ASX 200 rose 52 points to 7125 (0.7%) in a very solid day although off highs. Gains in most sectors with the Banks up again CBA up 0.9% and NAB up 0.8% with the Big Bank Basket at $(). MQG rose 0.7% with other financials doing well, ASX up 0.6% and SUN up 0.4% on ACCC hopes. QBE dropped 3.2% with other insurers easing back. REITs higher again, GMG up 1.4% and SCG up 1.5% with healthcare also firm, CSL up 0.5% and RMD bounce continues up 1.5%. Industrials looking good, TCL up 0.4%, WOW and COL firmed despite inquiries proposal into price gouging. WES rose 1.0% with tech better led by WTC up 1.9% and XRO up 1.7%. Iron ore miners and gold the stand outs in resources, BHP up 1.7% and RIO firing 1.6% higher. Gold hit an all-time high with NEM doing well up 2.9% and NST up 3.7%. Lithium stocks remain depressed but uranium in demand DYL up 6.4% with PDN up 1.9%. Oil and gas under pressure, WDS down 1.6% and STO off 1.2%. In corporate news, ORG Plan A was voted down as expected, the stock halted down 3.9%, MTS up 1.1% after 1H results, PGH unchanged as its offer was extended and ORA is now officially the owner of Saverglass. In economic news, The value of new owner-occupier loan commitments for dwellings rose 4.9%in October 2023. Asian market were weaker with Japan down 0.6%, China down 0.3% and HK down 0.6%. 10-year yields at 4.46%. Gold at all-time highs.

HIGHLIGHTS

  • Winners: CHN, LOT, SGR, GMD, DYL, RED, BGL, GTK
  • Losers: SYA, STK, SMR, WC8, AZS, CXO, HLS
  • Positive sectors: Banks. Iron ore. REITs. Industrials. Tech. Gold Miners.
  • Negative sectors: Oil and gas. Lithium.
  • High 7168 Low 7097
  • Big Bank Basket: Higher at $179.61 (0.7%)
  • All-Tech index: Up 1.2%
  • Gold: Higher at $3131
  • Bitcoin: Higher at $40853
  • Aussie Dollar: Steady at 66.57c
  • 10-year yields back to 4.46%.
  • In Asian markets, Japan down 0.6%, China down 0.3% and HK down 0.6%.
  • US Futures: Dow futures down 8 Nasdaq down 51.

MAJOR MOVERS

  • CHN +11.5% broker upgrades.
  • SGR +6.9% good bounce.
  • DYL +6.4% uranium play.
  • GMD +6.5% gold hits all-time high.
  • BGL +5.5% gold explorer.
  • BPH +13.2% east coast gas changes.
  • PGC +13.2% EBO takeover rumours.
  • SVL +11.4% where gold goes, so does silver.
  • STX -9.5% South Erregulla update.
  • SYA -9.7% lithium and critical metals weigh.
  • CXO -5.6% lithium depressed.
  • ORG -3.9% computer says no.
  • AZS -6.3% about time. 
  • BRN -9.8% funding mechanism.
  • Speculative Stock of the Day: Boab Metals (BM) +44.8% on a ASX speeding ticket response.

ECONOMIC and Other HEADLINES

  • ANZ argues ACCC is divorced from reality with its objections to SUN deal.
  • Bitcoin hits $40k. Gold hits all-time high on rate cuts and Palestine.
  • Evergrande liquidation meeting postponed in surprise move. The proceedings have been adjourned to Jan. 29.
  • China’s central bank governor pledged to keep the growth of money supply in check and offer better support to key sectors including technology and advanced manufacturing.
  • EU budget dispute threatens €50bn war lifeline for Ukraine.
  • Rupert Murdoch has been spotted in public for the first time with former Russian scientist Elena Zhukova.Venezuelan voters approve claim to oil-rich swath of Guyana.

And finally….

I’ve just finished reading a book about a deaf tractor driver. It was quiet harrowing.

Clarence

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