Market Overview
The ASX 200 reached its best closing level since April, driven by BHP hitting a new record high and oil prices falling to a three-month low. This decline in energy costs led to lower diesel prices for miners and eased inflation expectations. Gold stocks were the main beneficiaries of this trend, while energy producers faced significant losses due to the drop in oil prices.
Key Indices and Sector Performance
- ASX 200 closed at 8,966.3, up 0.55%
- All Ords rose to 9,185.9, an increase of 0.60%
- Small Ords gained 1.45% to 3,605.3
- All Tech increased by 1.76% to 3,005.9
- Emerging Companies climbed 1.77% to 3,105.1
In terms of currency:
– AUD/USD fell to 0.7057, a decrease of 0.15%
For US futures:
– S&P 500 rose to 7,608.25, up 0.28%
– Dow Jones reached 52,514.0, an increase of 0.08%
– Nasdaq closed at 30,535.75, up 0.73%
Sector Highlights
- Information Technology surged 2.03% to 1,861.2
- Consumer Discretionary added 1.16% to 3,814.1
- Materials rose 1.15% to 25,927.2
- Health Care increased 0.90% to 24,226.1
- Financials climbed 0.54% to 9,295.3
- Real Estate gained 0.48% to 3,778.0
- Communication Services edged up 0.13% to 1,650.1
- Industrials inched higher 0.08% to 8,441.3
- Consumer Staples dipped 0.90% to 12,685.5
- Utilities fell 1.68% to 9,751.7
- Energy dropped 2.26% to 9,858.3
Market Trends
The S&P/ASX 200 (XJO) finished 48.6 points higher at 8,966.3, reflecting strong performance in the benchmark index. The broader-based S&P/ASX 300 (XKO) saw advancers outperform decliners by a margin of 213 to 68. FOMO is building! 🤞 (we just need the supply side to get on board and properly HOFU!)
The Gold Sub-Index (XGD) rose 3.8%, with Resolute Mining (RSG) gaining 8.6%, Pantoro Gold (PNR) up 8.2%, Evolution Mining (EVN) adding 2.9%, Newmont (NEM) rising 2.7%, and Northern Star Resources (NST) increasing 2.6%.
Consumer Discretionary Sector
The Consumer Discretionary (XDJ) sector benefited from growing confidence that further RBA rate hikes are off the table this year, alongside a tailwind for travel stocks from falling oil prices. Web Travel (WEB) surged 11.1%, Flight Centre Travel (FLT) gained 5.3%, Myer (MYR) rose 5.7%, Super Retail Group (SUL) added 3.1%, Domino’s Pizza Enterprises (DMP) climbed 2.7%, and Nick Scali (NCK) increased 1.9%.
Materials Sector
The Materials (XMJ) sector showed resilience despite negative commodity price trends. SGX iron ore futures fell 2.2% to US$99.35/t, while COMEX copper futures added 0.2% to US$6.518/lb. BHP (BHP) closed at a fresh record high of $65.59 as aluminium and copper gained overnight, while Fortescue (FMG) fell 1.1% on the weakness in iron ore prices.
Energy Sector
The Energy (XEJ) sector was the session’s biggest loser, with benchmark Brent crude futures plunging 5.1% overnight before easing further to US$78.39/bbl. Woodside Energy (WDS) fell 3.6%, Beach Energy (BPT) dropped 2.9%, Santos (STO) declined 1.2%, and Karoon Energy (KAR) tumbled 13.4%. Thermal coal prices also fell, dragging Yancoal Australia (YAL), Whitehaven Coal (WHC), and New Hope Corp. (NHC) lower.
Utilities Sector
The Utilities (XUJ) sector suffered due to the overlap in earnings drivers with the Energy sector. APA Group (APA) fell 3.0%, AGL Energy (AGL) dropped 1.6%, and Origin Energy (ORG) declined 0.7%.
Consumer Staples Sector
The Consumer Staples (XSJ) sector fell 0.9% as defensive stocks lost favor amid improved risk appetite. Coles (COL) and Woolworths (WOW) both declined 1.3%.
