Evening Wrap: ASX 200 gain hides "abysmal" underlying statistic as banks boom on WBC result, critical minerals slide continues
The S&P/ASX 200 closed 12.9 points higher, up 0.15%.
Banks, tech, and consumer discretionary up – resources down. It's becoming a well-worn script (or vice versa!). Perhaps the most telling aspect of today's trade, though, was the "abysmal" market breadth. There were double the number of stocks losing ground today compared to those rising – with many of the losers coming from the critical minerals and lithium sectors...
Be sure to click/scroll through for the usual reporting of the major sector and stock-specific moves, the broker responses to them, as well as all the key economic data in tonight's Evening Wrap.
Also, I have detailed technical analysis on the S&P/ASX 200 in today's ChartWatch.
Let's dive in!
Today in Review
Mon 03 Nov 25, 5:05pm (AEDT)
Name Value % Chg
Major Indices
ASX 200 8,894.8 +0.15%
All Ords 9,182.5 +0.05%
Small Ords 3,765.1 -0.41%
All Tech 3,999.7 +0.67%
Emerging Companies 2,879.2 -1.29%
Currency
AUD/USD 0.656 +0.24%
US Futures
S&P 500 6,885.0 +0.16%
Dow Jones 47,767.0 +0.09%
Nasdaq 26,067.0 +0.24%
Name Value % Chg
Sector
Information Technology 2,726.8 +1.65%
Financials 9,835.4 +1.25%
Energy 8,706.7 +0.79%
Utilities 10,092.4 +0.28%
Consumer Discretionary 4,217.4 +0.23%
Communication Services 1,837.6 -0.10%
Industrials 8,564.5 -0.21%
Consumer Staples 11,729.4 -0.28%
Real Estate 4,055.7 -0.53%
Materials 19,443.5 -0.94%
Health Care 35,011.5 -1.68%
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Markets
ASX 200 Session Chart
The S&P/ASX 200 (XJO (https://www.marketindex.com.au/asx200) ) finished 12.9 points higher at 8,894.8, 0.74% from its session low and smack-bang on its session high 🥳. BUT! Don’t get too excited everyone! In the broader-based S&P/ASX 300 (XKO (https://www.marketindex.com.au/asx300) ) advancers lagged decliners by dismal 98 to 182.
Fund flows:
Swings and roundabouts. It feels like if you’re going to find Information Technology (XIJ) (+1.7%), Financials (XFJ) (+1.3%), and Consumer Discretionary (XDJ) (+0.2%) at the top of the daily sector performance table, then you’re also going find Resources (XJR) (-0.7%) at the bottom (Old Tin Pot remember – equals what is given to Peter must be taken from Paul!) There’s only so much love to around for Aussie stocks… 😭
Banks generally got a boost from Westpac's full year results – and that boost was super influential on XJO index points:
Westpac Banking Corp. (WBC) (+2.8%)
Commonwealth Bank of Australia. (CBA) (+2.3%)
Bendigo and Adelaide Bank (BEN) (+1.6%)
Bank of Queensland (BOQ) (+1.0%)
National Australia Bank (NAB) (+0.9%)
ANZ Group Holdings (ANZ) (+0.8%)
In resources, the majors were lacklustre but not terrible (Rio Tinto (RIO) (0.0%), BHP Group (BHP) (-0.2%), Fortescue (FMG) (-1.1%)), with the bulk of the damage occurring in critical minerals and lithium stocks:
Lynas Rare Earths (LYC) (-8.1%)
Pilbara Minerals (PLS) (-5.2%)
IGO (IGO) (-2.8%)
Mineral Resources (MIN) (-2.6%)
Outside of the above "banks, tech, and consumer discretionary up-vs-resources down dynamic", the Gold Sub-Index (XGD) (-1.4%) continued its volatile ways – today ebbing rather than flowing – and one sector that seems to be down most days now is Health Care (XHJ) (-1.7%). The CSL (CSL) (-1.7%) dip started dipping again...
One final note about the day's trade: The most important and telling item for me was the market abysmal market breadth of 98 gainers to 182 decliners (👎+⚠️). It told the story today though – what might have looked like an up day from the intraday chart above and the benchmark’s 12 point gain – was definitely far from a glowing endorsement of Aussie shares...
