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The Match Out: Aussie market adds another +100pts this week, lithium stocks tumble on slowing China EV data

James Gerrish

Market Matters

It was a quiet session for the ASX to end the week, closing higher for the fourth consecutive session to finish at the highest level since May. Most sectors were in the green to round out the week, only the commodity-linked sectors of Materials and Energy were weaker, driven by a weaker USD. 

The best was seen by Utilities while Real Estate and Consumer Discretionary were also up by more than 1%. The index managed to turn around a slow start, closing +107pts/+1.51% higher as all sectors rallied.

  • The ASX 200 finished up +17pts/ 0.24% at 7259
  • The Utilities sector was the standout today, rising 1.40%. Real Estate (+1.16%) and Consumer Discretionary (+1.15%) were also strong
  • Materials (-1.06%) was the weakest sector today and Energy (-0.29%) was the only other sector lower.
  • EML Payments (ASX: EML) +22.64%, soared following their AGM. The embattled payments company spoke to improving cost and better-than-expected revenue, despite being down 5% in the September quarter. It’s cheap, but there is plenty of low-hanging fruit the new CEO can pull to improve fortunes.
  • City Chic (ASX: CCX) -28.42%, struggled after saying margins were under pressure at their AGM. They are facing stronger competition and higher logistics costs while struggling to clear a backlog of
  • Centuria (ASX: CNI) +1.63%, maintained guidance at the AGM today – business as usual at the property fund manager.
  • Lithium stocks were weaker following lower EV registrations in China in October. 321k were registered in the month vs 406k in the prior month. Allkem (ASX: AKE) was the hardest hit, falling -8.61%.
  • Iron Ore was ~0.5% higher in Asia today, though none of the 3 major miners closed higher.
  • Gold was up $US3 today to US$1758. A mixed day for gold stocks, Newcrest (ASX: NCM) up 0.81%, Regis (ASX: RRL) +3.15% saw the best of it.
  • Asian stocks were weaker today, Japan’s Nikkei down -0.35%, Hong Kong Hang Seng -0.86% and China -0.91%
  • US Futures are pointing to a positive end to the week, S&P500 +0.25% and the Nasdaq futures are +0.43%.

ASX 200 Chart

Sectors this week

Stocks this week

Broker Moves

  • Transurban Cut to Hold at Jefferies; PT A$14.13
  • SmartGroup Raised to Add at Morgans Financial Limited; PT A$5.65
  • Nanosonics Raised to Neutral at JPMorgan; PT A$4
  • BHP Cut to Neutral at Goldman; PT A$42.90

Major Movers Today

Have a great night,

The Market Matters team.

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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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