Top Gainers and Losers
Best ASX Top 300 Gainers
| Company | Last Price | Change $ | Change % | 1mo % | 1yr % |
|---|---|---|---|---|---|
| EQ Resources (EQR) | $0.27 | +$0.03 | +12.5% | +10.2% | +694.1% |
| WEB Travel Group (WEB) | $3.01 | +$0.30 | +11.1% | +23.4% | -34.6% |
| SiteMinder (SDR) | $4.25 | +$0.39 | +10.1% | +47.1% | -10.1% |
| Resolute Mining (RSG) | $1.20 | +$0.095 | +8.6% | -8.7% | +81.8% |
| Pantoro Gold (PNR) | $3.05 | +$0.23 | +8.2% | -8.4% | -15.7% |
Worst ASX Top 300 Losers
| Company | Last Price | Change $ | Change % | 1mo % | 1yr % |
|---|---|---|---|---|---|
| Karoon Energy (KAR) | $1.425 | -$0.22 | -13.4% | -31.8% | -29.5% |
| Elevra Lithium (ELV) | $12.20 | -$0.90 | -6.9% | +10.8% | +408.3% |
| Elsight (ELS) | $7.82 | -$0.37 | -4.5% | +25.1% | +586.0% |
| Southern Cross Electrical Engineering (SXE) | $4.63 | -$0.19 | -3.9% | +11.0% | +166.9% |
| Yancoal Australia (YAL) | $5.85 | -$0.23 | -3.8% | -12.8% | -1.8% |
ChartWatch Analysis
Nasdaq Composite Index
Analysis from today’s ChartWatch LIVE Webinar:
Then we get last night’s candle, which kinda tells us: actually, that is a bit of a critical supply point [26708]. So maybe, 1/2RP is a good place to be… That balance at this point in time. So, I’m just sitting on the fence — and some people would say that sitting on the fence can be rather uncomfortable — but for me now, with an orange short term trend ribbon, I think it’s the right place to be. But the long term ribbon is still very, very good — so I’m more than happy to back that ‘glass is half full’ in many ways…
Full analysis in the video, the recording of which you can watch via the link below! 📺+🍿+👇
View
1/2RP on the Comp(RP = Risk Position — it reflects my personal allowable capital allocation limit for my investments in US stocks. So 1/2RP is 50%, 2/3RP is 67% and FRP is 100% 🪣).
Key levels:
– 27191 is the key point of supply.
– 24980 is the key point of demand.
– The short term uptrend ribbon (presently 25792-26102) may also come into play before that.
S&P/ASX 200 (XJO)
Analysis:
On the verge of greatness… Golden Le Creuset greatness!
C’mon OTP… You can do it… We believe in you! 🙌
(Well, not really, but we wouldn’t say that to your face! 😉)
Call it dumb hope or canny anticipation — either way — 2/3RP is my new portfolio risk setting. 💪
Why?
Well, I figure that if 8987-9022 held any motivated latent supply — we would have seen it by now. I suggest that close enough is good enough for anyone waiting in that zone to sell, and today’s downward pointing shadow and close near the high demonstrates the supply side had zero net impact today.
If my hunch that 8987-9022 is consumed, then there’s only 9201 standing in the way of G + L + C.
Oh, the Old Pot will be properly HOT by then!!! ♨️🔥
View
I am now 2/3RP 🪣 on the OTP (i.e., my personal allowable capital allocation limit for my investments in Australian stocks is 50%).
Key levels:
– 8987-9022 is the key zone of supply.
– Beyond that, it’s 9201.
– Demand is in the 8485-8561 range, but the short- and long-term trend ribbons (presently 8687-8787) will likely also increasingly come into play as a dynamic zone of excess demand.
(Glossary of acronyms! Old Tin Pot (OTP): S&P/ASX 200 | MOTN: More Often Than Not | FOMO: Fear Of Missing Out | HOFU: Holding On For Upside | BTD: Buy The Dip | STR: Sell The Rally | RP: Risk Position)
NEW VIDEO DROPPED!!! 📺🔥
Why Elon Musk should sell 1.6 billion SpaceX shares right away… (and a major Nasdaq top signal!)
ChartWatch LIVE Webinar
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Learn more about technical analysis and trend following through real case studies on ASX stocks. Australia’s premier technical analyst, Carl Capolingua, shares his unique insights on stocks as requested by viewers. Ask about a company in your portfolio or anything related to trading and investing and get Carl’s expert opinion.
