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ASX 200 slips from highs to end up 34 points at 7616 (+0.5%). Banks pretty much unchanged with CBA up 0.2% and NAB losing 0.2% on a change of CEO. MQG rallied 0.7% with insurers doing well again, QBE up 1.8% and GQG having a good day up 7.4%. FUM numbers helped. REITS recovered GMG up 0.3% and SGP rallying 1.1%. Industrials mixed, CSL up 1.0% and RMD down 0.4% with TLS and WES hit hard today. WES off 0.9%. COL and WOW up and down, Retail stocks boosted again by NCK on broker talk, up 5.9% and CTT shooting the lights out on bullish numbers, up 25.2%. SUL slid 1.1% and MYR off 2.0% after the run yesterday. TPW feeling the love on CTT run, HVN also hitting 52-week highs up 2.3%. Tech slightly better with the Index up 0.5%. Resources back baby. For now. Chinese stimulus helping things although momentum running out in Asia. BHP up 1.0%, FMG bouncing 1.0% with lithium finding a bottom perhaps. Chinese authorities talking about support for the NEV sector. PLS up 5.6% and MIN up 2.9%. PMT had a good day on drill results, up 13.6%, and LYC is rallying 3.4% on rare earth news from China. Oil and gas stocks news dominated by WDS/STO calling off talks. STO the loser down 5.8%. In corporate news, AMC up 1.4% despite results miss, CSR cut to a sell-down 4.5%, NAB saw its CEO retire, and his replacement named Andrew Irvine. In economic news, little locally, Asian market well off stimulus highs, Japan up 0.3%, China up 0.7%, HK down slightly. 10Y yields steady. Dow Futures up 4 points. NASDAQ Futures down 5 points. 

HIGHLIGHTS

  • Winners: CTT, CU6, IMU, GQG, ZIP, WC8, GRR, PRM, TPW
  • Losers: STO, CSR, DMP, APE, FCL, PSI
  • Positive sectors: REITs. Iron ore. Lithium. Gold miners. Tech.
  • Negative sectors: Gaming. Telcos.
  • ASX 200 Hi 7645 Lo 7589
  • Big Bank Basket: Slips slightly to $198.15
  • All-Tech Index: Up 0.5%
  • Gold: Unchanged at $3116
  • Bitcoin: Steady at US$42821
  • 10-year falls to 4.09%
  • AUD: Higher at 65.28c.
  • Asian markets:  HK slips back ahead of Chinese NY break. Japan up 0.3%, China up only 0.7%
  • Dow Futures unchanged Nasdaq unchanged

MAJOR MOVERS

  • CTT +25.2% surprise. Luxury never went away.
  • GQG +7.4% FUM jump.
  • ZIP +7.0% M&A talk?
  • TPW +6.3% CTT effect.
  • GRR +6.7% iron ore pricing improves.
  • LRS +14.3% lithium shows signs of life.
  • PMT +13.6% drill report at CV5.
  • 4DS +15.2% chip news.
  • PAR +9.4% R&D refund.
  • DEV +13.5% high-grade uranium hits.
  • STO -5.8% WDS calls time.
  • CSR -4.5% broker downgrades.
  • DMP -3.7% still stuffed crust.
  • ART -17.0% takeover talk cools.
  • BOC -24.4% small volume.
  • 29M -9.3% heading down again.
  • Speculative Stock of the Day:  Nothing except CTT.

COMPANY NEWS

ECONOMIC AND OTHER HEADLINE

  • Living costs for employee households rose 6.9% in the year to the December 2023 quarter, according to the latest data from the ABS.
  • Insurance and financial services, Housing and Food and non-alcoholic beverages were the main contributors to annual living cost rises across the household types.
  • Mitsubishi shares surged to a record on Wednesday after Japan’s largest trading firm announced a share buyback that one analyst called a “monster” deal to buy up to up to 10% of its shares for ¥500bn (US$3.4bn).
  • China’s commerce ministry said on Wednesday it would encourage the New Energy Vehicle (NEV) industry to “actively” respond to foreign trade restrictions and cooperate with overseas firms, amid a European probe into Chinese subsidies for the sector.
  • Boeing 737 Max missing 4 bolts.Sub Optimal.
  • Biden blames Trump for sinking US deal to fund Ukraine war effort.
  • Fed official says hot US labour market will not derail rate-cutting plans.
  • Keep an eye on the New York Community Bank. Trouble brewing. It’s not small. Moody’s downgrades to JUNK.

And finally……

My half brother and I are not allowed to play with chainsaws anymore!

Clarence

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