Resources stocks are moving up big time within the ASX ranks, if Macquarie trading desk’s predictions for SLots of movement within the ASX 200 index, according to Macquarie.P usually announces the changes two weeks ahead.
Of the 12 additions, eight were resources names, which is hardly surprising given the hot demand for the sector as the world weans itself off Russian supplies. .Moving into the ASX 50 could be Mineral Resources, OZ Minerals and Lynas Rare Earths, the note said. Macquarie also assigned convictions to each move; it was pretty confident about Mineral Resources entering ASX 50 but had “low” conviction to the other two.
It was pretty confident Platinum Asset Management, Tyro Payments and PolyNovo would leave the ASX 200. On Appen and Codan’s departure, Macquarie rated its conviction as “medium”. Also on the departures list was EML Payments, where the bank had “low” conviction.
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