The ASX 200 rose 49 points to 8,736 (+0.6%) in a relatively quiet day. Broad-based gains today, with the Big Four banks pushing ahead slightly, NAB being the best of the bunch, and the Big Bank Basket hitting $263.66 (0.7%). MQG is continuing to push higher, and other financials are also doing better today, with the insurance sector up as QBE rose another 0.7% and IAG joined in, rising 1.3%.
REITs also had a better day despite bond yields remaining elevated. SCG rose 2.7%, and VCX rose 3.2%. Healthcare is once again in the green, led by CSL, although COH slipped away again. Retail stocks were better, with WES up 0.5% and JBH up 0.6%, although once again we are seeing selling pressure in the tech space, with WTC down 2.5% and XRO down 1.4%. CDA took a breather today, falling 4.3%, and NXT is also under a little pressure, perhaps because of the Firmus book build.
Resources had a better day, and we saw signs of life in rare earths and lithium, with LYC up 2.1% and PLS also gaining 2.4%. BHP, RIO, and FMG also put on around 1.4% today. Gold miners were steady to mixed, with WGX up 0.6% and EVN down 0.9%. Oil and gas stocks were steady, and we saw a slight improvement in the coal space. Uranium stocks were also a little better, with PDN up 0.7%.
In corporate news, SKS was awarded a new $38m contract for a Melbourne data centre. DRO has poached RPL’s company secretary, and GLS was in a trading halt pending the outcome of the entitlement offer. In economic news, we saw the Westpac-Melbourne Institute consumer sentiment dropping 4.7%, showing a very sharp pullback after the RBA’s decision to lift rates. Concurrently, we also saw the ANZ-Roy Morgan consumer sentiment falling again for much the same reason.
Asian markets quiet with China closed for Golden Week. Japan up 0.7%, HK up 0.8%. China still closed.
10-year yields steady at 5.40%. US Futures drifting higher. Nasdaq up 25 and Dow up 60.
- Winners: VGN, PYC, EUR, MTS, ARF, RF1, AAI
- Losers: CDA, DUR, DRO, SRL, CBO, ASB.
- Positive Sectors: Banks. Insurers. REITs. Materials. Lithium. Healthcare.
- Negative Sectors: Tech. Gold.
- ASX 200 Hi 8753 Lo 8695. Quiet day.
- Big Bank Basket: Better at $263.66 (0.7%).
- All-Tech Index: Down 1.3%
- Gold: Slips to $5913
- Bitcoin: Steady at US$85576
- 10-year yields: Steady at 5.40%
- AUD: Better at 69.69c.
MARKET MOVERS
- VGN +5.2% AGM notice.
- CXO +3.4% lithium moving higher. AGM.
- ARF +4.8% MT write-up.
- EUR +5.0% nice move.
- MEI +2.0% rare earths improving.
- LTR +3.1% not so depressed.
- LGI +13.1% 42MW solar generation assets acquisition.
- CDA -4.3% profit taking.
- WBT -13.0% chips fried. Change of auditor.
- EQR -1.3% record cash generation.
- MP1 -5.7% profit taking.
- CAT -5.1% used another life.
- JNS -7.0% profit-taking continues.
- MOT -5.3% fails.
- Speculative Stock of the Day: Nothing on any volume.
ECONOMIC AND OTHER NEWS
- Consumer confidence tumbled to its tenth-lowest level since 1973 following the Reserve Bank of Australia’s latest interest rate increase, according to the ANZ-Roy Morgan survey.
- Moonshot, a Chinese AI champion, is said to be eyeing an early 2027 IPO after its value hits US$50bn.
- President Trump says MAGA Inc. will pay for ads instead of taxpayers after a backlash.
- Italian Prime Minister Giorgia Meloni is trademarking her voice in an effort to counter AI deepfakes.
- The U.S. is monitoring the situation after a suspected case of the plague in Russia.
- Copper is rising for the third day as risk appetite returns.
- Google and Constellation Energy are nearing a $1bn deal for nuclear power.
- The World Bank warns of AI concentration risks after it lifted its East Asia and Pacific growth outlook to 4.5%.
- China has shut down a quarter of its banks. The authorities accelerate the consolidation of small lenders to shore up its financial system.
And finally….
If Honor Blackman had married Richard Todd, would she have been lonely for the rest of
her life?
Just finished building my Lego model of Rome. Took me a day
Clarence
XXXX
