Just a heads up…Clarence will be heading to the beach in a few days for a month. You will have to do without me. Sorry.

The ASX 200 rose 44 points today to 9103 (0.5%), as once again we saw resources push ahead. The big Australian BHP hit a new record high today, up around 3.0%, as the market continues to warm to the copper story and passive flows stoke the fires. Elsewhere, we saw good results from PLS ignite the lithium space, up 7.9%, with LTR up 4.3% and MIN up 4.2%. Even S32 had a good day, rising 3.7%, and the gold miners were firm yet again, with NST up 1.8% and NEM up 2.4%. Not all resources rose, as we did see the oil and gas space give up some recent gains, with WDS down 0.9% and STO down 1.8 %. However, uranium stocks had a good session, with PDN up 10.6%.
Industrials had a mixed day, with utilities easing. Tech stocks rose, with WTC up 2.7% and XRO up 2.0%, but retail was mixed, as JBH fell 1.1% and KGN stumbled following its recent results announcement. Once again, the banks were under pressure, with CBA down 0.7% and NAB down 0.4%, with other financials mixed. The Big Bank Basket fell to $265.49 (-0.6%). MQG eased 0.2%, while insurers fell, with QBE going ex-dividend. Healthcare stocks were marginally better, with CSL up 0.5% and PME up 1.0%.
Plenty of corporate news around today, with RPL falling 2.8% after its founder announced plans to retire. EVT surged 8.9% after it said it was exploring a sale of non-core assets. ABY was certainly in the eye of the beholder after a turnaround, while VGN unchanged despite news of a private equity sell-down. There were some casualties today, with results from EDV falling 4.7%, while NHF dropped 9.1% after a fall in full-year net profit.
Nothing of note on the local economic front today.
Asian markets were mixed, with Japan down 0.7%, Hong Kong down 2%, China down 1.6%, and US futures were narrowly firmer, with the Dow down 36 points and the Nasdaq down 178. Yields back in focus.
HIGHLIGHTS
Winners: DTL, EUR, BNZ, BOE, DYL, PMN, PDN, ANN.
Losers: NHF, NGI, G6M, AYA, ABB, AXQ, ELS, TVN.
Positive Sectors: Iron ore. Gold miners. Tech. Lithium. Rare earths. Uranium.
Negative Sectors: Banks. Oil and gas. Utilities.
ASX 200 Hi 9131 Lo 9071
Big Bank Basket: Falls to $265.49 (-0.6%)
All-Tech Index: Up 0.3%
Gold: Higher at $6469
Bitcoin: Higher at US$77105
10-year yields: Eases to 5.02%
AUD: Higher at 71.66c
European futures ease on rising bond yields.
MARKET MOVERS
DTL +17.9% results.
BNZ +16.4% presentation.
EVT +8.9% good results.
ANN+9.6% solid bounce.
PDN +10.6% BOE +11.8% uranium pumps higher.
DXN +41.8% new AI deal.
NXL +34.4% positive results surprise.
LOT +16.7% LW article.
NHF-9.1% results underwhelm.
ABB -6.5% disconnected.
MP1 -5.0% sellers back.
KGN -18.6% smashed.
AD8 -9.7% sellers are back.
Yesterday’s Hero: P1E +7.0%
Speculative Stock of the Day: DXN +41.8% another AI contract.
ECONOMIC AND OTHER NEWS
KPMG cuts 5% of staff as scandals continue.
Regal’s Phil King lays out retirement plan.
No change to WA’s GST take says Albo.
Scott Bessent to kick off ‘D-Day’ for sanctions. Tehran has pushed back, threatening to seize vessels that violate transit rules in the Strait of Hormuz.
Japan Power Prices Climb to Highest Since 2023 on Heat Wave.
Alibaba raise US$10bn in record HK share sale.
Canada sees a long trade war that may last beyond the US midterms.
On Friday, it will be 6 months since the US launched its attack on Iran. Six months.
Shein seeks $27bn valuation from Hong Kong IPO.
Singapore offers new parents $55,000 in battle to boost birth rates.
Anthropic’s best AI model struggles to attract users as cheaper tools thrive.

And finally

Financial advisor told me to buy the dip and I couldn’t help myself. Got the chips and guacamole too.

If a drummer comes out of retirement will there be repercussions?

Clarence

XXX