Skip to Content
scroll

Looking for something? Use this search to find it.

Search results: Reports

Morning report

What Matters Today: As the ASX tests all-time highs, we evaluate 4 stocks punching to 52-week highs

The number of stocks advancing and declining can give a good read-through on the health of the underlying market; for example, at MM, we often refer to “broad-based” buying. The difference between the advances & declines is usually referred to as the market breadth with the running cumulative total of daily breadth known as the Daily Advance-Decline Line, an important read on the market's underlying health as it provides another tool to quantify the movements of the market other than looking at the price levels of indices. We often read about how the “Magnificent Seven” are driving US indices on their own, but the below chart illustrates the internals are still firm, although, of course, from a points perspective, they are aiding performance.
Read more
what matters today Market Matters
Morning report

What Matters Today: Is there any value left in the remaining local building stocks?

We’ve written a couple of times this year about the ASX losing stocks faster than it replaces them with quality IPOs, with the Building Sector epitomising this trend: • CSR looks set to be swallowed up by French giant Saint-Gobain in a $3bn deal. • The Stokes Group has bid to take full control of concrete business Boral (BLD) – it already owns 71.6%. • Cement maker Adbri (ABC) has agreed to a $2.1bn buyout from Irish giant CRH Group. This morning, we’ve taken a look at the depleted lineup of ASX's building stocks to see if we perceive any value remains after the major M&A action in the sector.
Read more
what matters today Market Matters
Morning report

Portfolio Positioning: Can the strong keep getting stronger?

On Monday night the major US indices slipped lower, with the S&P500 ending the quiet session down -0.38%, but the underperforming market segment of the last two years, the small caps, managed to advance +0.6%. This trend extended overnight, with the S&P500 edging up +0.1% while the Russell 2000 (small cap) Index rallied +1.4%. It may surprise many subscribers to know that the unheralded US small caps have advanced +25% from their October low, slightly more than the S&P500 without any of the benefits of the “Magnificent Seven”. We see no reason to fight this new area of outperformance, albeit minor, through 2024.
Read more
what matters today Market Matters
Morning report

What Matters Today: The major “food stocks” are bouncing, have we missed the boat?

The ASX food stocks have endured a tough time since COVID significantly underperforming the broad market, which has largely rallied strongly over recent years. However, over the last two months, after plumbing fresh 6-year lows in early 2024, the sectors enjoyed a sharp +23% advance, with only Inghams (ING) underperforming the ASX year-to-date. In contrast, old market favourite a2 Milk (A2M) is leading the charge, having rallied almost +40% so far this year. The risk/reward still looks good around current levels as the sector embarks on a correction of 3-4 years of underperformance, but we are cognisant that the 8000 level has contained the index over the last three years, i.e. now only ~2% away.
Read more
what matters today Market Matters
Morning report

Macro Monday: Uranium stocks highlight the cyclical nature of the Resource Sector

Earlier this month, the Uranium Sector was one of the hottest in town, with Paladin (PDN) and Boss Energy (BOE) both up ~50% after only a few weeks of 2024, but here we are approaching the end of February, and the vast majority of the gains have evaporated in the blink of an eye. US giant Cameco Corp (CCJ US) was the catalyst after reporting its FY23 results earlier in the month.
Read more
what matters today Market Matters
Morning report

What Matters Today: Three ASX tech companies that are advancing down the AI path

AI is a new and exciting subject that has driven US equities to new all-time highs and has already started impacting most people's lives, even if they don’t yet realise it – it's an ever-changing world; only 18 months ago, US tech was struggling as rate rises weighed on growth stocks. Artificial intelligence, or AI, has been brewing as the new megatrend for years, with Nvidia now leading the charge. Unfortunately, the local market has few companies that look likely to mirror the performance of their US peers, but there will still be beneficiaries
Read more
what matters today Market Matters
Morning report

What Matters Today: How should we be positioned if the $A rallies through 2024

The ASX200 struggled on Wednesday as reporting season delivered a couple of painful misses, but it was a weak few days for iron ore names that weighed the most on the local index, e.g. BHP Group (BHP) -2.4% and Fortescue Ltd (FMG) -3.4%. However, the Consumer Staples Sector took the wooden spoon yesterday, led lower by a -6.6% drop by Woolworths (WOW).
Read more
what matters today Market Matters
Morning report

