Stock Market — Australia for the W/E April 12, 2024
6 min readApr 12, 2024
The S&P/ASX 200 closed 25.5 points lower, down 0.33%.
In many ways it was a soggy end to the week, with the benchmark S&P/ASX 200 logging consecutive losses to pare back Monday-Wednesday’s gains to just 15 points.
But, as was the case most days this week, beneath the surface of a mundane benchmark were some rampaging moves in commodities stocks. They took turns, with iron ore, copper, and even lithium stocks getting a run at some point.
But consistently strong, were gold stocks — no surprise given the gold price continues to hover around record highs. Today, they were joined by uranium stocks, which were to say the least, magnificent.
Trading higher
- +10.8% Chalice Mining (CHN) — No news, fourth straight day of gains, likely short covering, volume is above average, short term trend is now up 🔎📈
- +8.2% Lotus Resources (LOT) — No news, broad uranium sector strength on improving uranium price, similar move up in global sector leader Cameco in New York, rise is consistent with prevailing short and long term uptrends 🔎📈
- +7.9% Austin Engineering (ANG) — No news, rise is consistent with prevailing short and long term uptrends 🔎📈
- +7.0% Bravura Solutions (BVS) — No news, rise is consistent with prevailing short and long term uptrends 🔎📈
- +6.9% Alkane Resources (ALK) — No news, broad gold sector strength, rise is consistent with prevailing short term uptrend, long term trend is transitioning from down to up 🔎📈
- +6.9% EQT Holdings (EQT) — EQT receives final approval for sale of Irish business, rise is consistent with prevailing short and long term uptrends 🔎📈
- +6.8% Regis Resources (RRL) — No news, broad gold sector strength, rise is consistent with prevailing short and long term uptrends 🔎📈
- +6.7% Bannerman Energy (BMN) — No news, broad uranium sector strength on improving uranium price, similar move up in global sector leader Cameco in New York, rise is consistent with prevailing short and long term uptrends 🔎📈
- +6.7% Deep Yellow (DYL) — No news, broad uranium sector strength on improving uranium price, similar move up in global sector leader Cameco in New York, rise is consistent with prevailing short and long term uptrends 🔎📈
- +6.3% Ora Banda Mining (OBM) — No news, broad gold sector strength, rise is consistent with prevailing short and long term uptrends 🔎📈
- +6.2% Droneshield (DRO) — No news, rise is consistent with prevailing short and long term uptrends 🔎📈
- +6.2% Red 5 (RED) — No news, broad gold sector strength, rise is consistent with prevailing short and long term uptrends 🔎📈
- +6.0% Genex Power (GNX) — Genex enters into binding TID with J-Power, rise is consistent with prevailing short and long term uptrends
- +5.2% Boss Energy (BOE) — No news, broad uranium sector strength on improving uranium price, similar move up in global sector leader Cameco in New York, rise is consistent with prevailing short and long term uptrends 🔎📈
- +4.9% Kingsgate Consolidated (KCN) — No news, broad gold sector strength, rise is consistent with prevailing short and long term uptrends
- +4.8% Alligator Energy (AGE) — No news, broad uranium sector strength on improving uranium price, similar move up in global sector leader Cameco in New York, rise is consistent with prevailing short and long term uptrends 🔎📈
Trading lower
- -15.8% Avita Medical Inc (AVH) — Continued negative response to yesterday’s AVITA Medical Updates Expected First Quarter 2024 Revenue, fall is consistent with prevailing short term downtrend, long term trend is transitioning from up to down 🔎📉
- -7.5% Domino’s Pizza Enterprises (DMP) — Strategy Day Presentation, fall is consistent with prevailing short and long term downtrends 🔎📉
- -7.3% The Star Entertainment Group (SGR) — Trading Update, fall is consistent with prevailing long term downtrend 🔎📉
- -6.9% Cettire (CTT) — Q3 FY24 Trading & Market Update, fall is consistent with prevailing short term downtrend, big black candle, close at low, and close to closing below long term downtrend ribbon 🔎📉
- -6.8% Winsome Resources (WR1) — Pullback after strong rally post yesterday’s Exploration drilling discovers 61.5m at 1.62% Li2O
- -4.9% Ioneer (INR) — No news, struggling to get through the long term downtrend ribbon 🔎📉
- -4.5% Vulcan Energy Resources (VUL) — Pullback after strong rally post yesterday’s First Lithium Chloride produced from Optimisation Plant
- -4.2% Strike Energy (STX) — No news, fall is consistent with prevailing short and long term downtrends 🔎📉
Broker Notes
- Abacus Group (ABG) retained at Outperform at Macquarie; Price Target: $1.21
- Australian Finance Group (AFG) retained at neutral at Macquarie; Price Target: $1.47
- Eagers Automotive (APE) retained at neutral at Citi; Price Target: $13.85 from $13.90
- Arena REIT/Units (ARF) retained at Outperform at Macquarie; Price Target: $3.96
- Autosports Group (ASG) retained at buy at Citi; Price Target: $3.05 from $3.15
