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ASX 200 puts on another 53 points to 7682 (0.7%). Banks firing up with the Big Bank Basket up to $207.14 (+1.3%) with WBC up 2.7% reporting in line and a special dividend and an increased buyback. MQG is finding some broker love, up 1.5%, and Insurers are weaker as yields fall. MFG with FUM numbers unchanged and GQG continuing higher. REITs doing ok, GMG sees buyers on increased data estimates, up 4.4%. Industrials mixed with WES up 1.2% after an investor day last week, WOW and COL still struggling for support. QAN up 0.3% after settling with the ACCC on the ‘ghost flights’. Tech slightly higher, TLS up 0.3% and healthcare sideways. In resources, the ‘Three Amigos’ rallying on better Iron ore prices, BHP up 0.8% and FMG up 2.6%. Lithium not doing much. Same with golds and oil and gas going nowhere in a hurry. On the corporate front, GNC slumped 3.6% on margin issues, THL crashed 36.8% as van sales and bookings hit a wall. IGL chair Geoff Selig has passed away unexpectedly. On the economic front, nothing today. Asia markets better, China up 1.3% and HK down 0.1%. Japan closed for a holiday. 10-year yields 4.38%.
HIGHLIGHTS
- Winners: IMM, APM, HLS, MSB, BMN, ASB, DRO
- Losers: THL, SQ2, IMU, AD8. LOT, SPK
- Positive sectors: Banks. Iron ore. REITs. Utilities.
- Negative sectors: Insurers. Supermarkets.
- ASX 200 Hi 7684 Lo 7638. Narrow range. Waiting for RBA.
- Big Bank Basket: Up to $207.14 (+1.3%)
- All-Tech Index: Up 0.1%
- Gold: Falls to $3496
- Bitcoin: Rises to US$64186
- 10-year yields fall to 4.38%.
- AUD: Rises to 66.13c ahead of RBA.
- Asian markets: Japan closed for a holiday, China up 1.4%, HK unchanged.
- Dow Futures up 46 Nasdaq futures up 8
MAJOR MOVERS
- IMM +8.1% good volume.
- MSB +6.5% beat goes on.
- ASB +6.0% buyers back.
- DRO +5.4% bouncing well after SPP closes early and massively oversubscribed.
- APM +6.7% finding some friends.
- SXE +20.8% profit upgrade on Blue Monday and new orders.
- HZR +4.3% binding agreement with FortisBC.
- SLX +2.6% uranium exposure.
- THL -36.8% no one buying vans.
- SQ2 -9.3% volatility continues.
- SPK -4.4% none at all.
- GNC -3.6% margins under pressure.
- HCH -17.2% capital raising at 100c.
- 4DS -5.8% hardly a surprise.
- Speculative Stock of the Day: Nothing on any volume.
COMPANY NEWS
ECONOMIC AND OTHER HEADLINES
- RBA Meeting tomorrow. Markets widely expect governor Michele Bullock to raise the RBA’s inflation forecasts on Tuesday. Local traders ascribe just a 3% chance of the cash rate increasing to 4.6% from 4.35% tomorrow.
- President Xi arrived in France for a three-country tour. The EU has a trading deficit in 2023 of EUR291bn.
- Russian President Vladimir Putin plans to visit China a little more than a week on May 15-16th.
- Buffett still loves Apple. Biggest holding.
- Sunak admits he has ‘work’ to do after finishing third across the country.
- UK Market closed for a Bank Holiday.
And finally…..
Clarence
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