Portfolio Positioning: Chinese Banks cutting the key rate by the most on record fails to impress

Yesterday, the Peoples Bank of China (PBOC) announced lenders had cut their 5-year loan prime rate (LPR) by 25 basis points to 3.95%; it was the first cut since June, reaffirming Xi Jinping's intentions to reinvigorate their economy, which the prolonged property crisis has weighed down. This was the biggest-ever cut to the key mortgage reference rate as Chinese banks cut rates to incentivise borrowing; the targeted stimulus will increase the potential pool of buyers as apartment prices continue to slip lower.
Read more
what matters today Market Matters
Morning report

What Matters Today: Did New Hopes’s (NHC) poor quarter create an opportunity or worry?

Whichever type of coal we look at, the pictures the same, one of panic buying through 2021 and 2022 followed by aggressive selling through 2023, creating huge volatility across the respective coal stocks. As with most commodities, China is by far the world's largest consumer of coal, and if/when Beijing lifts its struggling economy, the dial will likely edge higher on the demand side of the equation. Conversely, on the supply side of the ledger, new mines are becoming increasingly more challenging/ almost impossible to permit or fund on the global push towards decarbonisation.
Read more
what matters today Market Matters
Morning report

Macro Monday: The Resources Sector is showing signs of reawakening

China’s stock market went into its “Year of the Dragon” celebrations with a rare and much-needed bounce, with the index, ahead of last week’s break, up +8.3% from its 5-year low. However, it would be easy for the bears to justify the gains on simple book-squaring ahead of the long break. Still, at MM, we can see something more meaningful brewing beneath the surface, i.e. Chinese stocks are looking for a low after almost halving over the last two years. While there are no concrete fundamental or technical buy signals in place, we continue to believe a ~20% bounce, at the very least, is close at hand.
Read more
what matters today Market Matters
more
MM is now neutral to bullish towards the ASX200 short-term
Add To Hit List
S32
MM likes S32 under $3
Add To Hit List
HLS
MM believes HLS will be a buy eventually, but not yet.
Add To Hit List
MFG
MM likes MFG back around $8
Add To Hit List
IVV
MM remains short-term neutral toward the S&P500 around the 5100 level
Add To Hit List
MM is bearish on US bond yields in the medium-term
Add To Hit List
MM remains long & bullish SNOW US
Add To Hit List
MM is bullish equities through 2024/5
ALL
MM is bullish toward ALL
Add To Hit List
AD8
MM is long and bullish AD8
Add To Hit List
ORI
MM is cautiously bullish on ORI, around $17
Add To Hit List
PMV
MM is cautiously bullish on PMV
Add To Hit List

Latest Reports

Morning report

What Matters Today: Is there any value left in the remaining local building stocks?

We’ve written a couple of times this year about the ASX losing stocks faster than it replaces them with quality IPOs, with the Building Sector epitomising this trend: • CSR looks set to be swallowed up by French giant Saint-Gobain in a $3bn deal. • The Stokes Group has bid to take full control of concrete business Boral (BLD) – it already owns 71.6%. • Cement maker Adbri (ABC) has agreed to a $2.1bn buyout from Irish giant CRH Group. This morning, we’ve taken a look at the depleted lineup of ASX's building stocks to see if we perceive any value remains after the major M&A action in the sector.

what matters today Market Matters
Morning report

Portfolio Positioning: Can the strong keep getting stronger?

On Monday night the major US indices slipped lower, with the S&P500 ending the quiet session down -0.38%, but the underperforming market segment of the last two years, the small caps, managed to advance +0.6%. This trend extended overnight, with the S&P500 edging up +0.1% while the Russell 2000 (small cap) Index rallied +1.4%. It may surprise many subscribers to know that the unheralded US small caps have advanced +25% from their October low, slightly more than the S&P500 without any of the benefits of the “Magnificent Seven”. We see no reason to fight this new area of outperformance, albeit minor, through 2024.

what matters today Market Matters
Morning report

What Matters Today: The major “food stocks” are bouncing, have we missed the boat?

