ASX’s February activity report shows cash equity turnover declined -13% versus last year yet was above the levels seen in the first half.
Capital raisings rose 248% versus last year, notes UBS, led by the Northern Star Resources’ ((NST)) acquisition of Saracen Mineral Holdings.
The latest data illustrates a recovery in market velocity in February that was above last year levels but below the levels experienced during 2021, concludes the broker.
Neutral rating with a target of $68.
Sector: Diversified Financials.
Target price is $68.00.Current Price is $67.20. Difference: $0.80 – (brackets indicate current price is over target). If ASX meets the UBS target it will return approximately 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
