The Match Out: ASX taken to 5-month high, Tech leads the way

The US CPI miss lit a fire under global markets sending the ASX to a 5-month high today as bond yields tumbled. The growth end of the market saw the best of it today, tech closing just shy of 5% better on the session. Further weakness in the coal price put more pressure on the energy sector, while Utilities were the only sector to closer lower as heavy-weight Origin (ORG) took some shine off the sector following yesterday’s surge. Overall, it was a strong week for the market, rallying for the third consecutive week, putting on 265pts/+3.85% as all sectors closed higher.

• The ASX 200 finished up 194pts/ 2.79% at 7158
• Tech rallied 4.98% to claim best on ground, with four other sectors closing better than 3.5% higher, Real Estate, Materials, Healthcare and Consumer Discretionary.
• Utilities was the only sector lower today, down -0.47%
• It was all about the US CPI and subsequent fall in bond yields today, carrying risk assets higher.
• A weak USD and some support across most commodities drove resources higher today. The exception was Coal which continued its recent downtrend. Whitehaven (WHC) the weakest of them, falling to September lows, down -3.48%.
• Ramsay Healthcare (ASX: RHC) +4.72%, provided a 1Q update that was slightly ahead of expectations despite at 16% fall in EBITDA for their Ramsay Sante investment. COVID costs rolling off drove an improved result
• Pilbara (ASX: PLS) +0.94%, underperformed peers despite announcing a 10-year $250m funding facility for its Pilgangoora development, highlighting the Government’s support for lithium projects.
• Asian stocks were also strong, with Nikkei up 0.95%, and the Hang Seng is currently +1.46%.
• US Futures are all trading higher, S&P & Nasdaq up +0.15% each

Note: Charts were unavailable for this evening's edition of the Match Out. 

Broker Moves

• Scentre Group Cut to Underperform at Macquarie; PT A$2.54
• Lendlease Cut to Neutral at Macquarie; PT A$8.74
• National Storage Cut to Underperform at Macquarie; PT A$1.96
• Centuria Industrial Cut to Neutral at Macquarie; PT A$3.02
• Dexus Industria REIT Raised to Outperform at Macquarie
• Abacus Property Cut to Neutral at Macquarie; PT A$2.64
• Artemis Resources Rated New Buy at Cenkos Securities
• Jumbo Interactive Cut to Neutral at Jarden Securities
• Computershare Raised to Accumulate at CLSA; PT A$29.20
• Perpetual Cut to Reduce at CLSA; PT A$34.10
• James Hardie GDRs Cut to Underperform at Jefferies; PT A$24.10
• InvoCare Raised to Neutral at Macquarie; PT A$11.40
• Nufarm Raised to Outperform at Credit Suisse; PT A$6.85
• Seven West Cut to Underweight at JPMorgan
• Origin Energy Raised to Overweight at JPMorgan; PT A$9

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