The Match Out: ASX edges higher, Select Harvest (SHV) hit hard

The intra-day trend (chart below) shows the impact of low volumes, and as one trader said today, it’s great to see the ASX also celebrates Thanksgiving! Strength early, weakness late but a positive session to cap off a fairly flat week for stocks.

• The ASX 200 finished up +11pts/ +0.17% to 7040
• The Utilities (+1.55%), Energy (+1.27%) and Staples (+0.55%) were best on ground.
• IT (-1.71%), Communications (-0.51%) and Consumer Discretionary (-0.47%) were weak.
• Origin Energy (ASX: ORG) +2.76% moved higher as there remains a chance the takeover in some capacity will still eventuate.
• Wisetech (ASX: WTC) -3.17% lost ground despite reaffirming earnings guidance, with Chair Andrew Harrison stepping down.
• Virgin (ASX: VUK) -6.08% fell after the UK-based lender missed expectations at their FY23 result, higher costs and provisions to blame.
• Select Harvests (ASX: SHV) -10.53% a tough session for the almond grower on the back of a poor FY23, posting a loss of $114m.
• Conditions in the almond market have been tough, facing wet weather and verroa mite problems weighing on output while prices remain subdued.
• The market is now rightly concerned with the company’s $190m of debt on the balance sheet.
• Whitehaven Coal (ASX: WHC) +3.41% is finding some support and looks good here.
• We flagged APA Group (APA) +0.6% this morning as a quality infrastructure stock that is at attractive levels.
• Technology (ASX: TNE) -4.88% down again on this weeks result that flagged higher costs.
• Iron Ore was down smalls during our time zone today, sitting $US131/mt
• Gold was up +$2 trading at US$1994/oz at our close.
• Asian stocks were mixed, Hong Kong -1.38%, Japan +0.63% and China -0.52%.
• US Futures are flat
• Half day in the US tonight

ASX 200 Index

ASX 200 Index

Sectors this week – Source Bloomberg

Stocks this week – Source Bloomberg

Broker Moves

• Healius Raised to Equal-Weight at Morgan Stanley; PT A$1.30
• Nick Scali Cut to Neutral at Citi; PT A$11.57
• Boss Energy Raised to Speculative Buy at Bell Potter; PT A$5.53
• AMP Raised to Neutral at Barrenjoey; PT 96 Australian cents
• City Chic Raised to Buy at Citi; PT 62 Australian cents
• Vulcan Steel Rated New Add at Morgans Financial Limited; PT A$9

Major Movers Today

Enjoy the night
The Market Matters Team