The Match Out: ASX rallies into the weekend, rumours of Nuix (NXL) takeover grow

James Gerrish

Market Matters

The path of most pain continues to be up as the market pressed higher again today. Buyers were out in force throughout the session, consistently pushing the index higher throughout the day. Resources were the winners thanks to rebounds in iron ore and oil. Defensive sectors of Staples and Real Estate were firmly lower highlighting to risk on-attitude of investors.

  • The ASX 200 finished up +45pts/ +0.66% at 6894
  • The Materials sector was the standout today, rising 3.29%. Energy (+1.06%) and Tech (+0.46%) were also strong
  • Despite the index rallying, Staples fell -1.24% while Real Estate (-0.83%) and Telcos (-0.73%) were soft.
  • Despite Wednesday’s 97pt drop, the ASX200 managed a gain of 65 pts / +0.96%, ed by Materials and Tech.
  • Nix (ASX: NXL) +24.64%, the investigative data analytics company was in the papers this morning with speculation that US-based peer Reveal was looking at a takeover play. Nuix announced no deal has been put forward from any parties at this time, however its hard to ignore the persistent murmurs here and the embattled company may see an offer soon.
  • Mineral Resources (ASX: MIN) +13.58%, also int eh paper with speculation MinRes may look at offloading or listing their lithium company separately. The company said it regularly looked at opportunities to enhance shareholder value but no specific deal or plans had been confirmed.
  • Iron Ore was ~3.6% higher in Asia today, helping support the rebound in iron ore stocks including a 6% jump from Fortescue (FMG).
  • Gold was up 0.7% today to US$1720.
  • Asian stocks were stronger today, Japan’s Nikkei seeing a 0.6% gain, while Hang Seng was +2.5% higher at our close
  • US Futures are all higher again, S&P500 +0.25% and the Nasdaq futures +0.45%

ASX 200 Chart

Sectors this week

Stocks this week

Broker Moves

  • Allkem Cut to Hold at Morgans Financial Limited; PT A$15.40
  • Lottery Corp. Rated New Hold at Barclay Pearce Capital
  • Hansen Tech Rated New Hold at Barclay Pearce Capital; PT A$5.30
  • ResMed GDRs Raised to Buy at Citi; PT A$38.50
  • Sigma Healthcare Cut to Sell at Citi; PT 52 Australian cents
  • Australian Clinical Labs Raised to Neutral at Citi; PT A$4.50
  • WiseTech Raised to Neutral at Macquarie; PT A$55
  • Orora Reinstated Buy at Goldman; PT A$3.90

Major Movers Today

Have a great night

The Market Matters Team

2 topics

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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