The ASX 200 slipped 13 points to 8816 (0.1%) in a quiet day of trade, oscillating between small gains and small losses. Banks remained solid, with CBA the star of the show, up 0.6%. MQG, though, fell 0.8%, while insurers were better, with QBE rising 1.5% and IAG up 3.0%. There was not much action in the REIT sector, with SCG up 1.1% and GMG largely unchanged.

Elsewhere, it was a mixed picture across industrials and technology stocks. SGH rose 3.0% following the announcement of a $500 million buyback. However, we once again saw selling pressure in the tech sector, with REA down 3.1%, CAR off 3.3%, and XRO falling 4.5%, dragging the All – Tech Index down 2.6%. The biggest loser in the sector today was WTC, which crashed 18.4% after media reports revealed founder Richard White is under AFP investigation over alleged trafficking offences. And yet nothing from the company!

n healthcare, CSL gave back some of last week’s gains, off 3%, while PME rose 1.1%.

Resources were also mixed, with BHP down 1.7% and RIO lower. Gold stocks perked up on the back of higher bullion prices, with EVN rising 3.4% and NST rallying 1.6%. Lithium stocks, however, came under pressure, with PLS down 6.0% and MIN falling 3.6%.

Oil and gas stocks were modestly weaker, while uranium stocks followed a similar path.

In corporate news, ING fell early before recovering to close down X% after imposing a full lockdown due to avian influenza concerns in Western Australia. MTS was also 1.9% weaker following an update on supermarket sales. A2M edged 0.9% higher after confirming it would proceed with its $300 million special dividend, while CCP withdrew its bid for HUM.

There was nothing on the economic front locally, Nikkei 225 up 1.7% South Korea up 0.6%, HK down 0.5% and Shanghai up 1%.

US Futures – Dow Jones down 82, Nasdaq down 42. After Fair value, small gains.

HIGHLIGHTS

• Winners: BNZ, AYA, TVN, EQR, LIN, OBM, MI6
• Losers: WTC, EQT, IEL, WC8, TUA, AGI, CAT
• Positive Sectors: Banks. Insurers. Industrials. Gold miners.
• Negative Sectors: Iron ore. Tech. Lithium.
• ASX 200 Hi 8852 Lo 8794
• Big Bank Basket: Higher at $271.65 (+0.5%)
• All-Tech Index: Down 2.6%
• Gold: Rises to $5986
• Bitcoin: Rallies to US$63985
• 10-year yields: Rises to 4.81%
• AUD: Steady at 70.00c
• Oil down 1.6%

MARKET MOVERS

• AYA +7.7% fundie’s fave.
• LIN +6.7% fundie fave.
• EQR +7.4% volatility continues.
• LGF +2.2% solid bounce, low volume.
• AGE +13.5% satisfaction of CPs for cale of NT Tenements.
• WTC -18.4% R White’s back on the front page. No comment from company!
• EQT -11.6% strategic pivot.
• IEL -8.2% ceasing to be a substantial shareholder.
• TUA -7.4% giving back recent gains.
• WC8 -8.0% cessation of securities.
• HUM -22.2% rattled as CCP pull out.
• FWD -14.4% streamlines business.
• Speculative Stock of the Day: NOR +130.8% more buying after last week’s surge.

ECONOMIC AND OTHER NEWS

• Iran hails ‘progress’ to end Lebanon war.
• U.S., Iran agree on roadmap for final deal and plan to end military operations in Lebanon.
• The US and Iran agreed to establish a “High Level Committee” that will provide political oversight of the mediation.
• PCE data this week, May data to be released on June 25, is expected to show an increase in the PCE price index to 4.1%, the median economist estimate in a Bloomberg survey.
• Keir Starmer on brink of quitting as UK prime minister.
• Warsh’s push to axe Fed guidance may lift US borrowing costs, investors warn.
• At least 20 tankers transited the Strait of Hormuz on Thursday, according to Kpler. That is the highest level of traffic since June 2, the firm said.

And finally…..

I’ve started investing in stocks: beef, chicken and vegetable. One day, I hope to be a bouillonaire!

Clarence

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