ASX 200 rose 19 points to 6998 (0.3%) in cautious trade ahead of the RBA tomorrow. Banks were firm and WBC results helping with the stock up 2.0% on a $1.5bn buyback and a $7.2bn profit. The Big Bank Basket up another 0.8% to $177.42. MQG giving back some of its gains from Friday down 1.0% and MFG slipped 0.4% following its latest FUM numbers. Insurers easing back as 10-year yields fall to 4.70% and REITs mixed. GMG reaffirming guidance down 0.4%. Industrials firm, but few stand out’s. Tech a little weaker with WTC up 1.0% and XRO down 0.4%. The All Tech Index down 0.4%. SQ2 fell 6.3% on profit taking. Healthcare doing well as CSL and RMD leading the charge from oversold levels up 1.7% and 3.1%. RMD now up almost 12% in a week. In resources, BHP down 0.1% and RIO off 0.9%, some talk of BHP wanting to bring Brazilian compensation to a head. Lithium stocks generally weaker, although WC8 up 9.6% on some new drilling results. PLS rose 1.3% with AKE up 1.2%. AZS unchanged as MIN buys in. Gold miners better with NEM up 1.0%. Uranium stocks taking a bath today with DYL off 8.7% and PDN falling 5.0%. Oil and gas stocks ease back on crude falls. In corporate news, WBT up 2.1% on first revenue, WSP gets a 48c cash bid, up 60%. Nothing on the economic front today locally. In Asia, China’s Li says it will boost imports and expand access. Japan plays catch up rising 1.7%, HK up 1.8% and China up 0.9%. 10-year yields at 4.72%.
HIGHLIGHTS
- Winners: WC8, IRE, RED, DEG, ASB, LOV, GMD
- Losers: DYL, SQ2, SLX, BOE, PDN, PPM, A4N.
- Positive sectors: Healthcare. Banks. Transport. Gold miners.
- Negative sectors: Energy. Insurers. Iron ore. Tech. Base metals.
- High 7009 Low 6978
- Big Bank Basket: Firmer again to $177.42(+0.8%)
- All-Tech index: Down 0.4%.
- Gold: Lower at $3046
- Bitcoin: Higher at $34917
- Aussie Dollar: Better at 65.14c
- 10-Year Yield: Steady at 4.72%
- Asian markets are stronger, Japan up 1.7%, HK up 1.8% and China up 0.9%
- US Futures: Dow futures up 23 Nasdaq up 2
MAJOR MOVERS
- WC8 +9.6% more good hits from LEIA at Tabba Tabba.
- IRE +8.3% broker upgrades.
- RED +8.2% AGM presentation.
- LOV +5.1% low volume bounce.
- STK +12.9% spec stock of the day last week.
- RFG +10.7% short covering on media speculation.
- ZIP +10.3% grinding higher.
- IMU +8.3% Phase 1 CF33 study update.
- DYL -8.7% PDN -5.0% BOE -4.6% uranium falls.
- IVZ -11.1% drill results disappoint.
- A11 -9.3% lithium sells off.
- EL8 -7.8% uranium sell down.
- Speculative Stock of the Day: TG6 up another 40.4%. New SSOTD last week on high-grade intercepts at Lake Johnstone. Rally continues. Good volume too.
COMPANY NEWS
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HEADLINES
- South Korea bans short sellers. Stocks jump. Kosdaq up 6.6%
- Crackdown on illegal mining forces Indonesia to import nickel ore.
- Japanese PM support hits new low.
- Elon Musk releases new AI chatbot ‘Grok’ in bid to take on ChatGPT .
- Trump leads in 2024 polls as fears over war and economy hurt Biden.
- BHP aims to settle over Brazil dam disaster.
And finally…..
I know these are old but still funny….
How do court stenographers keep a straight face?
These are from a book called “Disorder in the Court” and are things people actually said in court, word for word, taken down and published by court reporters, who had the torment of staying straight-faced, while the exchanges were taking place.
ATTORNEY: What gear were you in at the moment of the impact?
WITNESS: Gucci sweats and Reeboks.
–
ATTORNEY: Are you sexually active?
WITNESS: No, I just lie there.
–
ATTORNEY: What is your date of birth?
WITNESS: July 18th.
ATTORNEY: What year?
WITNESS: Every year.
–
ATTORNEY: How old is your son, the one living with you?
WITNESS: Thirty-eight or thirty-five, I can’t remember which.
ATTORNEY: How long has he lived with you?
WITNESS: Forty-five years.
–
ATTORNEY: Now doctor, isn’t it true that when a person dies in his sleep,
he doesn’t know about it until the next morning?
WITNESS: Did you actually pass the bar exam?
–
ATTORNEY: The youngest son, the 20-year-old, how old is he?
WITNESS: He’s 20. Very close to your IQ.
–
ATTORNEY: Were you present when your picture was taken?
WITNESS: Are you shitting me?
–
ATTORNEY: So the date of conception (of the baby) was August 8th?
WITNESS: Yes.
ATTORNEY: And what were you doing at that time?
WITNESS: Getting laid.
–
ATTORNEY: She had three children, right?
WITNESS: Yes.
ATTORNEY: How many were boys?
WITNESS: None.
ATTORNEY: Were there any girls?
WITNESS: Your Honour, I need a different attorney. Can I get a new attorney?
–
ATTORNEY: How was your first marriage terminated?
WITNESS: By death.
ATTORNEY: And by whose death was it terminated?
WITNESS: Take a guess.
–
ATTORNEY: Can you describe the individual?
WITNESS: He was about medium height and had a beard.
ATTORNEY: Was this a male or a female?
WITNESS: Unless the Circus was in town I’m going with male.
–
ATTORNEY: Is your appearance here this morning pursuant to a deposition
notice which I sent to your attorney?
WITNESS: No, this is how I dress when I go to work.
–
ATTORNEY: Doctor, how many of your autopsies have you performed on
dead people?
WITNESS: All of them. The live ones put up too much of a fight.
–
ATTORNEY: ALL of your responses MUST be oral, OK? What school did you attend?
WITNESS: Oral.
–
ATTORNEY: Do you recall the time that you examined the body?
WITNESS: The autopsy started around 8:30 PM.
ATTORNEY: And Mr. Denton was dead at the time?
WITNESS: If not, he was by the time I finished.
–
ATTORNEY: Doctor, before you performed the autopsy, did you check for a pulse?
WITNESS: No.
ATTORNEY: Did you check for blood pressure?
WITNESS: No.
ATTORNEY: Did you check for breathing?
WITNESS: No.
ATTORNEY: So, then it is possible that the patient was alive when you
began the autopsy?
WITNESS: No.
ATTORNEY: How can you be so sure, Doctor?
WITNESS: Because his brain was sitting on my desk in a jar.
ATTORNEY: I see, but could the patient have still been alive, nevertheless?
WITNESS: Yes, it is possible that he could have been alive and practicing law.
Clarence
XXX
Beeks Downunder-Because not all financial news is boring! 