The Match Out: ASX limps into the weekend, Glad we trimmed resources recently!

It wasn’t a bad effort really from the ASX today ending the session down 56pts following a sharp sell-off in the US overnight, the Energy & Material stocks providing the backbone as Iron Ore hit a new 6-month high at $US120/tonne.

• The ASX 200 finished down -56pts/ -0.78% at 7148
• The Energy sector was best on ground (+0.35%) while Industrials (+0.19%) & Property (-0.04%) were relative outperformers
• Utilities (-2.09%), IT (-2.04%) & Healthcare (1.59%) were the weakest links.
• For the week, the market fell ~1% led lower by resources and utilities, the former down nearly 4%.
• Lithium stocks were in focus again, the match-out on Pilbara Minerals (ASX: PLS) was very interesting, with huge volume + the stock matched up more than 2% versus the close.
• Coal stocks a rare patch of green today, New Hope (ASX: NHC) the best of them up +2.8%
• Aurizon (ASX: AZJ) +4.03% rallied after announcing the sale of their East Coast Rail business for $425m
• Dexus (ASX: DXS) +1.86% traded higher after saying 177 of its 1831 assets, comprising 34 office properties and 143 industrial properties have been externally valued as of 31 December 2022 with the result being a reduction of 1.9% in book value for the six months i.e. not a bad outcome really given all the doom and gloom + the shares are trading a ~30% discount to their assets – this is a stock we have recently bought for our Income Portfolio.
• The Phil Kearns-led AV Jennings (ASX: AVJ) +1.25% today said customer inquiry levels are tracking at “around half the peak activity levels from a year ago”.
• Iron Ore was ~3% higher in Asia today - the miners mixed with (Fortescue Metals ASX: FMG) down -1.37% while RIO added +0.80%
• Gold was up overnight to ~US$1945 before tracking down -US$13 in Asian trade today, settled $US1932 at our close.
• Asian stocks were mixed Hong Kong was flat, Japan fell -1.8% while China was off -0.25%
• US Futures are all down a touch.   

ASX 200

Sectors This Week

Stocks This Week

Broker Moves

• Leo Lithium Ltd Rated New Overweight at Barrenjoey; PT A$1.20
• Global Lithium Resources Rated New Overweight at Barrenjoey
• Core Lithium Rated New Underweight at Barrenjoey
• Insurance Australia Reinstated Reduce at CLSA; PT A$5
• Suncorp Reinstated Accumulate at CLSA; PT A$13.10
• QBE Insurance Reinstated Accumulate at CLSA; PT A$14.50
• Bank of Queensland Cut to Neutral at Citi; PT A$7.30
• Seven West Rated New Neutral at Evans & Partners Pty Ltd

Major Movers

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