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%

HEADLINES

• 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

MAJOR MOVERS

• 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.

ECONOMIC NEWS

• 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.

ASIAN MARKETS

• 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.

And finally….

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.

Clarence

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