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Economy
Today
There weren’t any major economic data releases in our time zone today…
Later this week
Wednesday
20:30 USA May Core Retail Sales (+0.5% m/m forecast vs +0.5% m/m in April)
20:30 USA President Trump speaks
Thursday
02:00 Federal Reserve FOMC Meeting (New Chairman Kevin Warsh’s first meeting!)
Federal Funds Rate (no change at +3.75% forecast)
FOMC Economic Projections & Statement
02:30 New Chairman Kevin Warsh’s first press conference
Friday
ALL DAY CHN Holiday / Non trading day
ALL DAY USA Holiday / Non trading day
Interesting Movers
Trading Higher
- Stealth Group Holdings (SGI) $1.27|+41.6%
- ARN Media (A1N) $0.28|+31.0%
- Dateline Resources (DTR) $0.20|+30.0%
- Alligator Energy (AGE) $0.05|+28.1%
- Turaco Gold (TCG) $0.56|+13.8%
- EQ Resources (EQR) $0.27|+11.5%
- AIC Mines (A1M) $0.74|+8.0%
- Symal Group (SYL) $2.90|+7.4%
- Flight Centre Travel Group (FLT) $12.44|+5.3%
- Nickel Industries (NIC) $1.01|+2.6%
- Sims (SGM) $29.96|+1.8%
Trading Lower
- Bougainville Copper (BOC) $0.39|-33.9%
- NOVONIX (NVX) $0.19|-21.9%
- Karoon Energy (KAR) $1.43|-13.4%
Broker Moves
| Company | Broker | Action | Rating | Price Target |
|---|---|---|---|---|
| A4NAlpha HPA | Bell Potter | Retained | Speculative Buy | $1.50 |
| Ord Minnett | Downgraded | Accumulate (from Speculative Buy) | $0.90 | |
| ANGAustin Engineering | Shaw and Partners | Retained | Buy | $0.35 (from $0.40) |
| BOEBoss Energy | UBS | Retained | Neutral | $1.55 |
| BREBrazilian Rare Earths | Ord Minnett | Retained | Speculative Buy | $6.95 |
| CHCCharter Hall Group | Citi | Retained | Buy | $26.50 (from $23.00) |
| CKFCollins Foods | Citi | Retained | Neutral | $10.45 |
| CYLCatalyst Metals | UBS | Retained | Buy | $9.25 |
| DMPDomino’s Pizza Enterprises | UBS | Retained | Buy | $22.00 (from $24.00) |
| DXCDexus Convenience Retail REIT | Bell Potter | Retained | Buy | $3.15 (from $3.25) |
| DYLDeep Yellow | UBS | Retained | Buy | $2.15 |
| EOSElectro Optic Systems Holdings | Ord Minnett | Retained | Speculative Buy | $11.00 (from $11.15) |
| FMGFortescue | UBS | Retained | Neutral | $19.40 |
| GMGGoodman Group | Macquarie | Retained | Outperform | $32.03 |
| GOZGrowthpoint Properties Australia | Citi | Initiated | Buy | $2.60 |
| GYGGuzman Y Gomez | UBS | Retained | Buy | $24.00 |
| IAGInsurance Australia Group | Macquarie | Retained | Outperform | $9.00 |
| KARKaroon Energy | Jarden | Retained | Buy | $2.30 (from $2.55) |
| Macquarie | Downgraded | Underperform (from Neutral) | $1.50 (from $2.00) | |
| Morgans | Upgraded | Hold (from Trim) | $1.67 (from $1.90) | |
| Ord Minnett | Retained | Buy | $2.30 (from $2.40) | |
| RBC Capital Markets | Retained | Sector Perform | $2.30 | |
| LOVLovisa Holdings | UBS | Retained | Buy | $26.00 |
| MEIMeteoric Resources NL | Macquarie | Retained | Outperform | $0.45 |
| MINMineral Resources | UBS | Retained | Buy | $83.00 |
| MM1Midas Minerals | Canaccord Genuity | Retained | Speculative Buy | $1.50 |
| NEMNewmont Corporation | UBS | Retained | Buy | $195.00 |
| NGINavigator Global Investments | Morgans | Retained | Buy | $3.42 (from $2.97) |
