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ASX 200 fell 4 points today to 7848 as we await Nvidia results in US. Mixed session all round. Banks were slightly higher with ANZ up 1.1% and the Big Bank Basket up to $211.98. MQG rallied 1.3%, with insurers doing well too, QBE up 1.1%. GQG had a good day, up 6.3% on a director’s interest; REITs are generally better, with GMG up 0.5%. Industrials were weaker, APE crashed 15.0% on a profit warning, WES fell 1.8%, and WTC rose 1.5% in mixed techs. ‘Old Skool’ platform stocks eased, retailers fell, PMV down 2.2%, and SUL of 3.4%. In resources, iron ore picked up and the ‘Three Amigos’ rallied further, FMG up 1.1% and RIO up 1.6%. BHP a little left behind, but it is crunch day today in London. Lithium stocks fell, PLS down 2.2% and MIN off 1.0%. IGO tumbled 3.3%, with NIC under pressure off 2.4%. Gold miners, too, fell out of bed, NST down 1.6%. In corporate news, TLS gave us yet another reason not to buy it with the job losses and shrinking to mediocrity, down 4.2%. WEB took off as it floated plans to demerge the company and announced very positive results. TLX jumped 2.5% on US listing plans. PMT raised money at 85c. In economic news, the RBNZ kept rates unchanged. Asian markets mixed again, Japan down 0.8%, China and HK up a small amount. 10-year yields at 4.28%.

HIGHLIGHTS

  • Winners: VUL, WEB, TNE, GQG, RSG, LRS, AWC, DDR
  • Losers:  APE, PMT, SXG, WC8, ING, RIC, GEM
  • Positive sectors: Banks. Iron ore. Insurers.
  • Negative sectors: Retail. Consumer. Lithium.
  • ASX 200 Hi 7880 Lo 7849 Narrow range. Waiting.
  • Big Bank Basket: Steady at $211.98
  • All-Tech Index:  Down 0.1%
  • Gold: Falls to $3618
  • Bitcoin: Better at US$69680
  • 10-year yields steady at 4.28%.
  • AUD: Steady at 66.69 c.
  • Asian markets better, Japan down 0.9%. China and HK flat.
  • Dow futures unchanged NASDAQ Futures up 15
  • European markets opening slightly lower. UK Inflation up 2.3%. Disappoints.

MAJOR MOVERS

  • TLX +2.5% Nasdaq listing.
  • DRO +0.6% US contract.
  • WEB +7.7% flags demerger.
  • PLT +2.9% lives up to its name.
  • TNE +6.6% broker upgrades on earnings.
  • DDR +4.8% broker upgrades.
  • VUL +7.8% still going.
  • SXE +6.7% kicks again.
  • MGX +2.3% iron ore winner.
  • MDR +14.1% Positive EBITDA record.
  • ING -5.8% unaffected by Victorian Bird Flu.
  • APE -15.0% profit warning.
  • NAM – Board rejects Louis Dreyfus bid.
  • PMT -9.6% Canadian funding at 85c.
  • WC8 -6.6% Luke Discovery returns high-grade results.
  • SEK -2.6% and hide with executive changes.
  • CNB -4.1% profit taking.
  • Speculative Stock of the Day: Charger (CHR) +40.1% Lithium and Niobium anomalies at Mt Gordon.

COMPANIES

ECONOMIC AND OTHER HEADLINES

  • The Reserve Bank of New Zealand (RBNZ) held interest rates at 5.5%.
  • BHP with decision day tonight 5pm UK time. Put up or shut up.
  • Nvidia results tonight. Great Expectations. Up (3% in 2024.
  • Nvidia is expected to report year-over-year revenue growth in excess of 200% for a third straight quarter, with analysts projecting a fiscal first-quarter bump-up of 243% to $24.6bn.
  • BYD last month announced plans to introduce its sub-US$10,000 Seagull hatchback in Europe next year.
  • China could unleash tariffs as high as 25% on imported cars with large engines, according to one lobby group.
  • Adani suspected of fraud by selling low-grade coal as high-value fuel.
  • Biden administration signals it will support push to sanction ICC.
  • BoE governor predicted ‘quite a drop’ in UK inflation in April figure.Not to be 2.3%. Still better than previous month.

And finally…..

Clarence

XXXX