The ASX 200 put in another solid day, rising 44 points to 9,272 (0.5%), as the banks and gold stocks shone. We did see higher levels earlier in the session, but some of the enthusiasm was sapped by a fall in the Kospi, while BHP and RIO finished slightly mixed. CBA rose 0.9% and NAB gained 0.4%, with financials generally firmer. The Big Bank Basket rose to $299.21 (+0.6%) Insurers slipped, however, with QBE down 1.0%, while the REITs also eased, with GMG down 1.7% and SCG off 1.3%. Healthcare continued its recent strength, with CSL up 1.3% and RMD rising 0.3%.

Technology had a mixed session, with WTC falling 1.5% and XRO gaining 0.4% as the sector paused for breath after recent gains. Industrials were generally firmer, while retailers had a good day, led by JBH, up 2.9%, and HVN, which rose 1.2%.

In the resource sector, the gold price pushed higher again, dragging the miners with it. EVN rose 3.8% and NST added 3.2%. There was little to report in lithium, with the sector drifting slightly higher. Uranium stocks eased modestly, while coal stocks were stronger, with WHC up 2.5%. Oil and gas stocks were little changed as investors continued to wait for further developments in the Iranian talks.

In corporate news, REA rose 3.4% after posting an 11% increase in revenue. AMP also had a strong session after announcing a 57% jump in half-year profit and unveiling a $150m share buyback. Meanwhile, BPT fell after reporting a 21% decline in underlying FY profit, while AQZ surged 30% before entering a trading halt as it renegotiates contracts with QAN. Nothing on the economic front today.

Asian markets were weaker, with the Nikkei 225 down 0.99%, Hong Kong down 1.7%, China down 0.8%, and Korea off 3.8%. US futures were flat with the Dow up 118 points and the Nasdaq down 40.

HIGHLIGHTS

• Winners: BRE, RXL, MI6, PNR, FML, FRS, AMP
• Losers: IEL, SLX, EQR, BNZ, SKS, RPL, C79
• Positive Sectors: Gold. Iron ore. Healthcare. Banks. Retail.
• Negative Sectors: Insurance.
• ASX 200 Hi 9297 Lo 9230 – Closes on record high.
• Big Bank Basket: Rallies to $299.21(+0.6%)
• All-Tech Index: Up 0.2%
• Gold: Higher at $6048
• Bitcoin: Higher at US$64652
• 10-year yields: Fall to 4.92%
• Oil down 0.6% Gold up 0.2%
• AUD: Steady at 70.48c

MARKET MOVERS

• AMP +6.0% good result.
• MI6 +10.6% gold rally.
• WGX +5.4% gold rally.
• VMM +13.0% resource bounce.
• SLX -5.3% broker downgrade.
• EQR -4.5% profit taking.
• SKS -3.7% under pressure again.
• RPL -3.0% slipping on no news.
• ALU -27.1% better volume.
• ATH -5.4% presentation at conference to come.
• AGE -9.4% presentation.
• Yesterday’s Hero: MYE +6.8% kicks again.
• Speculative Stock of the Day:  SMM +44.4% – New high-grade Ag Cu discovery.

ECONOMIC AND OTHER NEWS

• DeepSeek plans to implement a significant price increase across its artificial intelligence services, an unusual shift from the Chinese technology sector.
• Iran says it has reached agreement with Oman on Hormuz shipping route.
• Big US hedge funds targeted by wave of cyber-attacks.
• JPMorgan Chief Executive Officer Jamie Dimon warned that leverage across financial markets remains elevated.
• Nickel fell to the lowest level since mid-July on renewed speculation that Indonesia will grant a higher ore-production quota to one of the country’s largest mines, potentially boosting supplies.
• Reports Iran and Oman are near a deal to decide who controls the Strait.
• Siemens AG raised its earnings expectations for a second time this year on a surge in data centre spending and higher returns from selling software to industry.
• SK Hynix Hit by Another 30% Pre-Market Flash Crash on Nextrade.

And finally….

Clarence

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