The Match Out: ASX lower on a quiet day, FMG & S32 fall on weaker production

A quiet session as you’d expect with all the smart people taking Monday off to lock in a 4-day break ahead of ANZAC day tomorrow….The ASX opened lower and remained in a holding pattern, although there were a few moves on the stock level that caught our eye.

• The S&P/ASX 200 lost -8pts points / -0.11% to close at 7322
• Real-Estate (+1.14%), IT (+0.98%) & Healthcare (+0.96%) the standouts today.
• Materials (-1.65%) and Energy (-0.60%) the biggest drags
• South32 (ASX: S32) -7.42% sold off after the March quarter was impacted by weather, guidance has been downgraded across a number of operations.
• Fortescue Metals (ASX: FMG) -3.40% fell on lower quarterly production and higher costs – weakness in the Iron Ore price in recent days probably more to blame for the slide in shares.
• Centuria Capital (ASX: CNI) +3.88% rallied on a positive note from Macquarie, they say BUY with a $1.79 PT – we own CNI.
• Invocare (ASX: IVC) -7.84% was the worst performer in the ASX200 after private equity firm TPG pulled its takeover bid of the funeral services company.
• AGL Energy (ASX: AGL) -0.47% has kicked off this week’s phased shutdown of its Liddell coal power station in NSW, the 1^st of 3 units being switched off this morning.
• Bluescope (ASX: BSL) -0.29% fell despite upgrading earnings guidance – although the market was already there.
• Quarterly inflation data out on Wednesday is going to be the key for the RBA, expectations are for a headline rate of 6.9%.
• 180 S&P 500 companies are scheduled to report results for the first quarter this week - lots of bell weathers that are relevant for Aussie investors.
• Iron Ore fell ~3.5% in Asia.
• Gold was subdued, -US$2 to $US1980 at our close.
• Asian stocks were mostly lower, Hang Seng off -1.2%, the Nikkei in Japan put on +0.04%, while China fell -1.47%
• US Futures are down around 0.45%

ASX 200 Chart

Broker Moves

• Centuria Capital Rated New Outperform at Macquarie; PT A$1.79
• Medibank Private Cut to Neutral at JPMorgan; PT A$3.60
• Woodside Energy Raised to Neutral at JPMorgan; PT A$33.85
• Integral Diagnostics Cut to Sector Perform at RBC; PT A$3.35

Major Movers Today

Have a great night,
The Market Matters Team

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