The ASX 200 up 40 points to 7118 (+0.6%) snapping back from a 4-day losing streak ahead of CPI numbers tomorrow. REITS saw the biggest gains today as the NSW premier announced an increase in height restrictions for apartment building in Sydney. GMG up 1.2% and SCG up 4%. Banks gained after their recent drop The Big Bank Basket up $168.31 (+0.8%). CBA +0.5%, WBC +1.6%, ANZ up 1.5% and MQG +0.8%. Money managers firm and insurers mixed as MPL drops 3.9%. Resources rose in a broad market rally, Iron ore miners faring well, BHP up 1.5%, RIO up 1.7% and FMG up 2.9% despite broker downgrades. Gold closed mostly flat as fears in Russia caused a rush for safe-haven assets early in the day, before dropping off. NCM up 2% and NST down 0.7%. Lithium mixed with LRS dropping 3.9% following last week’s rapid gain.  Oil and Gas stocks fairly flat, WDS up 0.6% and BLU up 4.6%. The All-Tech Index dropping 0.7% ahead of CPI numbers tomorrow morning, despite a forecasted decrease in inflation rates. WTC down 0.9% and TNE down 0.1%. In corporate news, CKF rose 17.7% following an increase in sales, yet also noted inflation is placing pressure on underlying margins. MPL dropped 3.9% following APRA’s decision ruling that they must increase their capital holdings following their data breach late last year. PBH has been placed in a trading halt pending an announcement regarding the US division sale. On the economic front, ANZ Roy Morgan Consumer Confidence had a slight increase but still remains well below the average, for the 17th consecutive month. Asian markets are trading mostly higher China up 1.2% HK up 1.9% and Japan down 0.3% on Chinese Premier’s comments at WEF.. Bond yields mostly unchanged, 10-year steady at 3.95%. Dow futures up 87 points. NASDAQ futures up 46.

HIGHLIGHTS

  • Winners: CKF, GRR, CNI, SCG, MGH, RFF, INA
  • Losers: WBT, LLL, PRN, LRS, MPL. MSB, OBL, STX
  • Positive sectors: Banks. Iron ore. REITs.
  • Negative sectors: Healthcare. Tech.
  • High 7126 Low 7084
  • Big Bank Basket: Higher at $168.31 (+0.8%)
  • All-Tech index: Down 0.7%
  • Gold Lower at $2869
  • Bitcoin: Kicks to US$30,400
  • Aussie Dollar: Better at 67.11c
  • 10-Year Yield: Steady at 3.95%.
  • Asian markets: Japan down 0.3% HK up 1.9% and China up 1.2%
  • US Futures: Dow up 87 Nasdaq up 46.
  • European markets expected to open slightly higher.

MAJOR MOVERS

  • CKF +17.7% results cheer. Fries with that?
  • GRR +5.1% iron ore slight rebound.
  • IPD +12.1% good news on NCCN changes. RAC +9.5% Ausbiz stock tomorrow.
  • XRF +1.9% new product launch xrTGA.
  • PRN -6.1% deal weighs.
  • LLL -6.5% LRS -3.9% profit taking continues.
  • MPL -3.9% APRA review of capital requirements.
  • MSB -3.6% profit taking.
  • MTS -2.4% brokers cool post result blip.
  • WBT -17.9% under pressure from the start. Chairman resigns. Unrelated.
  • ONE -18.9% giving it all away.
  • AXE -12.3% sentiment sours.
  • LEG -16.7% Octagonal diamond drilling update.
  • SPL -10.8% clinical trial update.
  • Speculative Stock of the Day: Forrestania Resources +97.4% Big jump on the back of good pegmatite results with 13 out of 14 holes hitting multiple stacked pegmatites at maiden Calypso prospect. After a rush of blood, the stock went into a trading halt pending further announcements. Returned to trade for the match out with 63m of pegmatites found at Calypso.