- Charter Hall Group (CHC) retained at Outperform at Macquarie; Price Target: $15.54
- Centuria Industrial REIT (CIP) retained at Outperform at Macquarie; Price Target: $3.66
- Charter Hall Long Wale REIT (CLW) retained at Neutral at Macquarie; Price Target: $3.62
- Centuria Capital Group (CNI) retained at Neutral at Macquarie; Price Target: $1.70
- Charter Hall Retail REIT (CQR) retained at Neutral at Macquarie; Price Target: $3.61
- Dexus Industria REIT/Units (DXI) retained at Outperform at Macquarie; Price Target: $3.00
- Dexus (DXS) retained at Neutral at Macquarie; Price Target: $7.38
- Fleetpartners Group (FPR) retained at buy at Citi; Price Target: $4.20 from $3.60
- GPT Group (GPT) retained at Outperform at Macquarie; Price Target: $4.61
- Goodman Group (GMG) retained at Outperform at Macquarie; Price Target: $34.84
- Growthpoint Properties Australia (GOZ) retained at Outperform at Macquarie; Price Target: $2.50
- Healthco Healthcare and Wellness REIT (HCW) retained at Outperform at Macquarie; Price Target: $1.45
- Homeco Daily Needs REIT (HDN) retained at Neutral at Macquarie; Price Target: $1.26
- HMC Capital (HMC) retained at Neutral at Macquarie; Price Target: $6.76
- James Hardie Industries (JHX) downgraded to neutral from outperform at Macquarie; Price Target: $62.40 from $68.20
- Mader Group (MAD) retained at at Bell Potter; Price Target: $7.60
- Mirvac Group (MGR) retained at Outperform at Macquarie; Price Target: $2.38
- McMillan Shakespeare (MMS) retained at buy at Citi; Price Target: $22.50 from $21.80
- Monash IVF Group (MVF) initiated at sector perform at RBC Capital Markets; Price Target: $1.50
- National Storage REIT (NSR) retained at Neutral at Macquarie; Price Target: $2.34
- Northern Star Resources (NST)
- Retained at neutral at Citi; Price Target: $14.50
- Retained at outperform at Macquarie; Price Target: $17
- Netwealth Group (NWL) retained at underperform at Macquarie; Price Target: $16.75 from $15.30
- Origin Energy (ORG) retained at outperform at Macquarie; Price Target: $9.97 from $9.29
- Orica (ORI) retained at outperform at Macquarie; Price Target: $19.05 from $18.82
- Peter Warren Automotive Holdings (PWR) retained at neutral at Citi; Price Target: $2.40 from $2.45
- Qualitas (QAL) retained at Outperform at Macquarie; Price Target: $2.89
- Region Group (RGN) retained at Neutral at Macquarie; Price Target: $2.30
- Scentre Group (SCG) retained at Neutral at Macquarie; Price Target: $3.03
- Smartgroup Corporation (SIQ) retained at buy at Citi; Price Target: $11.55 from $11.00
- Telix Pharmaceuticals (TLX) retained at at Bell Potter; Price Target: $14.50
- Vicinity Centres (VCX) retained at Neutral at Macquarie; Price Target: $1.92
Commodities Prices:
- LNG — https://pemedianetwork.com/petroleum-economist/articles/gas-lng/2024/woodside-sees-renewed-confidence-in-australia-s-upstream/
- Copper -https://www.proactiveinvestors.com/companies/news/1045145/qmines-aiming-to-be-australia-s-first-zero-carbon-copper-producer-amid-bright-outlook-for-copper-prices-1045145.html
- Iron-ore — https://ca.finance.yahoo.com/news/iron-ore-heads-10-weekly-021500366.html
- Lithium — https://www.greencarcongress.com/2024/04/20240412-benchmark.html
- Housing — https://www.afr.com/property/residential/the-five-barriers-to-building-1-2-million-homes-by-2029-20230926-p5e7r1
- Data and AI — https://cyberbeat.news/news/2024/march/australia-missing-out-in-ai-funding-boom.html
- Agriculture — https://mainlandfinance.com.au/growth-amid-challenges-the-resilience-of-australian-farming/
- Manufacturing — https://infrastructuremagazine.com.au/2024/04/12/future-made-in-australia-act-to-drive-local-manufacturing/
- Australia GDP — https://www.aigroup.com.au/resourcecentre/research-economics/economics-intelligence/2024/global-forecasts-solidifying-growth-foundations/
- Australia — https://www.smallbusiness.nsw.gov.au/news-podcasts/news/better-regulation-critical-for-both-small-businesses-and-consumers
- Corporate profit — https://www.xm.com/research/markets/allNews/reuters/australia-new-zealand-corporate-earnings-week-ahead-53811337
Paul Young CPA CGA is a former Senior IBM Customer Success Manager that has deployed over 300 data and AI solutions across geographies for the past 8 years. Paul is also FPA SME on how best to integrate macro and micro indicators as part of the data journey for the operational, management, and regulatory reporting cycles.
Blog — How to select the best ESG solution for your /Organization — https://www.linkedin.com/pulse/how-select-right-environmental-social-governance-solution-paul-young-83mzc/
EBITDA
Stock Market — https://medium.com/@paulyoung_81567/stock-market-analysis-for-the-week-ending-april-5-2024-72fcb937cbe8 or https://www.linkedin.com/posts/paul-young-055632b_stock-market-analysis-for-the-week-ending-activity-7182370500784926721-eb2m?utm_source=share&utm_medium=member_desktop