ASX 200 closed up 25 to 7335 (+0.4%) despite lithium and gold miners weighing on ASX. Resources dropping, Iron ore stocks lower on weak manufacturing data in China, BHP down 0.5%, RIO flat. Lithium stocks are mostly down, PLS down 3.3% following Fridays results. Gold sector hit hardest today, NST down 0.2% and NCM down 1.5%. Tech bludgeoned, WTC fell 2.3% and XRO down 0.9% with the AllTech Index down 1.1%. Banks found support the Big Bank Basket up 1.0% to $176.71. CBA up 1.1%, and insurers mixed, MPL down 1.4%, while QBE stronger, up 0.9% and SUN up 0.9%. REITs better on lower yields, Staples find bargain hunters with A2M, COL , and ELD all doing ok. In corporate news, STO jumped 2.3%, after Kumul Petroleum Holdings extended STOs bid for a 5% stake in PNG LNG project, retailer BST tumbled 1.8%, after receiving a cash off-market takeover offer from BBRC International at $1.89 per share, and EVN fell surprisingly 1.4%, despite promising drilling results at its Ernest Henry site in Queensland. In economic news, Job advertisements in Australian fell by 0.2% MoM for the third consecutive month, demand for labour shows little signs of easing yet. Melbourne’s Institutes MoM inflation gauge showed prices easing to a four-month low of 0.2% in April, marking the eighth consecutive month of rises. Asian markets all positive, Japan up 1.0%. 10-year yields pushing higher again to 3.35%. Bitcoin stumbles 2.88%. Dow Jones futures down 10 points and Nasdaq futures up 19 points.


  • Winners: PRN, WBT, RMD, LKE, SGF, GNE, IMU.
  • Losers: SYR, CTT, FCL, RED, SDR, RSG, SLX, SLR
  • Positive sectors: Banks. Insurers. Healthcare. Energy.
  • Negative sectors: Lithium. Tech. Gold miners.
  • High 7368 Low 7318 Off early highs again.
  • Big Bank Basket Higher at $176.71(1.0%)
  • All-Tech index: Down 1.1%
  • Gold eases to $2985
  • Bitcoin: Slips to US$28462
  • Aussie Dollar: Better to 66.40c
  • 10-Year Yield: Higher at 3.36%.
  • Asian markets: Japan up 1%. China May Day holiday.
  • US Futures: Dow down 9 Nasdaq up 9.


  • PRN +9.09% contract win.
  • WBT +7.55% options cancellation.
  • RMD +6.59% broker upgrades.
  • PNI +3.89% Macquarie conference presentation
  • TLX +3.05% ZIRCON data presented at AUA confirms efficacy in 2cm masses.
  • PBH +19.03% solid day post investor presentation.
  • SZL +14.63% business update.
  • 4DX +12.35% first commercial scan within VA
  • JDO +1.21% NIM update and sell down.
  • PEK -12.80% commitments to $27.5m placement.
  • SYR -10.82% brokers downgrade after quarterly.
  • CTT -9.07% volatility continues.
  • SLX -4.78% sliding away.
  • PLS -3.30% CXO -2.55% so much for lithium bounce.
  • SLR -4.72% RSG -5.21% gold miners under pressure.
  • Speculative Stock of the Day: WA Resources (WA1) +29.25% West Arunta Project results – Luni high-grade niobium mineralisation continues to extend including 13m @5% NB2O5.


