The Match Out: ASX lower today, flat for the week, rocks & diamonds a-plenty

The ASX limped into the weekend although we did edge marginally higher for the week with two distinctive halves. The bulls were out early with a combination of consolidation in bond yields and strong earnings sending global stocks higher, before Fed officials refocused attention back on inflation and interest rates sending bond yields to new cycle highs.

• The S&P/ASX 200 fell -53 points / -0.80% to close at 6676 today
• Energy (+1.99%) the only sector to finish up on the day, although IT (-0.05%) was a relative performer.
• Utilities (-2.33%), Property (-1.82%) and Industrials (-1.67%) all dropped more than twice the market.
• CBA saying inflation will get worse before it gets better in Australia, the bank predicting an annualised rate of 7% for headline inflation next week while the RBA’s preferred measure of core inflation will be +5.4% YoY for the September quarter.
• Aussie Broadband (ABB) -0.45% after they reaffirmed FY23 guidance at their AGM today, revenues of $800 million to $840 million and they expect EBITDA margin to grow around 10%, from 7.2% in the prior year. Shares were ~4% higher before they tapered off.
• Medibank (ASX: MPL) was in a trading halt due to the much-publicised cyber incident.
• Adairs (ASX: ADH)  +3.9% rallied as it reconfirmed FY23 guidance with upbeat commentary….“The current trading environment remains positive with consumer confidence proving robust in the home category”
• Calix (ASX: CXL)  rallied +4.17% despite raising $60m this week at $4.55 – the stock closed $5.50 with the Share purchase Plan (SPP) looking like a good one for existing holders.
• Bowen Coking Coal (ASX: BCB) -13.13% was also back online after upscaling their equity raise due to strong demand – they closed 32.5c today having raised at 30c.
• Iron ore was up 1.6% in Asia
• Gold was down 0.50% at $US1621/oz
• Asian markets were all lower, the Nikkei in Japan was off 0.37%, while Hong Kong fell 0.15% and China was largely flat
• US Futures are marginally lower, S&P -0.40%

ASX 200 Chart

Sectors This Week – Source Bloomberg 

Stocks This Week – Source Bloomberg

 

Broker Moves

• Redbubble Cut to Speculative Buy at Canaccord; PT A$1.50
• Evolution Raised to Accumulate at CLSA; PT A$2.15
• Transurban Raised to Buy at Jefferies; PT A$14.13
• Telix Pharma Raised to Buy at CLSA; PT A$7.90
• Evolution Cut to Hold at Canaccord; PT A$1.95

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