ASX 200 nosedived today, closing down 76 points (-1.1%) to 7138, sliding for the fourth consecutive session as lingering uncertainties weigh on market sentiment. Tech stocks showed off their resilience on the back of the Nvidia result and move, with the All-Tech Index up another 2.4%, recovering yesterday’s losses and then some. XRO found its balance after yesterday’s tumble, up 2.3%, SQ2 +2.5%, ALU +4.3%, MP1 +12.1% and NXT +4.4%. Gold miners worst performers today, NST down 3.6%, EVN down 4.4% and NCM off 1.9%. BaseMetals and Miners followed suit, with heavyweight iron ore miners down BHP -1.6%, RIO -1.6% and FMG -3.2%. Lithium joined the sell-off, MIN -3.1%, PLS -1.3%, and LKE off 3.6%. Energy stocks weakened, WDS down 0.5% and coal stocks grim, WHC down 4.5% % and NHC off 4.5%. Financials were no better, with the Big Bank Basket down to $168.20 (-2.1%), financial stocks performing more like “fiscal flops” than money-making maestros, CBA down 2.2%, MQG off 2.2%, and ANZ slid 2.6%. Fund managers slipping away, MFG down 1.6%, PPT down 0.4%, and PTM off 2.6%. Industrials mostly down, REITs off 0.5%, Healthcare up, CSL up 0.2% and COH up 0.1%. In corporate news, ABC rocketed up 21.9%, on AGM and results, WOW -0.1% acquires failed startup milk run, and TWE fell 7.8%% after the group announce its expecting sales to be down 2-3%. Nothing on the economic front. Looking beyond our borders, Asian markets are down, Japan down 0.3%, HK down 2.4%, with China off 0.9%. Australia 10Y yield up to 3.70%. Dow Jones futures down 68 points and Nasdaq futures up 182 points.


  • Winners: ABC, MP1, PNV, SDR, CGC, NXT, ALU
  • Losers: TER, TWE, ARU, AX1, SIG, GOR, LLL, TYR
  • Positive sectors: Tech. Healthcare.
  • Negative sectors: Banks. Insurers. Big Miners. Lithium. Gold miners.
  • High 7199 Low 7130 One-way traffic. 2.4% down for May.
  • Big Bank Basket: Falls to $168.20 (2.1%)
  • All-Tech index: Up 1.0% in Nvidia sympathy.
  • Gold steady at $2994
  • Bitcoin: Drifts to US$26166
  • Aussie Dollar: Slips to 65.26c
  • 10-Year Yield: Pushing higher to 3.70%.
  • Asian markets: Japan down 0.3%, China down 0.9% and HK down 2.4%.
  • US Futures: Dow down 64 Nasdaq up 182 on Nvidia results and move.


  • ABC +21.88% results of AGM.
  • MP1 +12.78% Nvidia lift perhaps.
  • CGC +6.72% positive update.
  • SDR +7.10% ceasing to be a substantial holder.
  • APX +8.52% AI boost.
  • MEI +12.82% flying.
  • TWE -7.84% nothing to celebrate with lower guidance and sales slip.
  • LLL -6.29% profit taking.
  • DMP -5.38% consumer spending.
  • PMT -5.29% profit taking.
  • TER -15.75% nasty drop.
  • 29M -22.24% smacked again.
  • ONE -15.22% reinstatement to quotation after response to ASX ‘Please Explain.’
  • AX1 -6.62% consumer stocks on the nose.
  • WR1 -8.14% Lose some.
  • Speculative Stock of the Day: Nothing on any volume today.


  • Fonterra (FSF) – Announced a NPAT increase of NZ$1.33bn in its latest quarterly update, showing a significant rise compared to the previous corresponding period. The company has adjusted its full-year forecast and expects strong earnings and dividends for FY23.
  • Sandfire Resources (SFR) Achieved production of the first copper concentrate and nearing completion of construction at its Motheo Copper Mine in Botswana, The focus now shifts to the rapid expansion from 3.2Mtpa to 5.2Mtpa capacity by early CY2024.
  • Garda Property Group (GDF) – Financial update highlights: Properties were independently valued, resulting in a $8.7m portfolio increase and GDF upgrades DPS payout ratio to 100-105% of FFO.
  • Clover Corporation Ltd (CLV) – Lowers its revenue guidance for FY23, expecting it to be in the range of $77-$82m, potentially leaning towards the lower end from vs prior guidance of $80-90m.
  • Treasury Wine Estates (TWE) – Expects its earnings before interest and tax and SGARA (self generating and regenerative assets) to grow in the range of 11% – 13%, reaching $580 to $590m in FY23.
  • Aeris Resources Ltd (AIS) – Reported high-grade drilling results at the Bentley Mine in their Jaguar Operations. The Bacalar lens has shown significant intersections of copper, zinc, silver, and gold, while the Java Deeps lens has demonstrated high-grade zinc, copper, and precious metal intercepts.
  • Adbri Ltd (ABC) – Reports underlying NPAT significantly higher YoY, up 0.5%, revenue up 8.4% to $1.7bn, while underlying NPAT fell 0.9% from FY21.
  • Bellevue Gold Ltd (BGL) has signed a binding Power Purchase Agreement with Zenith Energy for its Bellevue Gold Project in Western Australia, paving the way for net-zero gold production.
  • Woolworths Group Ltd (WOW) – Acquired failed delivery startup Milkrun in a deal worth $10m.
  • ASX – selling 100% of its interest in electronic trading platform Yieldbroker to a subsidiary of Tradeweb. It has owned 43% since 2014 and is set to receive about $55m under the terms of the proposed transaction. The current carrying value of its interest in Yieldbroker is about $30m.
  • Predictive Discovery (PDI) – In a trading halt pending a capital raise at 15c to raise $40m.


  • Morgan Stanley has cut around 12 jobs within its Australian operations after announcing global job cuts of around 3000.


  • According to data provided by food commodity price database Mintec, milk prices in India rose from 46 rupees per litre to 53 rupees per litre from November 2021 to the start of May.


  • European markets expected to open very slightly higher after dismal Wednesday. Germany enters a ‘recession’.
  • German GDP Q1 final GDP down 0.3% Q/Q v 0.0% Prelim..0.2% Y/Y.
  • Ron DeSantis breaks Twitter on campiagn launch.
  • US credit rating at risk for downgrade amid debt ceiling ‘brinkmanship’.
  • Nvidia sales in the three months ending in July will be about $11bn, Nvidia was up around 26% on the much better than expected results. As part of its second-quarter forecast, Nvidia predicted an adjusted gross margin of about 70%, above the 66.9% analysts were projecting.
  • Vale Tina Turner. Time for a Nutbush perhaps.

And finally….