Today's best blue chip gainers
Company
Last Price
Change $
Change %
1mo %
1yr %
Life360 (360)
$51.36
+$1.6
+3.2%
-7.4%
+129.8%
Westpac Banking Corp. (WBC)
$39.82
+$1.08
+2.8%
+1.3%
+24.4%
Block (XYZ)
$116.09
+$2.79
+2.5%
-1.2%
+3.8%
Light & Wonder (LNW)
$112.03
+$2.56
+2.3%
-13.6%
-23.8%
Xero (XRO)
$148.30
+$3.3
+2.3%
-7.9%
-1.9%
Commonwealth Bank of Australia. (CBA)
$175.54
+$3.9
+2.3%
+3.0%
+22.8%
Bendigo and Adelaide Bank (BEN)
$12.85
+$0.2
+1.6%
-2.7%
+4.7%
Qantas Airways (QAN)
$10.36
+$0.16
+1.6%
-4.7%
+29.9%
Woodside Energy Group (WDS)
$25.12
+$0.32
+1.3%
+9.2%
+5.0%
Washington H. Soul Pattinson (SOL)
$38.07
+$0.47
+1.3%
-2.2%
+12.9%
Aristocrat Leisure (ALL)
$64.07
+$0.72
+1.1%
-9.5%
+4.9%
Santos (STO)
$6.38
+$0.07
+1.1%
-4.5%
-6.5%
REA Group (REA)
$215.40
+$2.31
+1.1%
-7.0%
-6.2%
Metcash (MTS)
$3.85
+$0.04
+1.1%
+2.1%
+24.6%
Bank of Queensland (BOQ)
$6.93
+$0.07
+1.0%
-5.2%
+6.6%
Origin Energy (ORG)
$12.37
+$0.12
+1.0%
+0.8%
+30.2%
The A2 Milk Company (A2M)
$9.62
+$0.09
+0.9%
+8.6%
+67.3%
National Australia Bank (NAB)
$44.01
+$0.39
+0.9%
-1.3%
+14.4%
ANZ Group Holdings (ANZ)
$36.96
+$0.31
+0.8%
+8.1%
+18.4%
Technology One (TNE)
$37.19
+$0.29
+0.8%
-5.2%
+52.4%
Today's worst blue chip losers
Company
Last Price
Change $
Change %
1mo %
1yr %
Lynas Rare Earths (LYC)
$14.02
-$1.23
-8.1%
-22.4%
+81.4%
Steadfast Group (SDF)
$5.21
-$0.39
-7.0%
-13.9%
-4.9%
Pilbara Minerals (PLS)
$3.13
-$0.17
-5.2%
+23.2%
+8.7%
Resmed Inc (RMD)
$37.83
-$1.7
-4.3%
-10.1%
+1.4%
Pinnacle Investment Group (PNI)
$19.11
-$0.65
-3.3%
+3.0%
-3.0%
IGO (IGO)
$5.22
-$0.15
-2.8%
+0.4%
-0.9%
Mineral Resources (MIN)
$47.12
-$1.28
-2.6%
+16.1%
+30.6%
Evolution Mining (EVN)
$10.59
-$0.27
-2.5%
-3.6%
+102.5%
Genesis Minerals (GMD)
$5.70
-$0.14
-2.4%
-7.2%
+133.6%
Northern Star Resources (NST)
$24.11
-$0.5
-2.0%
-1.2%
+33.9%
CSL (CSL)
$175.39
-$3.11
-1.7%
-15.6%
-39.0%
Telix Pharmaceuticals (TLX)
$15.81
-$0.27
-1.7%
+2.7%
-25.1%
James Hardie Industries (JHX)
$31.68
-$0.53
-1.6%
+5.7%
-36.5%
Perseus Mining (PRU)
$4.79
-$0.08
-1.6%
-3.0%
+66.9%
Ramsay Health Care (RHC)
$31.60
-$0.5
-1.6%
-1.5%
-22.5%
AGL Energy (AGL)
$9.12
-$0.14
-1.5%
+0.3%
-18.2%
Treasury Wine Estates (TWE)
$5.90
-$0.09
-1.5%
-16.4%
-49.0%
Atlas Arteria (ALX)
$4.79
-$0.07
-1.4%
-1.6%
-3.0%
AMP (AMP)
$1.760
-$0.025
-1.4%
+4.1%
+23.1%
Suncorp Group (SUN)
$19.35
-$0.27
-1.4%
-5.1%
+9.3%
ChartWatch
S&P/ASX 200 (XJO (https://www.marketindex.com.au/asx200) )
S&P/ASX 200 chart (click here (https://images.ctfassets.net/5iwbn7u1g2i4/2xUIrOaVSRlDSo4iSW4sYa/59a359cac0d1f4985a6f668bc7910609/ASX200XJOchart3_Nov.png) for full size image)
On Friday we noted how well the short term uptrend ribbon defined the exact point where the Old Tin Pot’s morning rally stopped – and went into reverse. We know that when the price trades below the trend ribbons, the trend ribbons MOTN act as zones of dynamic excess supply. Dynamic… because they’re always moving.
MOTN (More Often Than Not)
It doesn't mean ALWAYS!
But we look at today, and whist not a trend ribbon, this time it was one of the zones I’ve identified as an area of static demand (not moving!) that’s also perfectly defined where excess demand has kicked in – and changed
