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ASX 200 closes up 36 points in another strong day at 7556 (+0.5%) on Chinese stimulus hopes. The index is up 2.8% since last Friday. Resources were passed the baton today, with quarterlies dominating too, FMG leading the iron ore stocks higher up 2.0%, production numbers beating expectation, Iron ore picking back up in Asia, helping BHP up 1.5% and RIO up 2.8%. MIN powered ahead on its quarterly on some short covering and bargain hunting up 7.1%. PLS kicked a little on broker comments up 2.0%. Gold stocks were mainly firmer, with NST up 0.7% and EVN gaining 1.6%. Oil and gas stocks slightly higher, with both WDS and STO up around 0.7%. Coal stocks better too, WHC up 1.2%. Banks pushed ahead slightly, the Big Bank Basket shrugging off cooling broker talks with a push to $197.02 (+0.2%). MQG eased 0.2%, Insurers doing well, with QBE up 1.4%. Industrials were mixed, healthcare punched higher on RMD results up 6.4%, COH also better, REITs eased, and tech fell slightly on Tesla results. The All–Tech Index down 0.2%. In corporate news, Is Don, is bad apparently as DMP were stuffed crust on lower Asian sales, falling 31.0%, NAN rallied 4.5% after a day to forget yesterday, SYA dropped 9.1% on a strategic review, IPL added 4.7% on plans to return $500m to shareholders. In AAC, its biggest shareholder pleaded guilty to insider trading, the stock rose 1.7%. On the economic front, all eyes on Chinese stimulus and US results. ECB tonight. Tesla falls after hours. In Asian markets, China stimulus hopes. Japan +0.2%, China up 2.1%, HK up +1.3%. Dow Futures up 70 points. NASDAQ Futures down 11 points. 

HIGHLIGHTS

  • Winners: GRR, WBT, KGN, LOT, MIN, RMD, IMU
  • Losers: DMP, SQ2, HDN, WOR, C79, CQE
  • Positive sectors: Iron ore. Lithium. Oil and gas. Healthcare.
  • Negative sectors: Pizza sliced. REITs. Tech.
  • ASX 200 Hi 7559 Lo 7524
  • Big Bank Basket: Higher at $197.02 up 0.4%
  • All-Tech Index: Down 0.3%
  • Gold: Steady at $3065
  • Bitcoin: Settles higher at US$40008.
  • 10-year pushes back up to 4.23%
  • AUD: Slips to 65.77c
  • Asian markets: China stimulus hopes. Japan unchanged, China up 1.3%, HK up +1.4%

MAJOR MOVERS

  • KGN +8.4% broker upgrades.
  • WBT +8.8% tech surge.
  • LOT +7.9% uranium play.
  • RMD +6.4% quarterly beat.
  • MIN +7.1% lithium production still profitable.
  • IPL +4.7% return of capital.
  • PMT +14.9% Ken Brinsden takes helm.
  • PIQ +8.2% Investor presentation.
  • DVP +10.3% book squaring.
  • DMP -31.1% stuffed crust on Asian miss.
  • LTR -2.1% sell off again.
  • IEL -2.2% broker downgrades.
  • SQ2 -5.0% no reason, maybe bitcoin losses.
  • A11 -9.1% offtake update.
  • SYA -9.1% strategic review.
  • PEN -8.0% change in substantial holding.
  • Speculative Stock of the Day:  Nothing on any volume.

COMPANY NEWS

ECONOMIC AND OTHER HEADLINES

  • Albanese fronts Press Club with Stage Three tax changes.
  • Asks ACCC to launch inquiry into supermarkets.
  • RBA talks cash hoarding and nefarious uses.
  • ECB Decision tonight. No change expected.
  • SK Hynix returns to profit boosted by AI memory chip demand.
  • Tesla warns sales growth could be ‘notably lower’.
  • UK billionaire Joe Lewis pleads guilty in US insider trading case.
  • Regulator blocks expanded production of Boeing’s 737 Max.
  • Skydance Media is interested in leading a deal to take all of Paramount Global private potentially.
  • Australia Day Holiday tomorrow.

And finally….

Clarence

XXX