Share tips – 31 July 2023

Share tips and stock recommendations for the Australian (ASX) share market – buy, hold, and sell. Michael Gable is an expert guest commentator for the stock market newsletter

This post is an extract from the newsletter dated 31 July 2023. You can access the full version of the article HERE.

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Buy Recommendations


A strong quarterly result two weeks ago indicates that WHC remains capable of achieving high premiums in a market that has tight supply. The charting pattern on WHC from the past several weeks also looks very bullish and we are confident that a low is now in place and that the stock should trend higher for the rest of the year.


Economic growth in China has been disappointing of late and many analysts remain bearish on FMG. However, we have observed some very strong buying in FMG shares this year, despite the negativity. FMG remains a contrarian trade here as the charts indicate that the stock is near the start of a new uptrend. This upside will be further fueled by the bearish analysts who will eventually have to start chasing the stock higher, along with possible Chinese stimulus.

Hold Recommendations


A solid quarterly result two weeks ago underlines why BHP is the premium mining company on the ASX. This diversified miner is hitting production targets and is well placed to benefit from a recovering global economy. The share price chart is also showing good buying support at current levels.


Between mid-March and early July, the overall trading range for BPT had been tightening up. It then broke higher a few weeks ago which is a bullish share price pattern and indicates the commencement of a new uptrend. We believe energy prices will recover from here in the next few months and this should help drag up the share prices of listed producers such as BPT.

Sell Recommendations


The banks continue to face headwinds from here due to increasing competition and slowing consumer lending. The recent rally in the share price has caused the stock to be oversold on a technical basis and this provides an opportunity for investors to lock in the recent gains.


The performance of the funds continue to disappoint and outflows will therefore continue on from here. Apart from a brief rally earlier this year on hopes that a more “value orientated market” would suit Platinum’s investment style, the shares have been trending lower for many years and are likely to follow this path of least resistance.


Michael Gable is managing director of Fairmont Equities.


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