The Match Out: Equities settle after yesterday’s fireworks, Fundies have a run

There wasn’t much on offer for the ASX today, a much calmer session after the fireworks of yesterday. Shares traded in a tight ~30pts range with a strong rally through the afternoon seeing it close marginally lower.

• The ASX 200 finished down 5 points to 7173.
• The Utilities sector (+0.84%) was the standout followed by Materials (+0.56%0 and Energy (+0.25%
• Consumer Discretionary (-0.53%), Healthcare (-0.46% and Financials (0.46%) struggled the most.
• Crude traded below $US70/bbl for the first time since July overnight. There was some reprieve in Asian trade, however, it was unable to trade back above that key level today. Woodside (WDS) was down -3.6% early on, before closing +0.44%
• As we discussed in the Morning Report, Perpetual (PPT) confirmed a bid from Soul Patts (ASX: SOL) in early November. The deal, worth $27/sh, was rejected by the Perpetual board with the view that they are best placed to unlock value. The announcement followed a strategic review of the makeup of the company looking at spinning out the Wealth and Corporate Trust business
• The space rallied on the news – Perpetual (ASX: PPT) +6.69%, Magellan MFG) +4.73%, Pinnacle (ASX: PNI) +2.49% and Regal Partners (ASX: RPL) +2.17%. property Fund Manager Centuria (CNI) +6.45% continued its recent strength as well.
• Boss Energy (ASX: BOE) -7.95% back after a $205m placement to fund a 30% stake in US Uranium project Alta Mesa and JV with enCore. Shares quickly traded through the $3.95/sh cap raise price, while the sector was weaker more broadly.
• The forgotten Buy Now Pay Later (BNPL) stocks have found their feet over recent weeks, tech catching a bid and AfterPay owner Block (SQ2) reported well at their most recent quarterly. SQ2 +4.19% today, and Zip (ASX: Z1P) +25% thanks to Citi talking up their US prospects.
• Gold continued to consolidate around the $US2,026/oz level, flat on the day..
• Iron ore was strong in Asia, BHP struggled to follow suit but Rio & Fortescue (FMG) performed well, up 1.04%% & 1.595 respectively
• Asian stocks were notably weak, most indices down more than 1%.
• US Futures are all marginally softer

ASX 200 index

Broker moves

• Macquarie Group Cut to Neutral at UBS; PT A$180
• Evolution Cut to Equal-Weight at Morgan Stanley; PT A$4.50
• Whitehaven Raised to Buy at Citi; PT A$9.40
• Evolution Cut to Underweight at Jarden Securities; PT A$3.20
• Clean Seas Seafood Cut to Neutral at SpareBank
• Neuren Cut to Hold at Bell Potter; PT A$17.50
• Tuas Rated New Buy at Peloton Capital; PT A$4.76

Major movers today

Enjoy the night,
The Market Matters team.