The Match Out: Shares edge higher in quiet session, BoJ remains on hold, City Chic (CCX) gaps up

James Gerrish

Market Matters

Another quiet session from an index perspective with the ASX trading in a tight band of fewer than 20 points on either side of yesterday’s close before settling marginally higher. Tech was the standout sector today with Healthcare a strong second place, both helped by falling bond yields. Real Estate was the main laggard, while the utilities continued its recent slide. The big news today was the Bank of Japan holding rates at -0.1%, some economists were predicting the first move from the BOJ in 7 years.

  • The ASX 200 finished up 7pts/ 0.1% at 7393
  • The Tech sector was best on ground (+1.74%) while Healthcare (+0.86%) & Consumer Discretionary (+0.62%) were also strong.
  • The laggards included Real Estate (-0.94%) and Utilities (-0.65%).
  • Telix Pharmaceutical (ASX: TLX) +8.6%, announced they were cashflow positive in 4Q after seeing revenue of $78m, up 41% on the 3rd quarter. Sales momentum of their illuccix product has ramped up faster than the market anticipated.
  • Red Bubble (ASX: RBL) -11.4%, struggled following a weak 1H trading update expecting margins to fall, EBITDA loss to rise and cutting headcount – desperate actions from the online marketplace company.
  • City Chic (ASX: CCX) +16.36%, surged on the close today after a pair of substantial shareholder notices were released including AusSuper increasing their holding to 8.5% of the register – perhaps a turning point for the stock.
  • Iron Ore rose 0.6% in China today with Rio Tinto (ASX: RIOseeing the best of the gains in the space, up +1.09%
  • Asian stocks were mixed again. Japan’s Nikkei surged +2.5% following the call from the central bank while Hong Kong and China are flat.
  • US Futures are all little changed, S&P and Nasdaq up 0.1% a piece.

Broker Moves

  • ResMed (ASX: RMD) Rises Most in Two Months After JPMorgan Turns Bullish
  • Lovisa (ASX: LOV) Cut to Equal-Weight at Morgan Stanley; PT A$25
  • Champion Iron (ASX: CIACut to Hold at Laurentian Bank; PT A$8.31
  • Rio Tinto (ASX: RIOCut to Hold at Morgans Financial Limited; PT A$110
  • Austal (ASX: ASBCut to Hold at Argonaut Securities; PT A$2
  • HUB24 (ASX: HUB) Cut to Underweight at JPMorgan; PT A$23.50
  • JB Hi-Fi (ASX: JBHCut to Hold at Morgans Financial Limited; PT A$53
  • Webjet (ASX: WEB) Cut to Underperform at Jefferies; PT A$5.65
  • Healius (ASX: HLS) Cut to Underperform at Credit Suisse; PT A$3.10
  • Northern Star (ASX: NSTCut to Hold at Canaccord; PT A$13
  • Capricorn Metals (ASX: CMMCut to Hold at Canaccord; PT A$4.75

No Major Movers Today

Have a great night

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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