The best and worst performing ASX 200 stocks in July
Stocks from travel, tech and energy were among the best performing stocks in July.
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Mentioned
KEY POINTS
- Stocks from travel, tech and energy led to the upside in July
- Lithium and battery metal stocks struggled for upside, with weakness exacerbated by disappointing quarterly updates
The ASX 200 rallied 2.9% in July – Led by the continued strength in tech stocks and rebound for energy and banks. The performance was in-line with seasonal trends, where July has historically been the third best performing month of the year, up 2.19% on average.
Top Performers
Ticker | Company | July % Chg | Target Price | Potential |
|---|---|---|---|---|
Megaport | 41.3% | $9.58 | -9.6% | |
Flight Centre | 22.7% | $22.41 | -3.4% | |
Costa Group | 21.7% | $2.97 | -10.2% | |
Beach Energy | 19.6% | $1.78 | 10.0% | |
Credit Corp | 19.2% | $22.81 | -1.6% | |
Corporate Travel Management | 16.9% | $22.10 | 5.6% | |
Monadelphous Group | 16.2% | $13.18 | -1.4% | |
Evolution Mining | 14.9% | $3.59 | -2.3% | |
Seek | 14.6% | $27.01 | 9.4% | |
Sandfire Resources | 14.2% | $6.47 | -1.8% | |
Bellevue Gold | 14.2% | $1.61 | 13.8% | |
Webjet | 14.0% | $7.86 | 0.7% | |
Bega Cheese | 14.0% | $3.39 | 5.3% | |
Karoon Energy | 13.2% | $2.83 | 28.1% | |
Breville Group | 13.2% | $22.48 | -1.1% |
'Target price' is an aggregate of all broker target prices under Refinitiv's database on Friday, 28 July. (Table: Market Index | Source: Refinitiv)
Key themes
Travel stocks powered ahead. Morgan Stanley's 'Airport Revival Tracker' expects "near-term airport stock alpha will likely be patchy, driven by pent-up demand, capacity constraints, and policy decisions for key routes, e.g., China reopening."
Tech continues to catch a bid. Seek is not far off a 15-month high and Megaport shares surged on a strong FY24 guidance.
Energy stocks rallied strongly in July as WTI crude rallied from the high US$60s to US$80 a barrel. Interestingly, Beach Energy and Karoon Energy are the two best performers that have the most upside according to brokers.
Worst Performers
Ticker | Company | July % Chg | Target Price | Potential |
|---|---|---|---|---|
Core Lithium | -28.9% | $0.74 | 11.9% | |
Lake Resources | -25.0% | ~ | ~ | |
Syrah Resources | -22.7% | $1.15 | 61.3% | |
Sayona Mining | -17.1% | $0.27 | 80.0% | |
Healius | -9.7% | $3.10 | 6.3% | |
Ansell | -9.7% | $25.48 | 5.5% | |
IGO | -9.2% | $15.34 | 6.0% | |
The Star | -9.1% | $1.29 | 21.6% | |
Regis Resources | -8.5% | $2.33 | 36.4% | |
Link Administration | -8.4% | $2.30 | 52.5% | |
Iluka Resources | -8.0% | $11.26 | 9.1% | |
Silver Lake Resources | -7.8% | $1.75 | 56.6% | |
Allkem | -7.5% | $16.89 | 11.2% | |
Nickel Industries | -6.8% | $1.15 | 42.5% | |
Chalice Mining | -5.6% | $7.89 | 32.3% |
'Target price' is an aggregate of all broker target prices under Refinitiv's database on Friday, 28 July. (Table: Market Index | Source: Refinitiv)
Key themes
Lithium prices softened in July, with Chinese lithium carbonate futures easing from around 310,000 yuan a tonne to 271,000 yuan a tonne. Names that failed to live up to operational expectations fell even further. This included an underwhelming guidance from Core Lithium and Lake Resources' plans to develop its flagship Kachi Project in two phases (from June).
Other battery metal laggards include Syrah (disappointing June quarter result and paused graphite production), IGO (wrote off ~75% of its Western Areas nickel assets) and Iluka (softer-than-expected June quarter mineral sands sales)
