The ASX 200 rose just 2 points to 8725 after an early swoon. NAB jumped 3.8% on a broker upgrade, WBC followed, up 2.2%, and the Big Bank Basket rallied to close at $269.80 (+1.1%)

Financials were mixed, although insurers fared better, with QBE up 0.5% and SUN rising 0.8%. REITs continued to flounder, with GMG down 0.3% and SCG off 0.8%. Industrials also showed weakness, with WES falling 4.0% as brokers trimmed forecasts. SGH slipped 5.0%, while retailers came under pressure, with JBH down 1.7%, LOV falling 2.1% and HVN off 3.3%.

Tech stocks were mixed again. WTC fell 1.6%, while XRO was slightly firmer following its AI deal with Microsoft. NXT dropped 5.9% and MP1 fell hard as cloud providers had a rethink. The All-Tech Index slipped 0.5%.

Resources enjoyed a solid bounce in the gold sector as Kevin Warsh played a straight bat in Portugal. NST rose 5.5% and NEM gained 2.6%. Lithium stocks remained under pressure, with PLS up 0.4% and LTR slipping 3.2%. There was little to write home about in the rare earths sector. Oil and gas stocks eased as crude fell again, with WDS down 1.3% and STO off 1.4%. Uranium stocks were modestly higher.

In corporate news, EOS gained 2.5% after securing another order from the Middle East. PPT rose 3.5% following a non-binding indicative offer from EQT, while IPX fell 3.0% after completing an acquisition. BHP announced it will spend $2.2 billion to reopen its mothballed Cerro Colorado copper mine.

On the economic front, Balance of Payments numbers were released today.

Asian markets were weaker, with the Nikkei 225 down 1.4%, the Kospi off 1.2%, Hong Kong up 0.9% and Shanghai down 1.9%. US futures were drifting higher, with the Dow up 27 points and the Nasdaq ahead by 53 points. Fair value is slightly negative, pointing to a modest start tonight. US markets are closed on Friday for the Independence Day holiday.

HIGHLIGHTS

• Winners: OCL. IMR, OBM, EIQ, BC8, TVN, MI6
• Losers: MND, TPW, NXT, ORG, IPG, SGH, QAL
• Positive Sectors: Banks. Insurers. Healthcare. Gold miners.
• Negative Sectors: REITs. Iron ore. Retail. Utilities. Oil and gas.
• ASX 200 Hi 8729 Lo 8656
• Big Bank Basket: Rallies to $269.80 (+1.1%)
• All-Tech Index: Down 0.5%.
• Gold: Jumps to $5903
• Bitcoin: Higher at US$60406
• 10-year yields: Higher at 4.81%
• AUD: Steady at 68.95c
• Oil down 1.2%

MARKET MOVERS

• OCL +15.6% solid bounce.
• EIQ +8.0% Exclusive imaging dataset strengthens AI competitive market.
• MI6 +6.5% good bounce
• IMR +12.5% receives FDA Paediatric clearances for iMR devices.
• MEK +19.6% nice bounce
• DXB +16.3% starting to move.
• AVH +15.4% nice bounce.
• MND -8.5% contracts update.
• NXT -% data centre question marks?
• MP1 -4.9% completes retail offer.
• AD8 -9.0% falling again.
• Speculative Stock of the Day: MEK +19.6% conversion of performance rights.

ECONOMIC AND OTHER NEWS

• The seasonally adjusted balance on goods decreased $4,401m in May. Goods credits (exports) decreased $3,224m (6.9%) driven by Non-monetary gold and Metal ores and minerals. Goods debits (imports) increased $1,177m (2.6%) driven by Non-industrial transport equipment and Civil aircraft and confidentialised items.

• South Korean stocks slumped as Meta Platforms Inc.’s plan to sell computing power raised questions over excess in AI capacity, driving a selloff in chipmakers.
• OpenAI proposes handing Trump administration 5% stake.
• US opts not to renew Trump’s trade deal with Mexico and Canada.
• Russia unleashes huge missile and drone attacks on Kyiv.
• KNDS postpones IPO after investors balk at €12bn-plus valuation.
• Fed Chief Kevin Warsh declines to hint at July rate decision, but says inflation ‘too high’.
• Amazon is designing its own AI chips for Echo, Fire TV and future devices, exec tells CNBC.
• Neocloud Sharon AI is targeting a deal size much bigger than the $US200 million ($290m) offer that was previously anticipated ahead of its arrival on the ASX boards.

And finally….

My friend insists she could see the face of Jesus in our tub of margarine…

I said “I can’t believe it’s not Buddha…”

Have you been hit with a rhythm stick?

You may be entitled to personal Ian Dury compensation.

Clarence

XXXX