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MARKET WRAP

ASX 200 up another 49 points to 7538 (0.7%). Another day another push towards 7600. Across the board gains with banks in demand again, ANZ up 0.7% and WBC up 1.0%. The Big Bank Basket trading at $190.21(0.5%). MQG kicked 0.9% higher with GQG doing very well up 1.5%. Insurers slightly better, REITS in demand, SCG up 1.0% and SGP up 1.6%.  Industrials better again, WES up 1.0%, WOW up 0.8% and TLS up 1.8%. Tech a little mixed, WTC down 1.3% and XRO up 0.2% with the All–Tech Index up 0.2%. Retailers in demand, PMV up 0.3%, SUL up 1.7% and LOV doing well up 2.5%. Xmas is coming. Not for KMD which warned on sales falling 8.0%. Resources better, iron ore stocks seem to be running out of juice, FMG down 0.8% and BHP up only 0.4%. Lithium stocks rebounding a little, IGO up 2.3% and MIN rising 0.5%. Gold miners better again, GMD up 2.3% and NST rallying 1.6%. Oil and gas stock in the green, WDS up 0.6% and KAR up 2.0%. In corporate news, CHN CEO called for a ban on short selling, ORI dropped 2.5% on a Canadian acquisition, Terra for $560m. PXA fell 11.8% on a Smoove update and TCL saw some board changes. Nothing on the economic front, In Asia China left rates unchanged, Japan up another 1.6%, China down 0.5% and HK up 1%. 10-year yields steady at 4.05%

HIGHLIGHTS

  • Winners: SYA, CXO, LRS, EMR, GNE, TYR, RED
  • Losers: PXA, KMD, TPW, NEU, IFM, MAF
  • Positive sectors: Everything
  • Negative sectors: Nothing.
  • ASX 200 Hi 7552 Lo 7494
  • Big Bank Basket: Higher at $190.21(0.5%)
  • All-Tech Index: Up 0.2%.
  • Gold: Steady at $3012
  • Bitcoin: Eases to US$42635
  • 10-year yields lower at 4.05%
  • AUD: Higher at 67.73c
  • Asian markets Japan up another 1.6%, China down 0.5% and HK up 1%. 10-year yields steady at 4.06
  • US futures: Dow up 3 Nasdaq up 18.

MAJOR MOVERS

  • LRS +8.5% lithium rebound.
  • CXO +9.5% end of year push.
  • GNE +6.8% Shaw does block trade.
  • CHN +6.1% shorts covering again.
  • SYA +12.3% kicks on critical metal rebound.
  • RXM +18.2% signs letter of intent with Nittetsu Mining.
  • WA1 +10.6% West Arunta Assay results.
  • EGG -3.9% buyback update
  • PXA -11.8% Smoove acquisition and update.
  • KMD -8.0% Cat man don’t. Sales update.
  • NEU -4.3% trial enrollments and profit taking.
  • Speculative Stock of the Day: ETR +55.6% offtake deal signed with Trafigura on tyre recycling. WZR next best. 52.2% higher. No news.

COMPANY NEWS

ECONOMIC AND OTHER HEADLINES

  • 20,755 of the 658,524 death registrations received by the ABS between March 2020 and November 2023 were of people who died from or with COVID-19.
  • Chronic cardiac conditions were the most common pre-existing chronic condition for those who had COVID-19 certified as the underlying cause of death.
  • Chinese banks held their benchmark lending rates on Wednesday, following the central bank’s decision to skip cutting policy interest rates earlier this month.  The one-year loan prime rate was held at 3.45 per cent for the fourth month.
  • Donald Trump is ineligible to serve as US president because of his actions inciting the Jan. 6, 2021 attack on the US Capitol, Colorado’s highest court found.
  • With 24 accidents per 1,000 drivers during the period from mid-November 2022 to mid-November 2023, Tesla drivers clocked in with the worst accident rate in the U.S.
  • Ukrainian army chiefs seek to mobilise 500,000 more troops.
  • Nippon Steel takeover of US Steel faces opposition in Washington.

And finally……

After Chopin met Liszt, neither of them forgot any groceries ever again …

Clarence

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