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ASX 200 lost 16 points to 7426 (0.2%) in lacklustre trade dominated by M&A activity in LNK, ABC and PSQ. Monday M&A day ahead of Xmas break. Banks drifted lower with the Big Bank Basket unchanged at $188.20. Insurers suffered as yields fell again, QBE down 0.6% and SUN off 1.8%. Fund managers lower with REITs under pressure, GMG up 0.1% and VCX down 2.4%.  Industrials weaker, TLS off 0.9% with staples easing, WES down 0.5% and WOW down 0.7%. Tech held up on lower rates, WTC up 0.1% with the All–Tech Index up 0.2%. Resources mixed, PLS up 1.3% and AKE running 1.7% higher ahead of the vote this week, Iron ore miners mixed, Oil and gas faltered, WDS down 0.3% and STO falling 1.6%. Gold miners flat and coal mixed. In corporate news, LNK had a bid from Mitsubishi, up 27.0%, ABC saw the Barro Group bid 320c in cash, up 31.3% and PSQ also saw a NBIO rally 18.0%. ZIP fell 2.4% on a funding package. TAH up 23.1% after saying it would keep its Victorian wagering and betting business. SGP fell 3.6% after announcing a deal to buy 12 LLC communities. Nothing substantive on the economic front. Asian markets weaker, Japan down 0.9% China down 0.2% and HK off 1%%. 10-year yields fell again to 4.07%.

HIGHLIGHTS

  • Winners: ABC, NEU, LNK, TAH, CXO, JDO, MRM
  • Losers: AD8, PXA, ADT, ASB, KGN, CMW
  • Positive sectors: Lithium.
  • Negative sectors: REITs. Staples. Insurers. Oil and gas.
  • ASX 200 Hi 7444 Lo 7406
  • Big Bank Basket: Unchanged at $188.20
  • All-Tech Index: Up 0.2%
  • Gold: Eases to $3012
  • Bitcoin: Softer at US$41057
  • 10-year yields lower at 4.07%
  • AUD: Steady at 67.14c
  • Asian markets weaker, Japan down 0.9% China down 0.2% and HK off 1%%.
  • US futures: Dow futures and Nasdaq futures up slightly…

MAJOR MOVERS

  • ABC +31.3% Barro family bids.
  • NEU +29.5% positive trial results.
  • LNK +27.1% bid from Mitsubishi at 210c.Pls 16c in dividend.
  • TAH +23.1%’wins’ Victorian licence.
  • RIC +4.3% agreement to acquire Oceania Meat.
  • PSQ +18.00% smile you have a bid.
  • AZL +15.4% oversubscribed placement at premium.
  • VGL +14.6% cloud adoption and industry update.
  • AD8 -4.5% profit taking.
  • KGN -3.7% no news.
  • ZIP -2.4% funding package.
  • ABB -3.3% sellers take upper hand.
  • STK -47.5% ‘excellent’ drill results.
  • 4DS -8.6% slipping.
  • Speculative Stock of the Day: Nothing on any volume. Bid stocks excepted.

COMPANY NEWS

ECONOMIC AND OTHER HEADLINES

  • The Bank of New Zealand-BusinessNZ Performance of Services Index (PSI) was at 51.2 in November, up 2 points from October, but below the survey’s long-term average of 53.5.
  • The BOJ is in the midst of its last monetary policy meeting of 2023, with its decision due Tuesday. A majority of forecasters expect the central bank will end the world’s last negative rate regime by April, according to a Bloomberg survey.
  • China will release its loan prime rates on Wednesday, while inflation data from Japan is due Friday.
  • North Korea fired what appeared to be a long-range ballistic missile on Monday,
  • German far-right party makes fresh electoral breakthrough.
  • Chileans reject second attempt to rewrite constitution.

And finally….

Clarence

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