Morning Wrap: ASX 200 futures higher + Why Macquarie is backing these 7 defensive stocks
https://www.marketindex.com.au/news/morning-wrap-asx-200-futures-higher-why-macquarie-is-backing-these-7?utm_source=Market+Index+-+Master+List&utm_campaign=eef5e6dffe-EMAIL_CAMPAIGN_2023_06_19_10_35&utm_medium=email&utm_term=0_de21e9d29c-eef5e6dffe-%5BLIST_EMAIL_ID%5DDEEPER DIVE
One for the bulls, and one for the bears
Today's deeper dive features a couple of broker notes. One is for the bulls and one is for the bears (although everything is relative, of course).
For the bulls, I've picked a recent note from Goldman Sachs which argues that a supply-led correction is coming for lithium prices in the near term. But signs of recovery in the Chinese EV market mean that year-end price forecasts will have risen to US$15,000 a tonne from US$11,000 per tonne.In this environment, that means a buying signal for the ASX-listed lithium producers."
The Australian lithium sector has continued to outperform global peers with narrowing multiple discounts, where the valuation gap having also narrowed," analysts wrote.
Pilbara Minerals (ASX: PLS) and Liontown Resources (ASX: LTR) are both NEUTRAL rated
Core Lithium (ASX: CXO) and Mineral Resources (ASX: MIN) remain SELL rated
In the case of Pilbara, Liontown, Core Lithium, and MinRes, Goldman argues that these ratings are hinged on spot prices remaining this high for at least another year - which they argue cannot be the case.
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Last
52.0¢ |
Change
0.000(0.00%) |
Mkt cap ! $112.4M |
Open | High | Low | Value | Volume |
57.0¢ | 57.0¢ | 50.5¢ | $335.7K | 628.4K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
3 | 34535 | 50.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
52.0¢ | 40976 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
3 | 34535 | 0.505 |
3 | 72000 | 0.500 |
2 | 22010 | 0.495 |
4 | 16634 | 0.490 |
3 | 31634 | 0.485 |
Price($) | Vol. | No. |
---|---|---|
0.520 | 40976 | 2 |
0.540 | 40000 | 1 |
0.545 | 5200 | 1 |
0.550 | 32500 | 2 |
0.555 | 7310 | 1 |
Last trade - 16.10pm 17/09/2024 (20 minute delay) ? |
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