The Match Out: ASX edges higher into the weekend, rallies 1.5% for the week

James Gerrish

Market Matters

A marginally positive session today with the market chopping in a tight +/-35 point range closing back above 7400, Materials strong thanks to strength in the Iron Ore price while Healthcare struggled.

  • The ASX 200 finished up +19pts/ +0.26% at 7406
  • The Materials sector was best on ground (+1.29%) while Utilities (+0.96%) & Real-Estate (+0.90%) were also strong.
  • Healthcare (-0.82%) and Financials (-0.50%) the weakest links.
  • The week was a good one for stocks with the ASX up +1.53%, the market now up more than 6% from the recent pivot low ~7000
  • Utilities were the standout sector for the week, Origin Energy (ASX: ORG) +7.77%, AGL Energy (ASX: AGL) +5.13% & APA +4.02% - we own the latter two in the Income Portfolio.
  • We discussed Premier Investments (ASX: PMV) -1.59% this morning and their 1H22 results were solid today, a touch light in terms of both sales and profits however they delivered a better than expected dividend. This is a retailer we like but don’t own.
  • Iron Ore was ~2.25% higher in Asia
  • Gold was flat at ~US$1959
  • Asian stocks were mixed, Hong Kong down -2.55%%, Japan flat while China was off -1.02%
  • US Futures are up smalls

ASX 200 Chart

Podcast Series – Not an Overnight Success

This week’s two podcast episodes are below that is well worth a listen.

Betty is among the wealthiest women in Australia, and the only one to have her own professional car racing team, Erebus Motorsport. She experienced what life was like ‘on the other side of the track’ with her husband Daniel, after her father essentially kicked her out of the family for marrying someone 11 years younger than her that wasn’t Jewish. LISTEN HERE

Peter was the longest standing treasurer that Australia has ever seen. He is also deemed the most successful. With a law background, Peter realised that he didn’t want to just act on what the law was, but rather that he wanted to be a part of creating it. There are things from his political career that he is proud of, and there are things that with the benefit of hindsight he might have changed. LISTEN HERE

As with every episode, we’re donating $10,000 to the guest’s charity of choice.

Sectors this week – Source Bloomberg

Stocks this week – Source Bloomberg

Broker Moves

  • Atlas Arteria (ASX: ALX) Cut to Neutral at Macquarie; PT A$6.66
  • Brickworks (ASX: BKW) Raised to Buy at Ord Minnett; PT A$26
  • Atlas Arteria Cut to Hold at Morgans Financial Limited

Major Movers Today

Have a great weekend

The Market Matters Team

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James Gerrish
Portfolio Manager
Market Matters

James is Portfolio Manager & Primary Author at Market Matters, a daily investment report with over 2500 subscribers that offers real market insight. He is also Senior Portfolio Manager within Shaw and Partners heading up a team that manages...

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