• Local shares declined by more than 1pc on Wednesday
  • AGL hit by broker downgrade
  • Baby boomers love blue chips, while Millennials and Gen Z prefer lithium – report


The ASX 200 index dropped by 1.29% on Wednesday as Real Estate, Utilities, and Financial sectors led the decline.

AGL Energy (ASX:AGL) pulled the Utilities sector lower, down by more than 4% following a downgrade from broker Macquarie to a “neutral rating”.

Investors also sold real estate stocks like Goodman (ASX:GMG) and Charter Hall (ASX:CHC), which were down 2% each.

The Aussie dollar also fell below US66c to trade now at US65.92c following the RBA’s decision yesterday to keep rates steady at 4.1%.

Interest rate differential between Australia and the US is key to the outlook for the AUD, particularly if the Fed Reserve decides to increases rates again and the RBA remains on hold.

Elsewhere, the ABS says new home approvals fell by 7.7% in June from May. At just 175,790 approvals, it’s the lowest level since June 2020.


Boomers love blue chips, Millennials and Gen Z prefer lithium

Meanwhile, a report from Selfwealth says that baby boomers’ love affair with blue chips is on the rise.

According to the report, established investors with million dollar-plus portfolios were very active buyers of prominent ASX stocks leading into the end of last financial year.

“Breaking down our members into generational cohorts, we found that baby boomers with established portfolios favoured sectors like mining, banking, and hybrids, mostly centred on blue-chip stocks,” said Robert Marfell of Selfwealth.

Fortescue Metals (ASX: FMG) was the most bought stock among the Boomers, outranking the next-best placed stock, CSL (ASX: CSL), by a factor of nearly four-to-one.

Millennials and Gen Z, on the other hand, were more interested in companies that will play a major role in renewable energy provision, such as lithium.

Leo Lithium (ASX: LLL) and Lithium Energy (ASX: LEL) were the fourth and eleventh most bought securities by this cohort through June.



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Code Name Price % Change Volume Market Cap
RDX Redox Limited 2.53 4.77 1,138,070 $1,265,446,241
CDA Codan Limited 7.79 3.66 248,764 $1,360,572,386
PME Pro Medicus Limited 71.35 3.38 159,926 $7,207,914,102
PSI Psc Insurance Ltd 4.90 2.08 132,194 $1,707,282,821
STX Strike Energy Ltd 0.41 1.85 7,351,656 $1,025,278,446
IPL Incitec Pivot 3.08 1.65 7,423,853 $5,884,941,838
GNE Genesis Energy Ltd 2.51 1.62 26,552 $2,631,221,749
RWC Reliance Worldwide 4.21 1.20 1,137,635 $3,286,794,222
RMD ResMed Inc. 34.04 1.16 920,745 $14,187,812,149
AIZ Air New Zealand 0.73 1.04 931,346 $2,425,294,307
PDN Paladin Energy Ltd 0.78 0.97 9,926,686 $2,295,469,289
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Software company Codan (ASX:CDA) says it has completed the 100% acquisition of Eagle NewCo, a UK command and control solutions business, from NEC Software UK.

Total consideration was approximately $22 million, which was funded by Codan’s existing debt facility.

Codan expects to spend a further ~$3 million in set up and in integration costs over the next 12 months. Eagle meanwhile achieved EBITDA of approximately $3 million in the year ended March.

PSC Insurance (ASX:PSI) expects to deliver underlying EBITDA of approximately $111 million in FY23, subject to audit.

PSC initially set at a guidance range of $101-105m EBITDA in August 2022, and upgraded the full year guidance to $104-108m EBITDA in February this year before today’s forecast.



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Code Name Price % Change Volume Market Cap
NST Northern Star 11.32 -3.17 2,062,490 $13,463,427,522
AGL AGL Energy Limited. 11.66 -5.05 3,912,002 $8,261,336,021
CHC Charter Hall Group 10.97 -3.73 1,510,082 $5,387,438,097
TLX Telix Pharmaceutical 10.96 -4.32 643,182 $3,650,354,669
CIA Champion Iron Ltd 5.82 -4.12 1,239,656 $3,139,362,275
DRR Deterra 4.55 -4.61 1,283,581 $2,521,136,310
SNZ Summerset Grp Hldgs 9.59 -3.62 6 $2,319,956,358
IRE IRESS Limited 10.06 -3.73 311,551 $1,951,950,003
HMC HMC Capital Limited 5.03 -3.08 371,360 $1,804,111,771
ASK Abacus Storage King 1.31 -3.33 555,450 $1,774,038,999
CMM Capricorn Metals 4.24 -4.50 638,180 $1,669,254,297
NEU Neuren Pharmaceut. 12.67 -3.28 218,154 $1,658,010,356
JDO Judo Cap Holdings 1.30 -4.78 745,040 $1,503,507,026
CNI Centuria Capital 1.60 -5.04 793,484 $1,347,657,598
RMS Ramelius Resources 1.26 -3.08 1,619,317 $1,288,687,631
RRL Regis Resources 1.62 -5.00 6,712,155 $1,283,642,562
CQE Charter Hall Soc In 2.90 -4.14 838,592 $1,115,950,817
WBT Weebit Nano Ltd 5.31 -5.35 1,193,605 $1,051,653,063
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