The ASX 200 closed flat on June 1, 2023, with a slight dip of 2 points, or -0.03%. This was a mixed bag of results, with some sectors struggling for upside, while others, like tech stocks and miners/energy, buoyed the index. The ASX 200 Tech Index experienced its largest rally since April 16, closing at its highest since February 4, driven by a sharp rally for US-listed software stocks, with Snowflake's AI offerings as a key tailwind. BHP also hit a fresh all-time high, while other resources-related sectors traded mostly higher.
In other news, the ANZ-Indeed Job Ads rose 1.8% month-on-month in May, following a 3.7% fall in the prior two months. The TD-MI Inflation Gauge rose 4.4% year-on-year in May, down 0.3% month-on-month. The China Manufacturing PMI came in at 51.8 in May, slightly above expectations but slower than the April reading.
Among the interesting movers, Cettire launched its flagship store on China's TMall, Syrah Resources secured a Tesla agreement update, and Pro Medicus received a contract award. On the other hand, PlaySide Studios faced a Meta agreement update, Peter Warren Automotive saw an earnings guidance downgrade, and Collins Foods experienced a broker downgrade.
Broker moves included Atlantic Lithium retaining a neutral rating at Macquarie, The a2 Milk Company downgraded to underperform at CLSA, and DroneShield downgraded to underperform at Jefferies. Telstra Group was downgraded to neutral from overweight at JPMorgan, while Telix Pharmaceuticals was initiated at overweight at the same firm.
The top gainers included Jatcorp Ltd, Venus Metals Corporation Ltd, and Stakk Ltd, while the top fallers were Playside Studios Ltd, Peter Warren Automotive Holdings Ltd, and Carnegie Clean Energy Ltd. The 52-week highs were led by Venus Metals Corporation Ltd and 1414 Degrees Ltd, while the 52-week lows were topped by Peter Warren Automotive Holdings Ltd and Austco Healthcare Ltd.
In terms of RSI oversold, Tuas Ltd, DGL Group Ltd, Finbar Group Ltd, ASX Ltd, and Pexa Group Ltd were noted. Overall, the market remains mixed, with software showing signs of bottoming and miners continuing to edge higher, but there's not a lot of positivity beyond that.
