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What Mattered Today

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A softer start to the week with the ASX dipping 0.4%, however, it was very stock specific with CSL down ~5% which accounted for 21pts of the ASX 200’s 30pt loss, while Materials & Energy were also on the nose.

  • The ASX 200 fell -30pts/ -0.39% to 7614
  • The IT sector (+1.02%) was a standout while Consumer Discretionary (+0.58%) was supported by stronger-than-expected results.
  • Healthcare (-3.19%) weighed, as did Energy (-1.03%) and Materials (-0.57%).
  • Results so fare an net positive, more companies beating and guiding to solid momentum.
  • CSL Ltd (CSL) -4.84% fell after a phase three trial for a cardiovascular medication, named AEGIS-II, did not meet its primary endpoint.
  • This was a big move from CSL given the drug was not a meaningful contributor to future earnings expectations.
  • CAR Group (CAR) +1.67% rose after meeting 1H24 earnings expectations while guiding to strong growth – the momentum here should see upgrades to FY24 earnings expectations.
  • JB Hi-Fi (JBH) +7.13% beat expectations by ~5% today and sales have started well for 2024. Shares hit all-time highs on the result
  • Audinate (AD8)  +20.59% a very strong result, growing revenue by 48% in part thanks to a better supply of chips.
  • Calix (CXL) +4.72% their ZESTY technology testing results showed they can produce near-zero emissions iron at similar costs to current methods.
  • Fletcher Building (FBU) -6.09% fell hard then went into a trading halt – they’re due to report on Wednesday 14th however it seems some bad news leaked…
  • Beach Energy (BPT) +3.32% reported weaker production and wound back full-year guidance, but had a good 6-months in terms of earnings so the stock rose.
  • Aurizon (AZJ) +3.19% reported a 26% increase in earnings for 1H24.
  • Market Matters Video Update – Click Here to watch the monthly update covering Portfolio Performance and more.
  • Iron Ore is not trading this week given the Chinese New Year holidays.
  • Gold was flat in Asia today, trading ~US$2023/oz at our close
  • Stocks in China + Hong Kong closed, Japan +0.95%
  • US Futures modestly lower, not by much.
  • US Stocks we own reporting this week: 14th Feb Barrick Gold (GOLD), 15th Feb Deere & Co (DE US), The Trade Desk (TTD US) & YETI Holdings (YETI US)
  • Market Matters Australian Reporting Calendar – Click to download a spreadsheet HERE and PDF document HERE
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ASX 200 Index
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