BSL) retained at neutral at Macquarie; Price Target: $19.00 from $18.20
COG Financial Services (COG) retained at buy at Bell Potter; Price Target: $1.81 from $1.73
Cochlear (COH) retained at underweight at Morgan Stanley; Price Target: $240
De Grey Mining (DEG) retained at buy at Bell Potter; Price Target: $1.90 from $1.80
Environmental Group Limited (The) (EGL) retained at buy at Bell Potter; Price Target: $0.34 from $0.33
Fortescue Metals Group (FMG) retained at underperforrm at Macquarie; Price Target: $16.80
Healius (HLS) retained at neutral at Macquarie; Price Target: $1.95 from $2.90
Hub24 (HUB)
Upgraded to overweight from market-weight at Wilsons; Price Target: $37.23 from $33.66
Retained at neutral at UBS; Price Target: $35.00
Retained at neutral at Macquarie; Price Target: $33.30 from $33.40
IPH (IPH)
Upgraded to add from hold at Morgans; Price Target: $8.15 from $8.90
Retained at outperform at Macquarie; Price Target: $13.50 from $12.95
Monadelphous Group (MND)
Retained at neutral at UBS; Price Target: $15.00 from $14.50
Retained at outperform at Macquarie; Price Target: $15.05 from $14.50
Retained at buy at Citi; Price Target: $16.20 from $15.30
New Hope Corporation (NHC) upgraded to neutral from sell at Citi; Price Target: $5.20
Pexa Group (PXA)
Retained at buy at UBS; Price Target: $15.00
Retained at outperform at Macquarie; Price Target: $15.65 from $15.20
QBE Insurance Group (QBE) retained at outperform at Macquarie; Price Target: $16.80
Technology One (TNE)
Downgraded to hold from buy at Bell Potter; Price Target: $17.25 from $17.75
Retained at neutral at UBS; Price Target: $16.40 from $16.00
Retained at neutral at Macquarie; Price Target: $16.80 from $15.50
Downgraded to hold from buy at Bell Potter; Price Target: $17.25 from $17.75
Universal Store Holdings (UNI) retained at buy at Bell Potter; Price Target: $4.80 from $4.60
Volpara Health Technologies (VHT) retained at buy at Bell Potter; Price Target: $0.85 from $1.20
Woodside Energy Group (WDS) retained at neutral at Macquarie; Price Target: $32.00
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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