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The ASX 200 finished the day up 63 points to 7489 (+0.8%) in another strong across the board rally. RBA minutes helped, BoJ staying pat helped, and takeovers helped. Solid gains across the board. The Banks continue to march higher, CBA up 0.6% and WBC up 0.8%. The Big Bank Basket up to $189.23 (+0.5%). MQG kicked and insurers firmed, QBE bouncing 3.9%, SUN up 2.2%. REITs also in demand, GMG up 2.0% and SCG better by 0.3%. Industrials grinding higher, TCL up 1.7% WES up 1.3% and ALL up 2.0%. QAN slipped slightly down 1.7%, with Tech better, WTC up 1.1% and XRO rallying 1.6%. Healthcare also better, CSL up 0.6% and RMD finding buyers up 0.6%. In resources, iron ore miners hit highs despite Singapore iron pre slipping again. BHP up 0.6% and FMG up 1.1% putting Krug on Twiggy’s table. Gold miners slightly positive, NST up 1.4% with lithium stocks mixed. LTR up 11.3% as shorts worry about Gina and Albemarle teaming up. AZS up 1.7% as SQM and Gina teamed up with a $1.7bn bid. Oil and gas stocks better on Red Sea issues, WDS up 1.7% and BPT finishing 3.2% higher. In corporate news, AKE shareholders say yes, here at least. AGL up 0.6% on plans for its 500MW battery plant. GEM surged 13.6% on a marked improvement in the second half, PFP bought 3 funeral businesses, and ORG up 3.2% after getting its hands on another GBP280m investment in Octopus (UK). On the economic front, RBA minutes out, considered a rate rise but as we know, didn’t raise rates. Somewhat sidelined now, ANZ–Roy Morgan survey out, slight improvement, Japan kept policy on hold for the fourth decade. Japan up 0.2%, HK continues to slide down 0.7%, with China DOWN 0.1%. 10-year yields down to 4.12%. Dow Futures down 9 points. NASDAQ Futures down 12 points. 

  • Winners: GEM, LTR, NEU, RIC, IFM, MRM, A4N
  • Losers: GNE, WBT, TAH, ZIP, RED, CXO, PLS, CCP
  • Positive sectors: Everything really.
  • Negative sectors: Lithium.
  • ASX 200 Hi 7494 Lo 7425
  • Big Bank Basket: Higher at $189.23(0.54%)
  • All-Tech Index: Up strongly 1.3%.
  • Gold: Eases to $3010
  • Bitcoin: Higher at US$42943
  • 10-year yields lower at 4.07%
  • AUD: Higher at 67.23c
  • Asian markets mixed on BoJ news.

MAJOR MOVERS

  • GEM +13.6% trading update.
  • LTR +11.3% Plan B?
  • AKE -0.6% shareholders vote in favour of merger.
  • NEU +7.9% more trial news.
  • AD8 +4.9% bouncing back.
  • KAR +4.4% better oil prices.
  • A1N +12.8% update on proposed merger.
  • AGY +8.0% lithium rebound.
  • CVN +5.1% broker upgrades after board changes.
  • FDV +7.1% kicking on.
  • WBT -5.6% volatility continues.
  • TAH -5.0% broker downgrades.
  • PMT -2.6% just games.
  • PLS -3.0% shorts in command.
  • RF1 -1.8% buy back update.
  • 88E -20.0% falls again.
  • POS -10.0% sinking feeling.
  • Speculative Stock of the Day: MTM +109.52% acquisition of REE project.

COMPANY NEWS

ECONOMIC AND OTHER HEADLINES

  • RBA minutes – it considered lifting the cash rate at its December policy meeting before deciding to hold it steady at 4.35%
  • ANZ confirmed its views that the Reserve Bank will keep the cash rate on hold well into next year and the first cut will come in November.
  • ANZ-Roy Morgan Australian Consumer Confidence improves slightly, with a one-point increase and a 1.8-point rise in the four-week moving average, driven by outright homeowners and those paying off their homes, while weekly inflation expectations and future economic conditions show mixed results.
  • The Bank of Japan maintained ultra-loose monetary settings on Tuesday in a widely expected move.
  • The BoJ maintained a 0.1% interest charged on financial institutions’ excess reserves and a 0% target for the 10-year government bond yield set under its yield curve control (YCC) policy.
  • US Defense Secretary Lloyd Austin announced a new maritime task force intended to protect commercial vessels traveling through the Red Sea from attacks by Houthi militants.
  • A volcanic eruption has begun in the southwest of Iceland, so far no disruption other than local. No flights affected.
  • EU strives to make Orbán realise ‘full costs’ of isolation after Ukraine veto.
  • SEC charges fintech chief with ‘massive’ fraud after Hindenburg short position.
  • Bankruptcies soar as high rates and end of Covid aid hit businesses hard.

And finally…..

Clarence

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