The ASX food stocks have endured a tough time since COVID significantly underperforming the broad market, which has largely rallied strongly over recent years. However, over the last two months, after plumbing fresh 6-year lows in early 2024, the sectors enjoyed a sharp +23% advance, with only Inghams (ING) underperforming the ASX year-to-date. In contrast, old market favourite a2 Milk (A2M) is leading the charge, having rallied almost +40% so far this year. The risk/reward still looks good around current levels as the sector embarks on a correction of 3-4 years of underperformance, but we are cognisant that the 8000 level has contained the index over the last three years, i.e. now only ~2% away.

what matters today Market Matters
Morning report

Macro Monday: Uranium stocks highlight the cyclical nature of the Resource Sector

Earlier this month, the Uranium Sector was one of the hottest in town, with Paladin (PDN) and Boss Energy (BOE) both up ~50% after only a few weeks of 2024, but here we are approaching the end of February, and the vast majority of the gains have evaporated in the blink of an eye. US giant Cameco Corp (CCJ US) was the catalyst after reporting its FY23 results earlier in the month.

what matters today Market Matters
Morning report

What Matters Today: Three ASX tech companies that are advancing down the AI path

AI is a new and exciting subject that has driven US equities to new all-time highs and has already started impacting most people's lives, even if they don’t yet realise it – it's an ever-changing world; only 18 months ago, US tech was struggling as rate rises weighed on growth stocks. Artificial intelligence, or AI, has been brewing as the new megatrend for years, with Nvidia now leading the charge. Unfortunately, the local market has few companies that look likely to mirror the performance of their US peers, but there will still be beneficiaries

what matters today Market Matters
Morning report

What Matters Today: How should we be positioned if the $A rallies through 2024

The ASX200 struggled on Wednesday as reporting season delivered a couple of painful misses, but it was a weak few days for iron ore names that weighed the most on the local index, e.g. BHP Group (BHP) -2.4% and Fortescue Ltd (FMG) -3.4%. However, the Consumer Staples Sector took the wooden spoon yesterday, led lower by a -6.6% drop by Woolworths (WOW).

what matters today Market Matters
Morning report

Portfolio Positioning: Chinese Banks cutting the key rate by the most on record fails to impress

Yesterday, the Peoples Bank of China (PBOC) announced lenders had cut their 5-year loan prime rate (LPR) by 25 basis points to 3.95%; it was the first cut since June, reaffirming Xi Jinping's intentions to reinvigorate their economy, which the prolonged property crisis has weighed down. This was the biggest-ever cut to the key mortgage reference rate as Chinese banks cut rates to incentivise borrowing; the targeted stimulus will increase the potential pool of buyers as apartment prices continue to slip lower.

what matters today Market Matters
Morning report

What Matters Today: Did New Hopes’s (NHC) poor quarter create an opportunity or worry?

Whichever type of coal we look at, the pictures the same, one of panic buying through 2021 and 2022 followed by aggressive selling through 2023, creating huge volatility across the respective coal stocks. As with most commodities, China is by far the world's largest consumer of coal, and if/when Beijing lifts its struggling economy, the dial will likely edge higher on the demand side of the equation. Conversely, on the supply side of the ledger, new mines are becoming increasingly more challenging/ almost impossible to permit or fund on the global push towards decarbonisation.

what matters today Market Matters
Morning report

Macro Monday: The Resources Sector is showing signs of reawakening

China’s stock market went into its “Year of the Dragon” celebrations with a rare and much-needed bounce, with the index, ahead of last week’s break, up +8.3% from its 5-year low. However, it would be easy for the bears to justify the gains on simple book-squaring ahead of the long break. Still, at MM, we can see something more meaningful brewing beneath the surface, i.e. Chinese stocks are looking for a low after almost halving over the last two years. While there are no concrete fundamental or technical buy signals in place, we continue to believe a ~20% bounce, at the very least, is close at hand.

what matters today Market Matters
more
Back to top