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ASX 200 finished up 23 points to 7578 (0.3%). A positive start to the week with some big events to come. Once again, we saw a divergence in the markets with financials continuing to defy analysts and power up, The Big Bank Basket up to $198.84 (0.9%). MQG rose 0.6% with insurers under a little pressure today. REITS back in demand despite no real change in bond yields, Industrials relatively firm, COL up 0.6% and WOW unchanged despite some Kiwi woes. Gaming stocks did well, TLC up 1.4% and ALL up 0.6% with healthcare mildly positive, CSL up 0.1% and RMD unchanged. Tech stocks sagged a little on Nasdaq softness, WTC down 2.5% and XRO off 3.0%, with the All–Tech Index falling 0.3%. In the resource space, BHP slumped 1.4% on Samarco news over the weekend. FMG powered another 1.0% higher on broker upgrades, gold miners were mixed, NST was up 0.4%, but GOR crashed 18.4% on a quarterly report. Lithium stocks pushed a little higher as PLS rose 2.0% and IGO with plans to cut back on production rose 1.7%. Oil and gas stocks were in demand as oil rose on further tensions after US casualties in the Middle East. In corporate news, BAP saw a winning streak on M&A suggestions after an earnings downgrade up 5.9%, PPT announced FUM dropped $4.3bn, KAR boosted sales in last quarter, WOW announced a write down in NZ and with its EDV holding, SUN saw $568m in claims from recent wild weather. Nothing on the economic front, in China, Evergrande went into liquidation, little effect so far. Asian markets saw gains, Japan up 1%, China up 0.1% and HK bouncing back 0.9%. 10-year yields steady around 4.20%

HIGHLIGHTS

  • Winners: ADT, DVP, BAP, BGL, EMR, GQG, AWC
  • Losers: GOR, C79, LTM, GEM, OCL, BMN, IMU
  • Positive sectors: Banks. REITS. Oil and gas. Gaming. Utilities.
  • Negative sectors: Insurers. Iron ore. Tech.
  • ASX 200 Hi 7584 Lo 7544
  • Big Bank Basket: Higher at $198.84 up 0.9%
  • All-Tech Index: Down 0.3%
  • Oil 0.6% higher in Asian trade.
  • Gold: Steady at $3074
  • Bitcoin: Settles higher at US$42240
  • 10-year eases to 4.22%
  • AUD: Higher at 65.89c
  • Asian markets: Japan up 1%, China down 0.1% and HK bouncing back 0.9%.  
  • Dow Futures unchanged Nasdaq up 5

MAJOR MOVERS

  • BAP +5.9% takeover speculation.
  • ADT +13.1% strong bounce.
  • DVP +11.4% quarterly update.
  • GQG +4.5% market leverage.
  • BGL +5.4% quarterly update.
  • EMR +4.6% kicks again.
  • AGY +9.9% quarterly.
  • TLG +11.6% quarterly.
  • GOR -18.4% quarterly disappoints.
  • BMN -4.8% BOE -4.5% DYL -3.9% uranium flounders.
  • C79 -6.8% slide continues.
  • CXL -22.0% Heidelberg Cement delays.
  • FBR -15.4% quarterly report.
  • FDV -9.4% quarterly report.
  • Speculative Stock of the Day: Mako Gold (MKG) +33.3%

COMPANY NEWS

ECONOMIC AND OTHER HEADLINES

  • Evergrande to be liquidated.
  • China will halt the lending of certain shares for short selling from Monday. The MSCI China Index has lost 60% from a February 2021 peak.
  • Singapore’s central bank (MAS) left its policy unchanged on Monday in its first quarterly monetary policy decision of 2024, as expected. It also said it expects the country’s gross domestic product to improve in 2024, estimating growth between 1% and 3%.
  • German right wing populists defeated in regional election.
  • Burkina Faso, Mali and Niger quit regional bloc in escalation of tension.

And finally…..

My dad told me that I have no sense of direction. So I packed my things and right

Clarence

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