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ASX 200 has started the week in a very positive fashion, up 55 points to 7476(0.8%) on the US market rally and stronger US futures. Banks leading the charge with CBA up 1.3% and NAB up 1.1% with the Big Bank Basket up %. REITs too in demand despite yields remaining around 4.25% in the 10-years. GMG leading with a 1.3% gain. Industrials also doing well, TLS up 0.8% and BXB rallying 1.8%. Consumer stocks also finding buyers, WOW up 1.4%, COL up 1.4% and QAN rallying 2.3%. Retailers and healthcare strong too. JBH up 1.5% and CSL improving 0.5%. Tech modestly higher, improviong as the day wore on, the All-Tech Index up 0.9% with WTC up 0.9% and XRO up 0.6%.  A very different story in resources, iron ore stocks barely moving, BHP up slightly, by 0.3%, but lithium stocks smashed on a funding update from LTR which dropped 21.3% on the news, PLS smashed too down 4.0% and LYC with a production report this morning fell 1.3%. MIN is also under serious pressure, falling 9.6% on metal woes and mining services, which could be affected by recent nickel project shutdowns due to low prices. Coal stocks also under pressure, WHC down 2.1%. Gold stocks steady but uninspiring. In company news, S32 fell 2.8% on a production downgrade, CHN is cutting costs by 40% dropping 4.7%, ZIP jumped 16.5% on a very positive quarter and APX lost a meaningful customer in Google and a meaningful fall down 40.2%. Nothing on the economic front today. In Asia, Japan kicks again up 1.3%, China unchanged and HK down 2%. 10-year yields eased back to 4.23%.

HIGHLIGHTS

  • Winners: ZIP, PNV, A2M, 360, IEL, MGH
  • Losers: LTR, WC8, LRS, MIN, LTM, DVP, DYL
  • Positive sectors: Banks. Financials. Industrials. Tech. Retail.
  • Negative sectors: Lithium. Base metals. Critical metals.
  • ASX 200 Hi 7483 Lo 7428
  • Big Bank Basket: Higher at $196.38 up 1.3%
  • All-Tech Index: Up 0.9%.
  • Gold: Steady at $3072
  • Bitcoin: Settles higher at US$41290.
  • 10-year slips back to 4.23%
  • AUD: Better at 65.91c
  • Asian markets: Japan kicks again up 1.3%, China unchanged and HK down 2%
  • Dow Futures up 58 Nasdaq up 113.

MAJOR MOVERS

  • ZIP +16.5% quarterly update cheers.
  • PNV +9.8% record sales send global revenue up 66%.
  • A2M +6.3% cream rising.
  • ANG +14.3% upgrades guidance.
  • ORR +4.7% takeover bid from PRU at 55c.
  • WGN +8.6% trading update.
  • ART +5.0% takeover speculation.
  • COE -24.1% remediation costs rise.
  • LTR -21.3% funding gets pulled.
  • WC8 -17.0% good volume slip.
  • LRS -15.0% lithium stocks depressed.
  • MIN -9.6% lithium woes.
  • LTM -7.3% sinking.
  • JDO -5.6% broker downgrade.
  • DYL -5.8% run ends.
  • AGY -16.4% lithium depressed.
  • CKA -12.5% BBN coal mines update.
  • Speculative Stock of the Day: Nothing on any volume today.

COMPANY NEWS

ECONOMIC AND OTHER HEADLINES

  • The PBoC left its lending benchmark rates unchanged at a monthly fixing today. The one-year loan prime rate (LPR) was kept at 3.45%, and the five-year LPR was unchanged at 4.20%.
  • Gold reserves for China grew to 2,235t last year as investors globally rushed to the safe-haven metal, sending prices to record highs, the World Gold Council reported.
  • Macquarie raises record €8bn for Europe infrastructure fund.
  • Nikkei 225 hits 33-year high.

And finally…..

The ex said she wants all her Buddy Holly records back

Well that’ll be the day, I said

Clarence

XXXXX