ASX 200 drifted 16 points lower to 7309 (-0.2%) as iron ore miners and banks wallowed. WBC and ANZ, the worst performers ahead of CBA numbers Wednesday. The Big Bank Basket down to $176.94 (-0.2%). Insurers slid with QBE off 1.8% and SUN dropping 2.6%. MQG slightly firmer up 0.4% and GQG up 4.5% on better FUM numbers . GMG led the REITs bouncing as bond yields came under pressure, SCG up 1.1% and VCX rallying 0.5%. Healthcare was once again in ICU, RMD slipped 4.3% on downgrades, CSL dropped 1.1% and MSB continued to trade lower, down another 12.8%. Industrials were firm as TLS rose 0.5%, WES up 0.5% and BXB rallied 0.6%. Tech mixed, WTC up 0.6% and XRO off 1.2%. The All–Tech Index falling 0.6% as SQ2 dropped like a rock, down 10.1%. In resources, Lithium stocks came under a little pressure despite some good news in PLS up 3.8% and AKE up 2.4% but LTR and LRS both slid. Iron ore stocks once again under pressure, FMG down 1.6% and RIO off 0.8% with gold miners mixed. Oil and gas stocks were better as STO rose 0.3% and WDS up 0.6%. In corporate news, EHE rose 8.5% on news of the Scheme from Bain and the ACCC extended the ORG takeover decision again. PLS upgraded its resource, DHG saw its CFO leave for TPG and NIC has completed it haul road in Indonesia. Nothing on the economic front. Asian market weaker with China down 1%.10-year yields at 4.06%. Dow futures up 101 points. NASDAQ futures up 83 points.

HIGHLIGHTS

  • Winners: EHE, DYL, ARU, AX1, GQG, MYR, GUD
  • Losers: SQ2, PMT, LRS, CXO, TYR, DVP, RMD
  • Positive sectors: Oil and gas. REITs. Industrials.
  • Negative sectors: Iron ore. Banks. Healthcare.
  • High 7326 Low 7295
  • Big Bank Basket: Drifts to $176.94 (0.2%)
  • All-Tech index: Down 0.6%
  • Gold steady at $2949
  • Bitcoin: Slips to US29100
  • Aussie Dollar:  Steady at 65.66c
  • 10-Year Yield: Lower at 4.06%
  • Asian markets: Japan flat HK down 0,3%%, China down 1%
  • US Futures: Dow up 76 Nasdaq up 77.
  • European markets looking at a flat opening.

MAJOR MOVERS

  • EHE +8.5% Bain agrees to 320c.
  • GQG +4.5% FUM up by $4bn
  • DEG +2.6% brokers warm to it.
  • PLS +3.8% Resource upgrade.
  • GUD +3.9% sells Davey to Waterco.
  • AX1 +5.4% pushing back towards 200c.
  • MAP +7.8% interest stirring. Gut feeling.
  • ORR +10.3% Joint presentation with SVM.
  • AW1 +17.2% two new copper discoveries.
  • SQ2 -10.1% results fall out.
  • PMT -8.3% priority target identified,
  • LRS -6.0% couldn’t hold gains.
  • RMD -4.2% trying to find some support.
  • CXO -5.5% lithium stocks slipping.
  • MSB -12.8% that sinking feeling.
  • AIS -6.5% $40m drawdown complete.
  • LKE -18.6% response to ASX query letter.
  • Speculative Stock of the Day: Lithium Australia (LIT) +76%  – well and truly lit up on the news that MIN will sign a JV to fund the pilot plant for its disruptive lithium extraction technology LieNA. MIN will spend up to $4.5m and provide raw materials. If the plant is uccessful, MIN will do a JV to commercialise the new tech.
  • Winners: EHE, DYL, ARU, AX1, GQG, MYR, GUD
  • Losers: SQ2, PMT, LRS, CXO, TYR, DVP, RMD

HEADLINES

  • The ACCC has extended its examination of the proposed $18.7bn takeover of Origin Energy (ORG), delaying a decision on whether the merger can proceed for almost four weeks.
  • Australia has urged China to abolish all remaining trade restrictions after Beijing took tariffs off barley last week.
  • Asia-Pacific markets largely fell as investors look ahead to China’s inflation figures and trade balance later this week.
  • The Bank of Japan said it still has a “significantly long way to go” before revising its stance on its negative interest rate policy
  • China’s latest IPO Hua Hong Semiconductor jumped in its trading debut in Shanghai after it raised 21.2bn yuan (US$2.96bn) in the largest sale of new equity in the Asia Pacific region this year.
  • Bank of America still prefers bonds over equities.
  • Wheat prices jump as Ukrainian drone strikes raise supply fears.
  • Go the Matildas and the Lionesses.

COMPANY NEWS

And finally….

The Surest Sign
That Intelligent Life Exists
Elsewhere In The Universe
Is The Fact That It Has Never Tried To Contact Us.

Clarence

XXX