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ASX closed up 22 points to 7600 (+0.3%) after shooting higher in morning trade. It hit near record highs before a sell-off. Banks eased back very slightly, with WBC down 0.5% and Big Bank Basket unchanged at $198.79.  Insurers eased back, with QBE down 2.2% and SUN off 2.0%. Other financials eased back too, MQG the exception up 0.2%.  REITs better led by GMG up 1.0% and SCG up 2.1%. Tech better WTC up 1.3%, and the All–Tech Index up 1.1%. Telcos slightly better, TLS up 0.5%. Industrials mixed, REA better by 1.5% and WOW down 0.8% on broker calls, CPU down 1.6% and BXB off 1.7%. In resources, iron ore stocks firmed on stimulus hopes, Gold miners better as GOR bounced 10.0% on broker commentary. Lithium stocks showing some early signs, and uranium stocks finding their feet, with oil and gas falling slightly as crude slipped. In corporate news, plenty of quarterlies and earnings updates, MP1 lived up to its name with a gush higher on better than expected, up 27.6%, 29M fell 16.8% on quarterly numbers missing, MAD dropped 5.3%, surprisingly considering it looked ok, DJW ex-div and NIC up 20.8% on a div increase and buyback. In economic news, retail sales came in below forecast down 2.7%, and Godfreys went into administration. In Asian markets, China slipped lower as stimulus hopes fade. China down 0.8%, HK off 2.2% and Japan up 0.1%. Bond yields fell back to 4.15%. Dow Futures down 56 points. NASDAQ Futures up 9 points. 

HIGHLIGHTS

  • Winners: MP1, NIC, GOR, LTR, SQ2, KGN, BMN, LOT
  • Losers: MAD, NWL, ADT, STX, A4N
  • Positive sectors: Healthcare. REITs. Tech. Gold miners. Telcos.
  • Negative sectors: Banks. Insurers.
  • ASX 200 Hi 7631 Lo 7580
  • Big Bank Basket: Unchanged at $198.79.
  • Oil up around 0.3% in Asian trade.
  • FOMC kicks off tonight.
  • All-Tech Index: Up 1.1%
  • Gold: Steady at $3074
  • Bitcoin: Settles higher at US$43541
  • 10-year eases to 4.14%
  • AUD: Higher at 66.12c
  • Asian markets: Japan up 0.3%, HK down 1.9% as selling returns, China down 0.8%
  • Dow Futures down 56 Nasdaq up 9

MAJOR MOVERS

  • NIC +20.8% quarterly dividend increase and buyback.
  • GOR +10.0% positive broker research.
  • SQ2 +6.6% tech momentum in US.
  • KGN +6.4% broker upgrades.
  • DYL +4.9% BMN +6.2% LOT +6.0% uranium heads back up.
  • LTR +7.3% enter Gina perhaps next month.
  • CCX +26.4% US business takeover talk.
  • DRO +10.6% Launch of DroneSentry-X Mk 2.
  • LKE +7.8% amendment and agreement with Cito and JP Morgan.
  • NWL -4.4% broker downgrades.
  • MAD -5.3% quarterly disappoints.
  • ADT -4.1% reverses yesterday’s gains.
  • EMR -2.4% quarterly ends recent run.
  • DJW -3.6% ex dividend.
  • 29M -16.7% misses production guidance.
  • ARX -13.9% sales numbers disappoint.
  • Speculative Stock of the Day: Megaport (MP1) +27.6% Webinar and quarterly cheer. Shorts squeezed.

COMPANY NEWS

ECONOMIC AND OTHER HEADLINES

  • FOMC kicks off with tech results in focus.

Australian Retail Sales – The December 2023 seasonally adjusted estimate:

  • Fell 2.7% month-on-month.
  • Rose 0.8% compared with December 2022.
  • Godfreys goes bust – They were always Dyson with death.
  • China’s benchmark government bond yield fell to its lowest in nearly 22 years on mounting expectations for further monetary easing.
  • BYD said in a filing with the Shenzhen Stock Exchange that profit last year likely rose by at least 74% to a range of 29bn yuan to 31bn yuan (US$4.09bn to US$4.37bn).
  • Boeing’s reputation has taken a significant hit this month dropping 12% from December 23 to Jan 24.
  • US Retailers expect 16.5%, or $24.5bn worth, of holiday returns to be fraudulent this year.
  • Musk says first human has received Neuralink brain implant.
  • Hungary vows to defy EU ‘blackmail’ over Ukraine funding.
  • EY starts monitoring UK staff office attendance with turnstile data.

And finally…..

Clarence

XXX