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ASX 200 falls another 22 points today to 7393 (-0.3%) to a four-week low as banks started to slip. Late rally helping slightly. The Big Bank Basket dropped to $191.54 (-0.4%). CBA led the fall down 0.6%, with WBC off 0.7%. MQG lost 0.6%, though insurers better on higher yields. 10-year yields touched 4.21%. REITs slid too, GMG off 0.1% and SCG down 1.0%. Healthcare a little higher CSL up 0.4%, and RMD up 1.1%. Industrials held relatively firm, supermarkets still under a little pressure, WOW down 0.1% and COL off 0.1% too. Tech slightly better and utilities bouncing off bottom, Retail stocks on the nose, LOV down 2.2%, PMV down 1.7% and SUL down another 2.3%. JBH lost 2.5%. In resources, the Three Amigos held firm, gold miners were smashed as EVN disappointed the true believers, Red Lake turned into the ‘Red Wedding’, and the stock collapsed 17.3% on production numbers. The rest of the sector fell in sympathy. AUD bullion prices hardly changed, but NST down 4.4% and NEM lost 5.1%. Lithium stocks depressed, PLS down 1.9%, and S32 headed south by 3.5%. Oil and gas in trouble, WDS down 1.4% and STO off 0.7%. In corporate news, TLC has a new chair, WA1 raising money at 1000c. On the economic front, Chinese GDP grew at 5.2% last year. National Australia Bank now expects the Reserve Bank to remain on hold until November, before the central bank starts cutting from the current cash rate of 4.35%. Meanwhile in Asia, everyone is bearish in China, and down she went again, off 0.7% and HK down 2.8%. Japan up 0.3%. Dow Futures down 67 points. NASDAQ Futures down 51 points. 

HIGHLIGHTS

  • Winners: A2M, DTL, BMN, TLX, DRR, BGA, TUA
  • Losers: EVN, DVP, BAP, CXL, NEM, BLX, SVW
  • Positive sectors: Healthcare. Insurers. Tech. Industrials.
  • Negative sectors: Banks. Gold miners. Lithium. Oil and gas. Retail.
  • ASX 200 Hi 7419 Lo 7373.
  • Big Bank Basket: Lower at $191.73 (0.4%)
  • All-Tech Index: Unchanged.
  • Gold: Eases to $3081
  • Bitcoin: Settles higher at US$42828.
  • 10-year yields higher at 4.20%
  • AUD: Easier at 65.70c
  • Asian markets: Japan unchanged, HK falling yet another 2.8% and China down 0.7%
  • Dow Futures down 67 Nasdaq down 51

MAJOR MOVERS

  • BMN +4.5% uranium stocks continue to bubble away.
  • DTL +5.1% broker upgrades.
  • DYL +2.7% keeps pushing up.
  • ERA unchanged – reverses early losses on ASX ‘Please Explain’.
  • DRR +3.9% broker talk ahead of BHP production numbers.
  • TLX +4.0% looking good still.
  • A2M +5.5% results call date.
  • ASN +16.2% going well. Good volume.
  • EVN -17.3% Red Lake issues. AISC rises.
  • DVP -6.5% another day of losses.
  • BAP -6.3% tops lower again.
  • SYA -4.1% no bottom.
  • CPV -11.4% deal with LuxWall to collaborate on Zero Window.
  • 3PL -10.0% no volume at all.
  • GL1 -7.5% sell off continues.
  • Speculative Stock of the Day: Nothing on any volume. PIM the best of the bunch up 67% on a Wirrulla project uranium exploration update.

COMPANY NEWS

ECONOMIC AND OTHER HEADLINES

  • Local cattle prices are heading higher.
  • Weekly Payrolls numbers. increased by 0.5% in the month since 11 November 2023 – increased by 2.4% in the year since 10 December 2022.
  • China fourth-quarter GDP grows 5.2% versus 5.3% estimate. China’s recovery momentum to continue, government says.
  • Retail sales grew by 7.4% in December from a year ago, also missing expectations for 8% growth.
  • Industrial production rose by 6.8% in December from a year earlier, beating forecasts for 6.6% growth.
  • Jobless rate rises to 5.1% and home prices fall.
  • New Year, new methodology in December, 14.9% of people aged 16 to 24 were unemployed. If you work one hour a week, you are considered employed.
  • China’s population shrunk by more than 2m people to 1.41bn in 2023.
  • BP to appoint interim boss Murray Auchincloss as chief executive.
  • Macron vows new reform push to counter far-right rivals.

And finally….

Congratulations to Hugh Zapritti Boyden for being voted chairman of the Budgerigar Appreciation Society. May need to say it out loud.

Elton John recently brought his pet rabbit a treadmill……It’s a little fit bunny.

I often say to myself,
“I can’t believe that cloning machine worked!”

Clarence

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