| NXGNexGen Energy (Canada) | UBS | Retained | Buy | $21.00 |
| NXTNEXTDC | Macquarie | Retained | Outperform | $18.30 |
| QBEQBE Insurance Group | Macquarie | Retained | Outperform | $24.60 |
| RGNRegion Group | Citi | Retained | Buy | $2.60 |
| RIORio Tinto | UBS | Retained | Neutral | $183.00 |
| S32South32 | UBS | Retained | Buy | $5.10 |
| SCGScentre Group | Citi | Retained | Buy | $4.40 |
| SEKSEEK | UBS | Retained | Buy | $18.20 |
| SGM Sims | Jefferies | Upgraded | Hold (from Underperform) | $31.00 (from $19.00) |
| SGPStockland | Citi | Retained | Neutral | $4.30 |
| SUNSuncorp Group | Macquarie | Retained | Outperform | $20.30 |
| TCGTuraco Gold | Canaccord Genuity | Retained | Speculative Buy | $1.75 |
| TCLTransurban Group | Morgans | Downgraded | Sell (from Hold) | $12.50 (from $13.19) |
| Ord Minnett | Downgraded | Hold (from Accumulate) | $14.40 (from $13.90) | |
| TWETreasury Wine Estates | Citi | Retained | Buy | $5.50 |
| UNIUniversal Store Holdings | UBS | Retained | Buy | $9.00 |
| WC8Wildcat Resources | Macquarie | Initiated | Outperform | $0.90 |
| WHCWhitehaven Coal | UBS | Retained | Buy | $9.10 |
Scans
Top Gainers
| Code | Company | Last | % Chg |
|---|---|---|---|
| NOR | Norwood Systems Ltd | $0.018 | +100.00% |
| CXU | Cauldron Energy Ltd | $0.09 | +34.33% |
| NRX | Noronex Ltd | $0.012 | +33.33% |
| SGI | Stealth Group Holdings Ltd | $1.19 | +32.96% |
| A1N | Arn Media Ltd | $0.275 | +30.95% |
Top Fallers
| Code | Company | Last | % Chg |
|---|---|---|---|
| BOC | Bougainville Copper Ltd | $0.38 | -35.59% |
| NVX | Novonix Ltd | $0.18 | -25.00% |
| GGR | Golden Globe Resources Ltd | $0.165 | -21.43% |
| INV | Investsmart Group Ltd | $0.14 | -17.65% |
| APL | Associate Global Partners Ltd | $0.25 | -16.67% |
52 Week Highs
| Code | Company | Last | % Chg |
|---|---|---|---|
| NOR | Norwood Systems Ltd | $0.018 | +100.00% |
| CXU | Cauldron Energy Ltd | $0.09 | +34.33% |
| HT8 | Harris Technology Group Ltd | $0.028 | +21.74% |
| ORP | Orpheus Uranium Ltd | $0.084 | +18.31% |
| A1M | Aic Mines Ltd | $0.745 | +8.76% |
52 Week Lows
| Code | Company | Last | % Chg |
|---|---|---|---|
| BOC | Bougainville Copper Ltd | $0.38 | -35.59% |
| NVX | Novonix Ltd | $0.18 | -25.00% |
| AKG | Academies Australasia Group Ltd | $0.09 | -14.29% |
| MAP | Microba Life Sciences Ltd | $0.039 | -9.30% |
| KKO | Kinetiko Energy Ltd | $0.036 | -8.86% |
Near Highs
| Code | Company | Last | % Chg |
|---|---|---|---|
| WVOL | iShares MSCI World Ex Aust Minimum Volatility ETF | $45.48 | -0.31% |
| EGH | Eureka Group Holdings Ltd | $0.63 | +1.61% |
| GCI | Gryphon Capital Income Trust | $2.06 | 0.00% |
| VVLU | Vanguard Global Value Equity Active ETF | $82.34 | -0.32% |
| IHD | iShares S&P/ASX DIV Opportunities Esg Screened ETF | $17.55 | 0.00% |
Relative Strength Index (RSI) Oversold
| Code | Company | Last | % Chg |
|---|---|---|---|
| KAR | Karoon Energy Ltd | $1.425 | -13.37% |
| FAR | FAR Ltd | $0.285 | +1.79% |
| EML | EML Payments Ltd | $0.305 | -1.61% |
| BOC | Bougainville Copper Ltd | $0.38 | -35.59% |
| AD8 | Audinate Group Ltd | $1.795 | -2.97% |
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