The Match Out: ASX recovers some of the week’s pain, banks and miners rally

A broad-based rally helped recover some of the losses seen on the index earlier in the week. The banks found some buying to round out the week after a few softer sessions, while the resource heavyweights continued their march higher. Real Estate was the only area of the market still struggling today with the market still concerned about interest rates and their impact on property valuations. Despite the bounce today, the index closed -23pts/-0.32% lower for the week.

• The S&P/ASX 200 added 28 points / +0.39% to close at 7283.
• Communication Services (+0.86%) were the best on ground, Healthcare (+0.59%) & financials (+0.54%) were also strong
• Real Estate (-0.26%) was the only sector down on the day. Industrials (+0.02%) and Utilities (+0.04%) closed higher but underperformed the broader market.
• Downer (ASX: DOW) flat, announced their Chairman was departing after accounting anomalies were discovered last year. The CFO tendered his resignation earlier in the week and now papers are talking up a chance for an opportunistic bid.
• Liontown Resources (ASX: LTR) +13.19%, was strong after AFR reported a potential takeover offer – only rumours at this stage, the company didn’t comment on the report today.
• Iron Ore was up in Asia by 0.9%.
• Gold edged higher, +US$2.50/0.14% to $US1838 at our close.
• Asian stocks are all up as well, Nikkei +1.55%, Hang Seng +0.61% and China +1%.
• US Futures are marginally lower, Nasdaq the worst at -0.2%.

ASX 200 Chart - Intraday

ASX 200 Chart - Daily

Sectors for the week – Source Bloomberg

Stocks for the week – Source Bloomberg

Broker Moves

• GenusPlus (ASX: GNP) Reinstated Buy at Bell Potter; PT A$1.18
• Region Group (ASX: RGN) Raised to Buy at Jefferies; PT A$2.73
• Scentre Group (ASX: SCG) Raised to Buy at Jefferies; PT A$3.24
• Dexus (ASX: DXS) Raised to Buy at Jefferies; PT A$9.07
• Avita Medical (ASX: AVH) Rated New Add at Morgans Financial Limited; PT A$4.45

Major Movers Today

Enjoy your night
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.