COMPANY NEWS

  • PointsBet Holdings (PBH) – Trading halted pending material announcement.
  • Vulcan Energy Resources (VUL) – Signs a binding term sheet with SLB for its Zero Carbon Lithium Project.
  • Immutep (IMM) – Completes a retail entitlement offer, raising $6.5m at 26c.
  • Nib Holdings (NHF) –  Delays private health insurance premium rise until October 2023.
  • Bega Cheese (BGA) – Reaffirms FY23 adjusted EBITDA at the lower end of $160-190m.
  • BWX (BWX) – Attracts interest from potential buyers, including SI Capital and TPG Capital.
  • Medibank Private (MPL) – APRA imposed new capital rules following cyber incident.
  • Collins Foods (CKF) – Appoints Andrew Leyden as CFO, reports lower net profit and higher sales. Still sees inflationary pressures.
  • Sonic Healthcare (SHL) –  Agrees to acquire SYNLAB Suisse.
  • Abacus Property Group (ABP) – Opens retail security offer to create Abacus Storage King.
  • CSR Limited (CSR) – Holds AGM with strong financial performance in Building Products and Property segments.
  • Genesis Minerals (GMD) – Acquires St Barbara’s Leonora assets.
  • KKR Credit Income Fund (KKC) – Announces increased targeted distribution for FY2024.
  • Tamboran Resources (TBN) – Receives commitments for placement and signs convertible note agreement.
  • Southern Cross Media Group Ltd (SXL) – Reached an agreement with Network 10 to continue to broadcast numerous channels in three aggregated markets of regional QLD, Southern NSW and regional VIC until the end of the year.
  • Highfield Resources Ltd (HFR) – Secured access to land necessary to build Muga Potash Mine.
  • Starpharma Holdings Ltd (SPL) – Provided clinical trial updated. A voluntary partial clinical hold has been implemented.
  • BHP – Halts spending in Queensland after ‘unreasonable tax jump’.Premier Annastacia Palaszczuk shrugged off the threats from BHP. “We have a lot more other investors in Queensland.”

ECONOMIC & OTHER HEADLINES

  • The ANZ Roy Morgan consumer confidence survey continues to show low levels of consumer confidence, marking the 17th consecutive week below 80 points. This is the longest period of low confidence since the recession in 1990-1991. While there was a slight increase of 2.5 points in overall consumer confidence for the week ending June 25.
  • Anthony Albanese’s approval ratings have fallen to their lowest level since he won office in May 2022. His approval rating fell to 36% in an Essential poll on Tuesday, down from a high of 47% in February, while a Newspoll released the day before showed his net approval has halved in less than six months.
  • A Newspoll yesterday showed voter disapproval of Albanese climbed to 42% in June, while his approval rating slid to 52%.

ASIAN MARKETS

  • ‘Summer Davos’ or the World Economic Forum (WEF) continues in China.
  • China banned a prominent finance writer and two of his peers from social media platform Weibo for commenting negatively about the country’s stock market and unemployment rate.
  • China’s Premier Li Qiang warned governments that attempts to politicise their economies will only fragment the world as the US and Europe “de-risk” supply chains from the Asian nation. Li said China was on course to hit the government’s growth target of around 5%, a goal already seen as conservative.

US AND EUROPEAN HEADLINES

  • Putin accuses Wagner Group leaders of betraying Russia.
  • IMF warns central banks of ‘uncomfortable truth’ in inflation fight.
  • Harry Markowitz has died aged 95. He won the Nobel economic science prize for his work on portfolio theory and the relationship between risk and reward. Markowitz focused on the statistical properties of portfolios of securities. In plainer language, he treated investing as gambling.

And finally…

Knock knock!

Who’s there?

Grammar Police visiting.

Grammar Police visiting who?

Grammar Police visiting WHOM!

I went into my local takeaway and requested Fish and Chips twice. The man behind the counter said ‘I heard you the first time’

Clarence

XXXX