In today’s briefing:
- S&P/ASX Index Rebalance (Sep 2024): Two Big Surprises; Positioning Is Mixed
- Iron Ore Tracker (9-Sep-2024): Short-Term Bearish Signals More Prominent
- Pointerra Ltd – FY24 ends better than forecast, FY25 the focus
S&P/ASX Index Rebalance (Sep 2024): Two Big Surprises; Positioning Is Mixed
- There are 2 changes for the S&P/ASX100 Index, 3 changes for the S&P/ASX 200 (AS51 INDEX) and 16 adds/ 8 deletes for the S&P/ASX300 Index.
- The two big surprises are the inclusion of Guzman Y Gomez (GYG AU) and Yancoal Australia (YAL AU) in the S&P/ASX 200 (AS51 INDEX) and S&P/ASX300 Index.
- The adds to the indices have outperformed the deletes over the last few months and there could be profit-taking in the next few days.
Iron Ore Tracker (9-Sep-2024): Short-Term Bearish Signals More Prominent
- Iron ore broke out of its three-year band two weeks ago and, after a brief recovery, trended lower by 9% WoW. It is now within touching distance of 90 USD/ton.
- Chinese steel margins showed no signs of improving, with the average mills losing 70-80 USD/ton. Iron ore inventories continued to climb at the ports, exceeding 150 million tons.
- We would stay clear of iron ore names for the time being as we wait for iron ore to consolidate at some levels.
Pointerra Ltd – FY24 ends better than forecast, FY25 the focus
- RaaS has published an update report on 3D spatial data solutions group Pointerra (ASX:3DP) after the release of its FY24 preliminary final report which saw a 13% improvement in the EBITDA loss to $4.06m.
- Key to the result was a significantly better H2 performance.
- Pointerra reported H2 revenue of $5.2m, a 20% increase of H2 FY23a and ahead of our forecast for $4.8m.
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