ASX 200 fell 13 points to 7139 (0.2%) in another quiet day of trade. Once again banks strong, resources weaker. BHP fell 2.3% with RIO off 2.3% as Turquoise Hill becoming an issue with the takeover, FMG dropped 3.8%. Lithium stocks steadied but no huge rally, MIN down 0.2%, PLS up 0.1% with LTR up 3.1% and CXO up 0.4%. Oil and gas stocks slipped on the falls in crude, WDS down 1.4% and STO off 1.0% with coal stocks better on coal price rise, WHC up 3.2% and NHC rising 1.9%. Gold miners doing little. The Big Bank Basket rose to $186.14 (0.8%). Insurers slipped as QBE updated the market falling 0.6%, MQG down 1.0% and fund managers dipped with MFG down 2.7%. Healthcare mixed, CSL up 0.9% and SHL eased 1.1%. Industrials mixed, technology fell, XRO down 3.7% with the All–Tech Index down 1.7%. In corporate news, SFR rose 1.5% on its rights issue, HLS fell 4.2% on media speculation on day hospital sale. 360 to raise $50m, NHF looks to be a winner from MPL fallout. Nothing on the economic front. In Asia, China continues to grapple with CV19 with the first death in six months, HK slipped 2%, China down 1.3% and Japan flat. 10-year yields down slightly at 3.58%
- Winners: MYR, MSB, TUA, AGL, A4N, PFP, NEU
- Losers: NAN, LLL, SDR, PBH, SWM, SYA, INR, NVX
- Positive sectors: Healthcare. Consumer. Coal.
- Negative sectors: Iron ore. Oil and gas. Tech.
- High 7174 Low 7132 Narrow trading range.
- Dalian iron ore futures down 1.4%.
- Big Bank Basket: Closed up at $184.60(+0.5%)
- All-Tech index: Down 1.7%
- Gold steady at $2627
- Bitcoin: Falls to US$16,057
- Aussie Dollar: Lower at 66.52c
- 10-Year Yield: Lower at 3.58%
- Asian markets: Japan flat, HK down 2% and China down 1.3%
- US Futures: Dow down 94 Nasdaq down 38
- European markets
- MYR +9.02% shops are back.
- LTR +3.05% ESG Report
- WHC +3.17% coal price rises.
- ADN +7.69% AGM address.
- EOF +8.86% change of director’s interest.
- WR1 +6.10% winsome again on results of meeting.
- LOV +2.52% UBS upgrades.
- NHF +1.69% MPL customers switching.
- NAN -12.23% broker downgrades.
- SDR -6.15% profit taking.
- HLS -4.22% media speculation on day hospital sales.
- AEF -4.14% turns back down.
- NVA -% $30m funding package.
- IHL -9.58% addendum to AGM.
- Speculative Stock of the Day: Iceni Gold +134.38% good volume – significant gold discovery at Guyer.
IN THE NEWS
- Perenti (PRN) – Has announced they will partner with ABB to research solutions to decarbonise above-ground mining.
- Healius Limited (HLS) – Healius to sell hospital business to QIC for $140-160M.
- AMA group Limited (AMA) – AMA Group brings in Deloitte advisers to help with business operations. AMA has seen three straight years of losses totalling $318.6M.
- Insurance Australia Group (IAG) – Insurance Australia Group issues Capital Notes 2 to raise $400M. Proceeds are to be used for general corporate purposes and to refinance Capital Notes 1 issued in 2016.
- QBE Insurance Group (QBE) – QBE Insurance Group performance update released. Challenging market conditions have persisted with higher-than-expected catastrophe costs, the net cost of catastrophe claims in the second half is tracking at ~$430M. QBE expects constant GWP growth of ~10% and an FY22 Group combined operating ratio of around 94%.
- Perpetual (PPT) – Paul “Skamma” Skamvougeras has decided to step down from head of equities.
- The Albanese government is “minded” to bring the buy now, pay later (BNPL) sector under the Credit act, licensing providers and creating a sliding “unsuitability” test. The government released a discussion paper today with three options.
- CV19 is back in China. First CV related deaths in six months.
- China withdrew short-term cash from the financial system for the first time in nearly two weeks, as a selloff in government and corporate bonds eased.
- Malaysian government still undecided.
US AND EUROPEAN HEADLINES
- Bob Iger back as CEO Disney, plans job cuts as part of company-wide spending review.
- Donald Trump on Saturday said he had no interest in returning to Twitter.
- FTX businesses owe more than US$3bn to largest creditors.
Why is a toblerone shaped like a triangle?
So it fits in the box.
My parents used to bath me in cheap Australian lager, when I turned 18 I found out I was Fostered.