Macquarie names 2 ASX All Ords stocks set to benefit and 1 likely to suffer following their upcoming AGMs
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The All Ordinaries Index (ASX: XAO) looks set to catch tailwinds from two ASX All Ords stocks following on their pending annual general meetings (AGMs), while on stock could drag on the index.
That’s according to the analysts at Macquarie Group Ltd (ASX: MQG).
Here’s why.
3 ASX All Ords stocks with pending AGMs
In a new Australian Equity Strategy report, released today, Macquarie noted, “We’re in a style Bizarro world the last six months with loss makers and traps outperforming, while quality underperforms.”
The broker said these loss makers and traps, which are comprised of both value and growth stocks, have counted among the best ASX All Ords performers over the last six months.
However, Macquarie cautioned, “These high-risk styles are poor over the long term but often work in booms. When the boom fades, so does their performance… This won’t last.”
As for the broader Aussie stock market outlook, Macquarie remains bullish.
“We think we are in a correction, as leading indicators are improving. That said, another Fed cut would help stocks regain momentum.”
According to Macquarie:
We remain positive on the growth outlook and equities into 2026. Australia’s consumer is the most optimistic in years, while business conditions are improving. Ex-US global momentum is still strong and global easing continues. Stronger growth has caused some indigestion for equities as RBA cuts have been priced out, and a similar dynamic is occurring globally.
As for what’s been happening with ASX All Ords stocks during the AGM season, Macquarie noted this “has been positive despite the market volatility, with net guidance upgrades. This is consistent with improving activity”.
Turning to the few remaining pending AGMs, Macquarie said it is positive on engineering and mining services company Monadelphous Group Ltd (ASX: MND) and also positive on contract services provider NRW Holdings Ltd (ASX: NWH).
The broker said the global logistics software solutions provider WiseTech Global Ltd (ASX: WTC) is “least favoured” ahead of its AGM.
Macquarie noted:
Positive view. MND and NWH would have been buy ideas except both have already given positive updates in recent weeks, so they have already played out. However, these are still the only names with upcoming AGMs in Stages 1 or 2 with upgrades.
Commenting on ASX All Ords tech stock WiseTech, Macquarie said:
Least preferred. WTC is the last remaining AGM where the analyst expects it to be a negative catalyst, momentum is in Stage 4 and there have been recent consensus downgrades (just below our 20% threshold).
