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 (AEDT)

Name Value % Chg
Major Indices
ASX 200 7,073.4 -0.07%
All Ords 7,277.8 -0.16%
Small Ords 2,695.1 -0.87%
All Tech 2,444.9 -0.94%
Emerging Companies 1,898.5 -0.94%
Currency
AUD/USD 0.6551 -0.08%
US Futures
S&P 500 $4,549.25 -0.04%
Dow Jones $35,166.0 +0.05%
Nasdaq $15,963.5 -0.17%
Name Value % Chg
Sector
Utilities 8,196.6 +0.88%
Energy 10,539.5 +0.46%
Health Care 38,134.1 +0.34%
Materials 18,167.9 +0.26%
Financials 6,263.8 +0.02%
Industrials 6,469.4 -0.11%
Consumer Staples 11,637.9 -0.21%
Consumer Discretionary 3,045.8 -0.44%
Communication Services 1,470.9 -1.01%
Information Technology 1,679.5 -1.13%
Real Estate 2,988.9 -1.53%

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Markets

ASX 200 Session Chart

s&P asx 200 xjo intraday chart 22 Nov
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.

spot gold chart
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 asx-xij
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

Trading lower


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

Top Gainers

Code Company Last % Chg
WSR Westar Resources Ltd $0.03 +57.90%
EPN Epsilon Healthcar... $0.027 +35.00%
CC9 Chariot Corporati... $0.70 +34.62%
GCM Green Critical Mi... $0.012 +33.33%
NME NEX Metals Explor... $0.022 +29.41%
View all top gainers

Top Fallers

Code Company Last % Chg
PPS Praemium Ltd $0.375 -35.35%
HLS Healius Ltd $1.225 -33.24%
RVT Richmond Vanadium... $0.285 -20.83%
XGL Xamble Group Ltd $0.056 -20.00%
OAK Oakridge Internat... $0.062 -17.33%
View all top fallers

52 Week Highs

Code Company Last % Chg
CC9 Chariot Corporati... $0.70 +34.62%
CXU Cauldron Energy Ltd $0.017 +21.43%
STK Strickland Metals... $0.19 +15.15%
SKS SKS Technologies ... $0.215 +13.16%
TRA Turners Automotiv... $3.95 +12.86%
View all 52 week highs

52 Week Lows

Code Company Last % Chg
PPS Praemium Ltd $0.375 -35.35%
HLS Healius Ltd $1.225 -33.24%
OAK Oakridge Internat... $0.062 -17.33%
REM Remsense Technolo... $0.035 -12.50%
CL8 Carly Holdings Ltd $0.015 -11.77%
View all 52 week lows

Near Highs

Code Company Last % Chg
VLUE Vaneck MSCI Inter... $23.91 -0.29%
SEMI Global X Semicond... $12.50 -1.88%
GMG Goodman Group $22.94 +0.18%
BILL Ishares Core Cash... $100.59 +0.01%
IIND Betashares India ... $10.89 +0.74%
View all near highs

Relative Strength Index (RSI) Oversold

Code Company Last % Chg
LNK Link Administrati... $1.12 +2.75%
SWM Seven West Media Ltd $0.235 -4.08%
AMP AMP Ltd $0.85 -1.73%
NXD Nexted Group Ltd $0.65 +4.84%
AVJ Avjennings Ltd $0.25 +4.17%
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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