The ASX 200 powered back up another 111 points to an all-time high of 7699 (+1.5%) as US tech took off. Green across the screen, banks found buyers again with the Big Bank Basket up to $199.37 (+1.4%). CBA jumped 1.5%, with MQG up 1.7%, but the real stars were the REITs GMG up a massive 6.2% on a Citi research report into the sector. SCG rose 2.7%, and DXS up 0.8%. Industrials rocketed higher, TLS up 1.2%, with WOW gaining 1.8%, WES up 1.5% and ALL running 1.6%. Some relative weakness in the retailers, with JBH unchanged and BAP losing 0.9%. Resources picked up the baton today, shrugging off weaker commodity prices and taking heart from Meta. BHP rose 1.1%, with FMG up 0.8%. Uranium stocks running hard as Kazatomprom cut production guidance, sending the bulls back in. BOE up 8.0%, and DYL up 12.8%, with lithium shares also finding some friends, PLS up 2.6% and MIN rising 1.2%. Gold miners were firm on a rise in bullion prices, NST up 4.1%, NEM up 2.7%, and GMD doing well up 5.6%. Oil and gas stocks were a little uninspiring, WDS up 0.6% and STO up 1.8%. In corporate news, skinny today. On the economic front, CBA says no rate increase next week and 75bps cuts in 2024. Housing finance fell 4.1% to $26.3bn. Asian markets mixed again, with Japan up 0.4%, HK up 0.4%, China down 1.1%, while India rose 1.1%. 10Y yields fell below 4%. Oil up 0.4% in Asian trade. Dow Futures flat, up 3 points. NASDAQ Futures up and away, advancing 169 points. 

HIGHLIGHTS

• Winners: DYL, PNI, BOE, SKC, PDM, ADT, SGF, GMG, AQZ
• Losers: WGX, FCL, AGL, ZIP, LTM, RSG, MIC
• Positive sectors: Everything but coal.
• Negative sectors: Coal
• ASX 200 Hi 7704 Lo 7599
• Big Bank Basket: Pushes hard to $199.37 (+1.4%)
• All-Tech Index: Up 2.4%.
• Gold: Unchanged at $3116
• Bitcoin: Settles higher at US$42990
• 10-year eases to 3.98%
• AUD: Higher at 65.96c
• Asian markets: Japan up 0.5%, HK up 0.6% and China down 0.8%. India up 1.1%.
• Dow Futures up 3 Nasdaq up 169

MAJOR MOVERS

• DYL +12.8% BOE +8.0% PDN up 6.6% uranium bounces hard.
• PNI +8.6% cracks the $100 FUM.
• GMG +6.2% Citi REIT report.
• DRO +12.6% going really well still.
• OPT +9.4% team changes.
• TLG +8.0% webinar.
• EL8 +9.0% uranium.
• AQZ +4.3% new CEO.
• AGL -4.3% broker downgrade.
• LTM -3.9% lithium continues to fall.
• ZIP -4.1% profit taking.
• NIC -3.2% ex-dividend.
• BAP -0.9% profit taking.
• Speculative Stock of the Day: Nothing on any volume. Honourable mention to MKG kicking again 28.6% after positive news this week.

COMPANY NEWS

ECONOMIC AND OTHER HEADLINE

• Australia’s PPI fell 0.9% QoQ in Q4 2023, slowing from a year of 1.8% in Q3. Results mark the 14th consecutive period of growth amid higher prices.
• Australia Home Loans fell 5.6% MoM in Dec-23, reversing from a downwardly revised 0.3% rise the prior month.

• CBA tips RBA to cut cash rate 75bps in 2024. No change expected next week.
• Japan’s Aozora Bank shares hit near 3-year lows on U.S. commercial property losses.
• India’s stock market rally fuels rush of IPOs.
• Gold demand hit record highs in 2023 on the back of persistent geopolitical tensions and continued weakness in the Chinese economy.
• Central Banks bought over 1000 tons of gold last year.
• EU agrees €50bn support package for Ukraine.
• Eurozone inflation slows to 2.8% in January.
• Formula One’s Lewis Hamilton to join Ferrari from Mercedes.
• Ferrari topped Wall Street’s top- and bottom-line earnings expectations for the fourth quarter with record profits.

And finally….

Little Bruce and Jenny are only 10 years old, but they know they are in love. One day they decide that they want to get married, so Bruce goes to Jenny’s father to ask him for her hand.

Bruce bravely walks up to him and says, “Mr. Smith, me and Jenny are in love and I want to ask you for her hand in marriage.” Thinking that this was just the cutest thing,  Mr. Smith replies, “Well, Bruce, you are only 10. Where will you two live?” Without even taking a moment to think about it,  

Bruce replies, “In Jenny’s room. It’s bigger than mine and we can both fit there nicely.” Mr. Smith says with a huge grin, “Okay, then how will you live?  You’re not old enough to get a job. You’ll need to support Jenny.”

Again, Bruce instantly replies.  “Our allowance,  Jenny makes five bucks a week and I make 10 bucks a week. That’s about 60 bucks a month, so that should do us just fine.”

Mr. Smith is impressed Bruce has put so much thought into this. “Well, Bruce, it seems like you have everything figured out.  I just have one more question.  What will you do if the two of you should have little children of your own?” Bruce just shrugs his shoulders and says, “Well, we’ve been lucky so far.

Mr. Smith no longer thinks this is adorable.