The Match Out: Market falls, Tech & Materials the main drag

James Gerrish

Market Matters

The market was hit on open to trade down ~80pts however it ground back from 11am onwards to re-coup half of those declines, most support coming from the influential banking sector which had a strong day.

  • The S&P/ASX 200 fell -37points / -0.50% to close at 7490.
  • Financials (+3.10%) & Consumer Staples (+2.22%) lead the line today, while IT (-2.88%) & Materials (-1.52) struggled.
  • Tech stocks keyed off underperformance in the US overnight, the almost daily rotation continues however they are gaining more support overall as the pace of appreciation in bond yields slows.
  • Coal futures rallied +10% overnight supporting coal stocks today, Whitehaven (WHC) +5.53 had a strong session.
  • Barrenjoey just initiated on Whitehaven & Coronado, both with neutral ratings. As one trader said yesterday, the only view at Barrenjoey is out the window!
  • Banks were all strong, up at least 1% with Bank of QLD (BOQ) +2.05% the best of them following their 1H22 results this week.
  • Magellan (MFG) -5.96% traded ex-bonus option issue today. Options will list on the 14th April under code MFGO
  • The biggest U.S. ETF tracking Australian equities posted its largest quarterly inflow since 2009, global funds back relative momentum and the ASX has been outperforming global peers
  • Iron ore futures were up 3.5% today, the continued strength has been surprising.
  • Gold was down $US10 at US$1932 at our close.
  • Asian markets were all lower, the Nikkei -1.51%, Hong Kong stocks -1.15% while China fell -0.30% .
  • US Futures are mixed, nothing significant.
  • A short note today, down on troops.

    • Broker Moves

      • Coronado Global GDRs Rated New Neutral at Barrenjoey; PT A$2.30
      • Whitehaven Rated New Neutral at Barrenjoey; PT A$4.50
      • Servcorp Rated New Buy at Barclay Pearce Capital; PT A$4.33
      • Kelsian Group Raised to Outperform at Macquarie; PT A$8
      • Sims Cut to Neutral at Citi; PT A$21.60
      • GrainCorp Reinstated Overweight at Morgan Stanley; PT A$10

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    James Gerrish
    Portfolio Manager
    Market Matters

    James is the Lead Portfolio Manager & primary author at Market Matters, a digital advice & investment platform with over 2500 members that offers real market intel & portfolios open for investment. He is also a Senior Portfolio Manager at Shaw and...

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