ASX 200 jumped out of the blocks rising 69 points to 7115. Big banks and big miners surging ahead in quiet trade. CBA close to $100. Melbourne masks up again. Dow futures up 70. The Big Bank Basket rose to $181.16 with MQG doing well up 2.5%, the big four up around 1%, with Insurers in the green led by QBE up 1.5% and IAG up 1.0%. Healthcare also doing well as CSL rose 0.9% on some broker research. FPH was the fly in the ointment falling 3.7% on a broker downgrade. Industrials firmed although tech slightly underwhelming, ALL up 1.1% TAH up 2.4% and REA doing well up 3.0% with GMG in the winners’ enclosure, up 1.3%.  Tech stocks firmed as APT rose 0.9% and XRO fell 0.7%. The All-Tech Index rose 1.2%. In resources, iron ore miners rose despite more falls on the Asian markets for iron ore in Asia, BHP rose 1.3% and RIO up 1.6% with base metal stocks taking their cue from the big ones. S32 rose 2.5% and OZL up 1.0%. Gold miners gave back some recent gains, RSG down 6.30% and EVN down 0.8%.  SXY up 4.3% appoints new CFO. CIM improving 1.1% makes an off-market takeover offer for Devine at 24c/share. TNE up 2.1% on its first-half results. Sees full-year profit between $94.3-98.6m. AMC down 1.4%, trading ex-dividend. In economic news, Consumer confidence increased 1.5% and the trade data continues to paint a relatively strong positive position with record $36bn of exports in April. 10-year bonds at 1.68%.  Asian markets higher with Japan up 1.9% and China up 0.6%.

Today’s Highlights

  • ASX 200 up 69 to 7115.
  • High 7115 Low 7053.  Closes on highs.
  • Big Bank Basket rises to $181.16.
  • QLD hit by power cuts. Melbourne masks up.
  • All Tech Index up 1,2%
  • Dow futures up 70.
  • Australian Gold slips to $2417.
  • 10-year yield falls to 1.68%
  • AUD firms to 77.54c
  • Bitcoin volatility sees rally continue up to US$38161.
  • Asian markets higher with Japan up 1.9% and China up 0.6%.

STOCKS

  • IMU +12.35% CEO and chair increase shareholding.
  • BET +5.07% media reports on TAH deal.
  • CAR +5.11% market warms to acquisition CARR +179.21%.
  • PWR +4.57% trading update.
  • PAR -9.05% questions received from US FDA.
  • NXL -5.49% class actions coming.
  • RBL -1.70% sell off continues.
  • CBR -15.86% not so many wheels going round and round after all.
  • BD1 -9.50% demonstrates feasibility of SUBB2M test.
  • LEX +17.00% Burns project continues to grow.
  • DOC +16.67% strengthens new key partnership.
  • ART +12.04% Private placement successful.
  • TLX +8.00% TRALA trial of TLX66 in SALA.
  • NCM -0.42% AZY presentation.
  • APA -0.63% operational update.
  • Z1P +1.83% 43m shares out of escrow June 1.
  • AWC +1.19% Chairman and CEO AGM addresses.
  • IPO of the Day: Pepper Money (PPM) -9.69% Assalted on open.
  • Speculative Stock of the Day: Variscan Mines (VAR) +81.08% major zinc-lead discoveries at Novales Project.
  • Biggest Winners: IMU, HUB, SKO, TLX, KGN, MGH and ASM.
  • Biggest Losers: PPM, PAR, RSG, ADO, NXL, SWM and MYX.

TODAY

  • Technology One (TNE) +2.11% H1 Net Profit $28.2m vs year-ago $19.1m. Reports H1: NPAT consensus is $25.5m, Profit before Tax was $37.3m vs year-ago $25.9m. Revenue $144.7m vs year-ago $138.4m. H1 Dividend 3.82c/share (60% franked). Guidance FY: NPAT $94.3-98.6m. Cash flow generation will be 80% of NPAT in FY21. Total Annual Recurring Revenue (ARR) will increase to over $500m in FY26.
  • Airtasker (ART) +12.04% Completes 20.7m-share institutional placement at 100 cents per share.
  • Senex Energy (SXY) +4.26% Appoints Simon Ellinor as CFO, effective August. Senex previously announced incumbent CFO Mark McCabe was being appointed Chief Commercial Officer.
  • CIMIC Group (CIM) +1.13% To make an off-market takeover offer for Devine (DVN) +95,63% at 24c/share. CIMIC Group Limited, through its subsidiaries, owns 59.11% of Devine Limited. Represents a total outlay of ~US$15.6m.

ECONOMIC NEWS

Merchandise Trade Data

• Exports of goods in April 2021 increased $13m (0%) to $35.952bn
• Imports of goods in April 2021 declined $1.896bn (-7%) to $25.811bn

In April 2021:

• coal increased $287m (8%)
• petroleum increased $256m (31%)
• medicinal and pharmaceutical products increased $135m (55%)
• metalliferous ores increased $96m (1%)

Key country movements:

• China increased $591m (4%).
• Japan increased $297m (7%)
• South Korea increased $118m (5%)
• India increased $23m (2%)
• Singapore declined $502m (-24%)

  • Consumer confidence increased 1.5% driven by the boost in confidence in financial conditions. The rest of the subindices registered mixed results.

BOND MARKETS

CV19 NEWS

  • Vaccine Tracker: 1.68bn doses in 176 countries. 28.9m a day. In US 287m doses, 1.78m doses a day.

ASIAN NEWS

  • HSBC will not offer Bitcoin Crypto service.
  • Chinese hit highs not seen since March.

US AND EUROPEAN HEADLINES

  • DAX back online.
  • US warns against travel to Japan.
  • EU planning fresh sanctions against Belarus.
  • Vale CEO says company is ‘investible’ again.
  • Amazon close to agreeing to buy MGM studios. Worth US$9bn. The world seems not enough.

And finally….When an employment application asks who is to be notified in case of emergency, I always write, “A very good doctor”.

Team work is important; it helps to put the blame on someone else.

I’m great at multitasking. I can waste time, be unproductive, and procrastinate all at once.

Nothing ruins a Friday more than an understanding that today is Tuesday. I can’t believe I got fired from the calendar factory. All I did was take a day off.A clean desk is a sign of a cluttered desk drawer.

The only thing worse than seeing something done wrong is seeing it done slowly.

If at first you don’t succeed, redefine success.

Give me ambiguity or give me something else.

We have enough youth. How about a fountain of “Smart”?

I started out with nothing and I still have most of it.

Clarence

XXX