  • Coles Group Ltd (COL) – Viva Energy Group (VEA) completes acquisition of Coles express convenience retailing business. Viva Energy has paid $300m to Coles Group, funded by cash.
  • Pinnacle Investment Management Group Ltd (PNI) issues business update, total affiliate FUM at 31 March of $89.2bn, up $6bn (7.2%) from 31 December and up $5.2bn (6.5%) from 20 June 2022.
  • Origin Energy (ORG) – Upgrades earnings guidance. ORG now expects underlying EBITDA to be between $950m-$1.2bn. Significantly up from its previous guidance of $600m-$750m. Expected earnings are driven by stronger-than-expected contributions from Octopus Energy in the UK and an improvement in the underlying performance of the energy markets business.
  • Judo Bank (JDO) – Increased its net interest margin guidance for the second half of 2023 to 3.3%-3.5% and reported a profit before tax of $86.7m for the nine months to March. The bank expects to reach its goal of over $9bn of gross loans and advances by the end of the financial year. Looks like a line of 5.5% has been placed in the market.
  • Transurban Group (TCL) – Declared distribution guidance of 58cps for 2023 up from 57c, attributed to strong traffic momentum and improved funding packages.
  • Adore Beauty (ABY) – Revenue fell by 3.3% to $41.3m in the three months ending March, due to slower new customer growth. The company’s founders and executive directors will transition out of their part-time roles by the end of fiscal 2023 but remain on the board as non-executive directors.
  • Evolution Mining (EVN) – CEO, Lawrie Conway, stated that the copper-gold drilling results from its Ernest Henry mine in Queensland are promising and confirm the extensions of mineralisation that offer further growth potential. The Mine Extension PFS is expected to be completed in Q2 of 2023.
  • Best & Less (BST) – Received a cash off-market takeover offer from BBRC International at $1.89 per share, which is conditional on receiving at least 55% acceptance, including BBRC’s stake.
  • Deterra Royalties Ltd (DDR) – Q1 total royalty receipts of $59.9m. Mining Area C generated iron ore revenue royalties of $59.8m and two WA mineral sands operations generated $0.2m. Royalties up 32.1% QoQ on higher realised prices over lower sales volumes.
  • Cash Converters International (CCV) – Gross loan book up 31% on pcp to $268m and holds cash and cash equivalents of $59.8m
  • Ltd (CAR) – Completes acquisition of further 40% of webmotors. Carsales is now the majority owner of Webmotors owning 70%, while Santander retains a 30% stake in the business. Acquisition funded via a $500m pro-rata renounceable entitlement offer.
  • Bellevue Gold Ltd (BGL) – Results from grade control drilling at its Bellevue Gold Mine in Western Australia. The company reported significant high-grade results from all underground production areas, including the Armand lode with up to 1,130 g/t gold.
  • TELIX Pharmaceuticals Ltd (TLX) – Positive results from its Phase III ZIRCON study of TLX250-CDx (89Zr-DFO-girentuximab). The results showed that the investigational diagnostic imaging agent is accurate in detecting ccRCC. This new data confirms the high value and effectiveness of TLX250-CDx PET/CT imaging in detecting ccRCC. These results expand the clinical utility and commercial opportunity for TLX250-CDx.
  • Immutep Ltd (IMM) – Received regulatory approval to begin a Phase I trial of its drug eftilagimod alpha in combination with Merck KGaA’s BAVENCIO in up to 30 patients with metastatic urothelial carcinoma, the most common type of bladder cancer.
  • Qube Holdings (QUB) bought a 50% stake in New Zealand’s Pinnacle and 100% of Australia’s Kalari Proprietary, for $145m


  • Nothing official today.
  • Job advertisements in Australian fell by 0.2% MoM for the third consecutive month, demand for labour shows little signs of easing yet. Melbourne’s Institutes MoM inflation gauge showed prices easing to a four-month low of 0.2% in April, marking the eighth consecutive month of rises.
  • Capital city auction activity rebounded this week, with 1,730 homes taken to auction across the combined capitals, said CoreLogic. Melbourne was the busiest auction market this week, with 729 homes auctioned across the city, up 15.9% from the previous week. Melbourne’s preliminary clearance rate came in at 77.7%.
  • Sydney house prices could gain as much as 5% this year and Melbourne prices could lift by 2%, as population pressure outweighs the effect of higher interest rates, according to the Commonwealth Bank of Australia’s revised forecasts.
  • Bond futures imply a 91% chance the Reserve Bank will keep the cash rate at 3.6% tomorrow for the second month in the row,


  • Asian markets mostly closed for Labour Day.
  • South Korea’s export slump eased in April, offering a sign that weakness in global demand may be starting to turn a corner. Exports to Europe rose and the drop in shipments to China narrowed. Headline exports fell 14.2%, exceeding economists’ expectations for a 12.2% decline.
  • Japan’s Astellas to buy Iveric Bio for US$5.9bn in US biotech deal.
  • China’s factory activity contracted in April, in contrast to economists’ expectations for growth. Data from the National Bureau of Statistics revealed the country’s manufacturing purchasing manager’s index fell to 49.2 from 51.9 in March, below the 51.4 expected by economists.


  • UK May Day Holiday.
  • US regulators have called on banks to submit a final offer for embattled lender First Republic. JP Morgan Chase the leading contender.
  • Results from Norwegian Cruise Line. MGM Resorts.

And finally…