Data Insights

The best and worst performing ASX 200 stocks in July

Tue 01 Aug 23, 2:53pm (AEST)
Markets trading screen with stocks
Source: Shutterstock

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

MP1

Megaport 

41.3%

$9.58

-9.6%

FLT

Flight Centre

22.7%

$22.41

-3.4%

CGC

Costa Group

21.7%

$2.97

-10.2%

BPT

Beach Energy 

19.6%

$1.78

10.0%

CCP

Credit Corp 

19.2%

$22.81

-1.6%

CTD

Corporate Travel Management 

16.9%

$22.10

5.6%

MND

Monadelphous Group

16.2%

$13.18

-1.4%

EVN

Evolution Mining

14.9%

$3.59

-2.3%

SEK

Seek

14.6%

$27.01

9.4%

SFR

Sandfire Resources

14.2%

$6.47

-1.8%

BGL

Bellevue Gold 

14.2%

$1.61

13.8%

WEB

Webjet 

14.0%

$7.86

0.7%

BGA

Bega Cheese 

14.0%

$3.39

5.3%

KAR

Karoon Energy 

13.2%

$2.83

28.1%

BRG

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

CXO

Core Lithium 

-28.9%

$0.74

11.9%

LKE

Lake Resources

-25.0%

~

~

SYR

Syrah Resources

-22.7%

$1.15

61.3%

SYA

Sayona Mining 

-17.1%

$0.27

80.0%

HLS

Healius 

-9.7%

$3.10

6.3%

ANN

Ansell 

-9.7%

$25.48

5.5%

IGO

IGO 

-9.2%

$15.34

6.0%

SGR

The Star

-9.1%

$1.29

21.6%

RRL

Regis Resources

-8.5%

$2.33

36.4%

LNK

Link Administration 

-8.4%

$2.30

52.5%

ILU

Iluka Resources

-8.0%

$11.26

9.1%

SLR

Silver Lake Resources

-7.8%

$1.75

56.6%

AKE

Allkem

-7.5%

$16.89

11.2%

NIC

Nickel Industries

-6.8%

$1.15

42.5%

CHN

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)

 

Written By

Kerry Sun

Content Strategist

Kerry holds a Bachelor of Commerce from Monash University. He is an avid swing trader, focused on technical set ups and breakouts. Outside of writing and trading, Kerry is a big UFC fan, loves poker and training Muay Thai. Connect via LinkedIn or email.

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