The ASX 200 fought back from early losses to close up 15 points at 8,810 (0.2%) Banks, which were the source of weakness early, rallied, with CBA down 0.5% and the other three down around 0.7%. Insurers eased, with QBE down 1.2% and IAG down 0.3%. In other financials, CGF knocked back the bid from the Japanese, falling 0.6%. REITs were better, led by GMG up 2.6% and VCX up 1.7%. Elsewhere, safe havens came under a little pressure, with WOW down 2.1% and COL down 1.5%, together with TLS. Retail stocks were mixed, with JBH up 0.2%, but WES down 1.6%. Healthcare stocks were generally better, with the exception of CSL down 0.8% and COH down 3.4% on its AGM news. Tech stocks were brighter today, with WTC up 1.5% and XRO up 1.2%. The All Tech index rose 0.6% today. NXT fell slightly after it announced its chair would be retiring and Craig Scroggie would forego any bonuses next year. MP1 also rallied a little, too.
Resources were a happier place after the pasting of the last few days. BHP rallied 1.0%, as did FMG, up 2.2%. The lithium space had a strong recovery, with PLS soaring 8.4% and LTR also doing well, with LYC up 5.2% too. Gold miners bounced hard, led by GGP up 7.0% and RRL up 4.5%. In the oil and gas space, WDS rose 0.7%, and STO rose 1.3%, and uranium stocks also firmed today.
In corporate news today, COH reaffirmed guidance. We had an update from MYX. CGF rejected the Dai-ichi Life takeover. WOR teamed up with Samsung E&A to build major infrastructure projects in the US. APE also having a good day after a deal to buy the remaining 20% of its BYD EV JV.
Nothing on the economic front as we await the inflation data later this week.
Asian markets: Japan down 0.4%, HK up 0.4% and China down 0.5%. US Futures,
HIGHLIGHTS
Winners: ZIP, PLS, TCG, APE, MI6, PDI
Losers: NIC, PPC, CTD, TUA, NEU, SGR
Positive Sectors: Gold miners. Lithium. Rare earths. Oil and gas. Uranium.
Negative Sectors: Banks. Supermarkets. Insurers.
ASX 200 Hi 8818 Lo 8723 Good bounce off lows.
Big Bank Basket: Lower at $280.63
All-Tech Index: Up 0.6%
Gold: Slips to $5712
Bitcoin: Lower at US$80,007
10-year yields: Steady at 5.16%.
AUD: Eases to 70.29c
MARKET MOVERS
ZIP +11.0% Broker research.
PLS +8.4% good bounce.
INA +5.0% new bid.
LIN +4.0% September quarterly report.
SLX +3.7% final environmental statement.
A11 +15.4% completion of novation agreement.
EUR +2.8% lithium bounce.
MTM +16.2% Traxys MOU
VUL +10.6% change in substantial holding.
TUA -30.5% Singapore slinged.
TPW -7.0% profit taking.
SKS -3.7% down again.
SXE -2.5% sell down continues.
OFX -24.5% exclusivity period ends.
Speculative Stock of the Day: Nothing on any volume.
ECONOMIC AND OTHER NEWS
Lula wins record fourth term in surprise Brazil election result.
The Japanese prime minister to hold a cybersecurity meeting as attacks grow
Elon Musk has claimed the $40 billion U.S. chips debt deal is closed, yet talks seem to be ongoing.
Morgan Stanley sees further China stock downside before bottom.
According to an FT poll, U.S. voters are worried about Trump’s corruption.
A U.S. measles surge has exposed the Republicans’ vulnerability on vaccines.
Audi to build a $4bn U.S. plant as it grapples with tariffs. They might even include indicators on those models.
I visited my sick uncle for his birthday.
I took a few gifts and a bottle of whiskey.
I hope he didn’t notice they were missing.
Don’t you just hate it when you clean out your freezer and you see people that you don’t even recognize…
Clarence
XXX
