Thursday 5th February – ASX 200 down 39 – Resources stumble today – Banks steady – Tech steady

05 Thursday Feb 2026

Posted by in Daily Reports

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ASX 200 fell 39 points to 8889 (0.4%) as resources came under pressure again. One day up, one day down.  Silver tumbled 15% in Asian trade and dragged gold lower, miners responded with NST down 4.6% and EVN off 3.2%. The big miners eased back, BHP down 3.9% and RIO down 1.4%. Rare earth companies fell, LYC down 7.9% and lithium depressed too, PLS down 3.7% and IGO off 3.2%. Uranium shares were beaten up as the market took AMD forecast as a sign that power requirement would slow. PDN down 9.0% and LOT in a trading halt for a capital raise. Oil and gas stocks eased as tensions with Iran cooled. STO down 0.7% and BPT with its results off 4.4%.

Banks were firm, as CBA wrestled the #1 spot back off BHP, up 1.4%. The Big Bank Basket up to $280.82 (%). Insurers are also in demand, higher rates perhaps, QBE up 2.1% and SUN rising 1.7%. Industrials firmed, WES up 2.1% and a bounce in REA up 2.6% with the tech index showing some signs of stability. WTC still down 2.6% with XRO finding some friends, up 1.6%. The All –Tech Index rose 0.1%. Healthcare better as RMD breathed easy and rose 4.9%.

In corporate news, ELD has announced its succession plan, it fell 4.1% on the news. NEU fell 9.8% on FDA news in the US, RPL rose 5.1% as it announced a buyback.

Asian markets eased, Japan down 1.1%, China up 1.0% and HK down 1.3%

US Futures mixed Nasdaq up 20, Dow down 58 10-year yields steady at 4.85%

HIGHLIGHTS

  • Winners: TWE, NXL, AMC, GQG, NWL, PMV, RPL
  • Losers: MGH, ELS, SRL, DTR, LIN, BMN, MEK, FML
  • Positive Sectors:  Banks. Insurers. Retail.
  • Negative Sectors: Iron ore. Copper. Uranium. Gold miners. Rare earths.
  • ASX 200 Hi 8920 Lo 8872 Narrow range.
  • Big Bank Basket: Firms to $280.82.
  • All-Tech Index: Unchanged.
  • Gold: Falls to $6988
  • Bitcoin: Falls to US$70968
  • AUD: Falls at 69.65c.
  • Asian markets eased Japan down 1.1%, China up 1.0% and HK down 1.3%
  • US futures down with Dow off 95 and Nasdaq down 50.

MARKET MOVERS

  • GQG +6.2% finally movement in the tech hedge.
  • AMC +6.7% reaffirms guidance.
  • RMD +4.9% statement of CDIs.
  • REA +2.6% solid bounce. Will it last.
  • SKS +8.5% contract win.
  • OFX +16.7% strategic review and CFO resignation.
  • PPS +8.8% broker upgrades post results.
  • SLS +18.3% another good strong day.
  • ARL +8.8% EFA and US EXIM letters of funding support.
  • SRL -17.0% set today.
  • DTR -14.3% falls back.
  • NEU -9.8% FDA news.
  • MGH -26.6% strategy update presentation. Change of direction!
  • TGN -23.1% new exploration target at Mt Mulgine.
  • Speculative Stock of the Day: Nothing on any volume.

ECONOMIC AND OTHER NEWS

  • Sony profit jumps 22% in December quarter, beating expectations and lifting full-year outlook.
  • South Korea’s sovereign bonds are the most vulnerable in emerging Asia to a steepening US Treasury curve, says a Bloomberg analysis. The study covered four episodes of US curve steepening over the past 12 months when long-term rates rose faster than short-term ones.
  • Trump and Xi discuss Ukraine and trade ahead of US state visit to Beijing.
  • White House seeks critical minerals trade zone to curb China’s dominance.
  • Oil prices fell as Washington and Tehran agreed to hold talks in Oman on Friday.
  • Silver dumped again in Asian trade.
  • Uranium stocks under pressure on AMD forecasts.
  • Starmer engulfed in leadership speculation as he backtracks over Mandelson papers.

And finally….

When i die, I want my ashes pressed into a record.

It’s my vinyl request.

What do you call a Russian procrastinator? Putinoff.

Clarence

XXX

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