The ASX 200 pushed 17 points higher to 7396 (0.2%) as the market meandered around with slight gains in banks and miners. The Big Bank Basket unchanged at $175.82 with CBA bouncing back 0.4%. MQG continued to push higher up 1.1% and QBE rose 1.7%. NAB and ANZ under pressure today as the laggards CBA and WBC were bought up and the others sold off. Industrials were mixed, TWE up 4.1% on its purchase of Franks Family, some tech improved, ALU up 5.2% and XRO doing well up 1.4% and the All–Tech Index down 0.2% with APT under pressure down 1.8%. Healthcare better led by CSL up 1.0% and SHL up 3.2%. Miners were better as BHP rose 1.1% and FMG up 0.9%. Gold miners were mixed with base metals and lithium stocks slightly better, IGO up 2.0% and MIN up 3.5%.  Energy stocks sidelined but mildly positive. In corporate news, CWN saw Blackstone back as barbarians at the gate with 1250c for the troubled casino group. VNT started life with a spurt today with a 23.5% rise. AX1 up 4.3% after an update on lost business during lockdowns. NXT reported a strong start to FY22 rising 0.5%. 10-year yields fall to 1.81%.

MAJOR MOVERS:

  • Winners: VNT, CWN, BOE, CXO, ALU, ABR, FFX
  • Losers: ASM, CTT, TLG, SYR, LKE, NAN, KED.
  • Positive sectors: Miners. Healthcare. REITs. Financials ex banks.
  • Negative sectors: Tech. Pokie Machines.
  • Hi 7405 Lo 7376. Very narrow range. Big US expiry tonight.
  • ASX 200 down 0.6% for the week.
  • Big Bank Basket: Unchanged at $175.82 
  • All-Tech index: Down 0.2% APT down 1.8%
  • Gold: Weaker at AUD2559
  • Bitcoin: Sliding at US$56053
  • Aussie Dollar:  Steady at 72.76c. 10-YEAR YIELD: Falls to 1.81%.
  • Asian Markets: Japan up 0.5% Hong Kong down 1.6% and China up 0.2%.
  • US Futures: Dow futures up 115 NASDAQ futures up 95

STOCKS ON THE MOVE

  • CWN +16.57% Blackstone back with $12.50 bid.
  • ALU +5.16% chart breakout.
  • AVZ +4.35% an up day today.
  • TWE +4.07% brokers like Franks Family.
  • CXL +3.14% buyers are back.
  • BOE +10.61% uranium glowing.
  • 360 +4.09% creeping higher again.
  • MIN +3.45% brokers warm after AGM and potential demerger plans.
  • SNL +17.90% AGM address.
  • TRJ +8.02% German acquisition.
  • PLY +6.19% recent deal brings buyers.
  • EVN +0.45% JP Morgan downgrades.
  • AX1 +4.28% earnings hit from lockdown.
  • SKI -0.35% special distribution.
  • ASM -9.51% cooling.
  • CTT -9.09% volatility continues.
  • NAN -4.92% AGM comments.
  • AAC -4.43% broker downgrades.
  • MNS -13.73% fall out continues.
  • LMG -12.00% cleansing statement.
  • MFB -10.77% interim results.
  • GPR -7.32% Woodlark gold project funding update.
  • CAE -12.96% annual report to shareholders.
  • IPO of the Day: Ventia (VNT) +23.53% strong debut. Yield and low price helped.
  • Speculative stock of the Day: iCandy (ICI) +33.33% investor presentation and $40m oversubscribed funding round to buy Lemon Sky Studios. Game changer.

IN THE NEWS

  • Tim Paine resigns.
  • Tesserent (TNT) – Year to date, turnover +67% vs year ago and divisional EBITDA up 150% vs a year ago.
  • Spark Infrastructure Group (SKI) intends to pay a special distribution of 12cps if takeover scheme becomes effective.
  • McGrath (MEA) guides H1 underlying EBITDA between $10-11m, +60% vs a year ago. Points to one-offs of at least $4m in the first half.
  • WiseTech Global (WTC) repeats guidance for FY revenue $600-635m at AGM.
  • Aristocrat Leisure (ALL) noted Playtech receiving a preliminary approach from JKO Play Limited seeking access to certain due diligence information
  • Sydney Airport (SYD) October traffic down 71.1% vs year ago. Domestic down 75.5% to 46K passengers and international down 49.3% vs year ago to 19K passengers.
  • Speculation Seven Group (SVW) may look to divest Coates Hire.
  • Nanosonics (NAN) –Observed improved market conditions in North America in Q1. Globally, revenue for Q1 is in line with forecasts & marginally ahead of Q3FY21. New installed base in the first quarter was up 8% on the third quarter of FY21.
  • Accent Group (AX1) notes significant impact of mandated closures
  • Crown Resorts (CWN) receives an unsolicited, non-binding proposal from Blackstone of 1250c cash via a scheme of arrangement. The bid does rely on James Packer selling his 37% holding.

ECONOMIC NEWS/ BOND MARKETS

  • Says it all really. Average 20% deposit jumped by $25,000 in the year to October.

CV19 NEWS

  • Wuhan market is back in focus as the most likely source of the first CV19 outbreak.
  • Chicago is facing a surge of infections ahead of the holiday season with an average of 501 cases per day.
  • European numbers still a serious concern, especially in Germany.

ASIAN MARKETS

  • China’s economy is slowing more than people think and the outlook is for weaker growth according to the authors of the China Beige Book.
  • Japanese Consumer prices, excluding those for fresh food, increased 0.1% compared with a year earlier. Energy prices pushing inflation up slightly.

US AND EUROPEAN NEWS

  • Big US expiry tonight.
  • USA is considering a diplomatic boycott of the Winter Olympics. Not sure they were invited anyway.
  • Thanksgiving next week and US markets likely to slow down. Storms on east and west coasts though.
  • House set to vote on Biden’s BBB bill.
  • Ford sets its sight on being #1 in EVs. Ford and GM pursue deals with semi-conductor groups.
  • Putin vows to maintain ‘tension’ with the west over the Ukraine.
  • CVC agrees to buy Unilever’s Tea business fort EUR 4.5bn

And finally….

Clarence

XXXX