The Match Out: Market snaps three-week losing streak, Tech finds some friends, REA Group (REA) post in line 1H
Pre-market futures were indicating a difficult end to the week, however some better than expected results after the US market closed meant early selling was subdued. Buyers won the rest of the session and a demand in the match helped the index finish on the intra-day high. Today’s gain helped the index post its best week since August last year, snapping 3 weeks of losses.
- The ASX 200 finished up 42pts / +0.60% to close at 7120.
- Telcos were the only sector to finish lower on the day, only just missing on getting into the black with a -0.1%. Industrials were the stand out (+1.15%) but the Tech and Energy sectors were also better than 1% up today.
- Snapchat (SNAP US) saw revenue growth of 47% for the quarter and swung into its maiden quarterly profit since listing. The result out this morning helped ease investor concerns, particularly in Tech stocks which had sold off this week on the back of Meta’s (FB US) results miss. SNAP US was up more than 50% in after-hours trading.
- REA Group (ASX:REA) announced their half-year report. Revenue grew 36% and earnings were up 28%, bang in line with consensus expectations. They did warn of a slow down in the 2H with a Federal Election in the works however any impact is likely to be short term.
- News Corp (ASX:NWS) was also out with their half-yearly which looked a beat. Their 61% stake in REA helped, however growth in their subscription streaming services Binge and Kayo were the main contributors to the beat.
- Boral (ASX:BLD) went ex-capital return of $2.65/sh today, paying back around 40% of the share’s value to holders.
- Gold is marginally higher in Asian trade at $1,806/oz.
- Asian markets were also stronger today. The Nikkei was trading up 0.5% at our close. The Hang Seng was more than 2% better, coming back online after a 3-day break for the Lunar New Year celebrations.
- US Futures pointing to a strong finish to the week. The S&P Futures are 1.25% higher, Nasdaq +2.1%.
ASX 200

Sectors this week

Source: Bloomberg
Stocks this week

Source: Bloomberg
Broker Moves
- Li-S Energy Rated New Speculative Buy at Blue Ocean; PT A$2.30
- Janus Henderson GDRs Cut to Neutral at Macquarie; PT A$52
- Westpac Raised to Neutral at Jarden Securities; PT A$23.50
- AUB Group Rated New Overweight at Jarden Securities; PT A$25.90
- Steadfast Rated New Overweight at Jarden Securities; PT A$5.20
- Centuria Office REIT Raised to Outperform at Credit Suisse
- BHP Rated New Hold at DZ Bank; PT A$48.20
- BHP Resumed Neutral at Citi; PT 2,250 pence
- Westpac Raised to Buy at Bell Potter; PT A$24
Major Movers Today

Have a great weekend
James, Harry and the Market Matters Team.
Make informed investment decisions
At Market Matters, we write a straight-talking, concise, twice daily note about our experiences, the stocks we like, the stocks we don’t, the themes that you should be across and the risks as we see them. Click here for your free trial.
The Match Out will be available each day after the market close. Follow my profile to be notified when the latest report is live.
Welcome to Livewire, Australia’s most trusted source of investment insights and analysis.
To continue reading this wire and get unlimited access to Livewire, join for free now and become a more informed and confident investor.
2 topics
3 stocks mentioned
Please sign in to comment on this wire.