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MARKET WRAP

ASX 200 romped ahead by 117 points to 7178 (+1.7%). All is forgiven after the losses of yesterday, even lithium staged a significant comeback. This despite falls in international lithium stocks. AKE up 3.0%, PLS up 5.6% with some large blocks traded, MIN rose 4.2% with iron ore miners not even stirred by news from RIO on Simandou, RIO up 0.7% and BHP rising 1.5%. Base metals better, Gina will be happier as LTR rose 6.1% and CHN up 10.8% on access permits. Gold miners mixed with EVN dropping 13.0% on the placement and acquisition fallout. Looks overdone. NST up 1.0%, and oil and gas stocks rallied too. WDS up 1.1%, and BPT rising 1.4%. BPH continued to backfill down 9.6%. Banks shot up, with NAB leading the way, up 1.9% and CBA up 1.6%. The Big Bank Basket up to $182.15 (+1.6%), with MQG up 1.8%. REITs kicked, GMG up 1.8% and SCG up 3.7%. 10-year yields down to 4.3%. Other financials also doing well, PPT up 6.3% and MFG up 3.6%, with its latest FUM up despite outflows. Healthcare better, CSL rallying another 1.7% with RMD up 0.9%. Industrials firmed across the board, TLS up 1.9%, TCL up 0.7% and staples rallying hard, WOW up 1.9% and COL up 2.4%. Tech sparking higher, WTC up % and XRO up %. The All-Tech Index up 1.7%. In corporate news, EVN was the standout story, Chemist Warehouse is heading for a reverse takeover listing through SIG. EDV held an update with a hotel earnings target of $150m. WDS signed a sales deal with Mexican Pacific. On the economic front, GDP expanded 0.2% in the third quarter, less than the previous quarter’s 0.4% and consensus. Asian markets firmed, Japan up 1.8%, HK up 0.7% and China down 0.1%.

HIGHLIGHTS

  • Highs: HMC, PNV, WBT, CHN, EVT, LNK, AWC
  • Lows: EVN, 360, FCL, RPL, LOT, A4N
  • Positive sectors: Everything.
  • Negative sectors: Not much.
  • Big Bank Basket: Much higher at $182.15 (+1.6%)
  • All-Tech Index: Up 1.7%
  • Gold: Eases back to $3070
  • Bitcoin: Hitting highs at US$43733. Still low volume though.
  • AUD: Steady at 65.84c
  • Asian markets firmed, Japan up 1.8%, HK up 0.7% and China up 0.2%.
  • US futures: Dow up 75 Nasdaq up 74.

MAJOR MOVERS

  • PLS +5.6% few big block trades starting to go through.
  • CHN +10.8% access for Julimar granted.
  • PNV +13.0% First $8m sales month and $9m revenue month.
  • AWC +6.9% finding support.
  • LTR +6.1% bottoming?
  • WBT +11.3% tech bounce.
  • 4DS +16.3% low volume bounce.
  • CXO +17.4% lithium bounce.
  • LRS +11.8% upgrade to Colina.
  • ALG +7.2% Buyback update.
  • EEG +5.0% rally continues on gas plant news.
  • EVN -13.0% placement fall out.
  • 360 -7.4% director selling.
  • LOT -3.3% sell off continues.
  • PPS -9.6% buy back update.
  • PEN -4.5% BOE and EL8 raising hurts sentiment.
  • Speculative Stock of the Day: LNR +116.7% farm-in agreement for Earl Grey lithium project.

COMPANY NEWS

ECONOMIC AND OTHER HEADLINES

  • Australian GDP rose 0.2% (seasonally adjusted, chain volume measures). In nominal terms, GDP rose 1.2%, and household saving-to-income ratio decreased to 1.1% from 2.8%.
  • High inflation, rapidly rising interest rates and a record federal government income tax take have driven Australian living standards to their lowest level in eight years.
  • Government final consumption expenditure rose 1.1% this quarter after a 0.6% increase in the June quarter.
  • More US holiday shoppers turn to ‘buy now, pay later’ loans.
  • Elon Musk’s start-up xAI seeks to raise $1bn.
  • New Binance chief refuses to disclose global headquarters’ location.
  • India’s stock market value reached more than US$4 trillion for the first time. Up $1 trillion in three years.
  • Trafigura accused of multimillion trading cover-up in London court.
  • Nvidia will continue to develop a new set of products that comply with U.S. government regulations involving exports of high-end chips to China.
  • From 2007 through 2021, suicide rates for Americans ages 10 to 24 rose 62%.
  • Just to depress you, Beverly Hills Cop 1 was released 39 years ago.
  • Putin makes trip to Middle East.Interesting. Bet security is tight.

And finally….

Woolworths has announced they’ll be closed on Christmas Day so all the self-checkout people can be with their families.

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Clarence.

XXX