ASX 200 shrugged off early indifference to push off the 6900 level to close at 6925, up 35 points (+0.5%). Banks and industrials leading the bounce from oversold levels. The Big Bank Basket rose to $173.59 (+0.9%). CBA up 0.9%, and NAB up 0.7%. Insurers steadied, fund managers found their feet, and MQG up 1.1%. REITs found support as GMG rose 2.6% and SCG up 2.9%. Industrials too finding bargain hunters, TLS up 1.1%, REA up 2.6%, and WOW rallying 1.5%. Healthcare isbetter, although CSL still wallowing. Tech following US tech higher, with the All–Tech Index up 1.4% and ALU up 1.6%.  Resources dragged. BHP down 0.7%, RIO off 1.5% and lithium stocks under pressure, PLS down 2.7% and IGO off 4.0% on some broker chat on downgrades. Gold miners steadied, NCM up 1.8% on a $1.10 special dividend. Oil and gas recovered from early lows. In corporate news, not much around again, WGX rallied 2.5% production guidance, PXA fell 1.8% after announcing a UK acquisition. On the economic front, trade numbers cheered, and spending data suggested the economy is still doing ok. Asian markets rallied on slightly higher oil prices and better US sentiment, Japan up 1.9% and HK up 0.6%. Dow Futures down 13 points and NASDAQ Futures down 2 points. 

MAJOR MOVERS

  • STX +11.5% successful appraisal of South Erregulla.
  • CBO +10.6% up on the good oil, low volume
  • GMD +3.8% broker upgrade.
  • WBT +4.7% tech bounce from oversold.
  • NST +4.7% gold miners finding friends.
  • STA +14.1% response to ASX ‘Please Explain’.
  • PNR +11.8% Norseman production increasing.
  • 4DX +4.2% picks up.
  • CXO -6.3% broker downgrade
  • LRS -3.8% lithium stocks under pressure.
  • IGO -4.0% broker research.
  • MAD -6.1% bouncing around.
  • PMT -7.4% appointment of IR head.
  • PAN -8.3% Mineral and Ore reserve statement.
  • BCB -11.1% volatile again.
  • Speculative Stock of the Day: Dimerix (DXB) +154.1% posted the announcement this morning on FB. Very good announcement too, and the stock has kicked again. The company announced a license agreement with Advanz Pharma with an exclusive licence to commercialise DMX-200 in Europe, Canada, Australia and New Zealand.
  • Winners: STX, CBO, WBT, APM, NST, CUV.
  • Losers: CXO, MAD, IGO, LRS, ALL, FCL

HEADLINES

  • Australia recorded a trade surplus of $9.64bn in August of 2023.
  • Household spending increased 4.8% through the year on a current price, calendar-adjusted basis.
  • Citigroup raised its growth forecast for China to 5% this year, as promising data showed the Chinese economy may have bottomed.
  • Sales at China’s major retailers and restaurants rose 8.3% in the first three days of the Golden Week Holidays.
  • Doosan Robotics more than doubled in its trading debut in Seoul after raising 421bn won ($312m in South Korea’s largest IPO this year.
  • Bank of Japan buys US$12.7bn of bonds as yields hit highest in a decade.
  • Sunak axes northern leg of HS2 in flurry of ‘radical’ decisions.
  • 2023 set to be hottest on record.
  • Spain, Portugal and Morocco to host 2030 World Cup.
  • European markets opening higher.

And finally….

I was always told I’d never be good at poetry because I’m dyslexic, but so far I’ve made 3 jugs and a vase

Cadbury has denied that it is about to discontinue one of its chocolate bars.
They said it’s flake news.

Clarence

XXXX