The Match Out: Market choppy into the weekend, Lithium stocks get a boost, Paladin lifts

James Gerrish

Market Matters

It was a directionless finish to the week, the market chopping in and out of positive territory throughout the day, but trading in a tight 40 points range. Resources stocks carried the index, stemming what would otherwise have been a soft finish to the week, or start to the new quarter. Growth was on the nose as tech, healthcare and consumer-facing stocks softened.

  • The ASX 200 finished down -5pts/ -0.08% at 7493.
  • The Materials sector was best on the ground (+1.33%) while Energy (+1.21%) & Utilities (+0.41%) were also strong.
  • Communications (-1.46%) and Consumer Discretionary (-1.39%) the weakest links.
  • Allkem (AKE) announced it is expecting further price rises for lithium products in the June quarter, in particular a doubling of the received price of spodumene versus the already strong March quarter.
  • Paladin (PDN) came back online after raising $00m to fully fund a restart at their uranium mine. The raise was done at 72c, the stock hit a low of 75c before rallying to close higher. We put an alert out to buy PDN in the Emerging Companies Portfolio, though it's not yet filled.
  • Star Entertainment (SGR) announced Chairman John O’Neill would take over the MD role while an executive search is underway. Something tells me John might not be hanging around long after.
  • Domain Holdings (DHG) moved to buy Realbase for $180m upfront. Realbase is a campaign management technology for Australia and NZ – the largest in the region, I’m told.
  • Iron ore was 2% higher in Asia today supporting Fortescue (FMG) +4.67% & RIO +4.62%.
  • Gold was flat at around US$1937.
  • Asian stocks were weak across the board Hong Kong was down -0.90%, Japan -0.47%.
  • US Futures are all up, around +0.35%.

ASX 200 chart

Sectors for the week

Stocks for the week

Broker moves

  • Platinum Asset Rated New Hold at Barclay Pearce Capital

  • Bank of Queensland Cut to Neutral at Macquarie; PT A$9

  • Lovisa Rated New Overweight at Barrenjoey; PT A$22.30

  • Tabcorp Raised to Outperform at Credit Suisse; PT A$6.20

  • Uniti Group Cut to Hold at Bell Potter; PT A$5

Major movers today

Have a great weekend,

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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