ASX 200 managed to eke out a 6-point rise to 7645 (+0.1%) in relatively stable trade. Results kicked off this week and plenty of stock volatility to keep us amused. Mixed session with banks flat, Big Bank Basket back above $200 (+0.1%). MQG down 0.2% and GQG seeing some end-of-week profit-taking. REITs are back in demand led by SGP up 1.1% and SCG up 0.6%. Industrials better, WES up 0.5%, REA up 5.9% on broker upgrades, BXB better by 1.1%, tech also in demand, WTC up 1.4% with the All-Tech Index up 1.5%. Resources are back under pressure, except in selected lithium stocks, LTR had a stellar bounce ahead of Gina being clear to bid perhaps, up 10.4%. PLS went nowhere, shorts being patient, IGO dropped 0.8% and LYC falling 1.3%. Uranium stocks hit the skids today after spot prices slipped under $100. Cameco results were a factor. BOE lost 12.7% and PDN off 7.0%. Gold miners eased, EVN off 0.7% and NST falling 0.4%. Iron ore stocks mixed, RIO up 0.5% and FMG losing 0.8%. Oil stocks down, WDS dropped 1.5% and coal not such a merry old soul. In corporate news, BLD showed the joy of pricing power with a guidance upgrade and an 8.3% gain. COH up 5.9% on broker upgrades, CHC to sell $500m of assets as write downs hit. Not much on the economic front, RBA governor Bullock in front of a Senate Committee saying rates can fall before inflation gets to 2.5%. Meanwhile, it is relatively quiet in Asia ahead of Lunar New Year celebrations kicking off tomorrow. HK open, but China closed for a week. Japan hitting fresh highs. Dow Futures down 32 points. NASDAQ Futures up one point. 

HIGHLIGHTS

• Winners: WC8, LTR, BLD, URW, REA, COH, AD8, ZIP
• Losers: BOE, BMN, SLX, DYL, PDN, ADT, LOT
• Positive sectors: Healthcare. Tech.
• Negative sectors: Uranium. Oil and gas. Gold miners.
• ASX 200 Hi 7656 Lo 7629 Down 0.7% this week.
• Big Bank Basket: Slightly higher at $200.66
• All-Tech Index:  Up 1.5%
• Gold: Firms to $3132.
• Bitcoin: Rallying hard to US$46141
• 10-year rises to 4.12%
• AUD: Lower at 64.93c.
• Asian markets:  Japan up 0.4%. HK still open and down 1%.
• Dow Futures down 34 Nasdaq down 2

MAJOR MOVERS

• LTR +10.4% roaring back.
• WC8 +14.9% bounces on good volume.
• BLD +8.3% guidance upgrade.
• ZIP +4.6% Affirm results help.
• REA +5.9% broker upgrades.
• LTM +4.0% oversold.
• COH +5.9% broker upgrades.
• DRO +19.5% keeps going higher.
• BRN +12.5% chip run?
• CXL +12.8% Heidelberg still looking for new site.
• DTL -9.8% BOE -12.7% Sub $100lb uranium.
• AQZ -5.0% no outlook and funding issues.
• EL8 -9.7% uranium fall out.
• AGE -12.7% DEV -1.5% fallout boys.
• Speculative Stock of the Day: VMS +75.0% TREO drill results cheer.

COMPANY NEWS

ECONOMIC AND OTHER HEADLINES

• RBA governor, Michele Bullock, says it’s not essential that inflation slows to 2.5% before the RBA moves to lower the cash rate.
• Bullock doesn’t need services inflation to be at the mid-point of its 2 to 3% target range to meet its mandate of price stability.
• UBS has pushed back on its forecast for an interest rate cut from the Reserve Bank to November from August.
• Goldman is calling for the Reserve Bank to cut interest rates 25 basis points in August.
• Biden goes on the offensive after special counsel questions mental acuity. President confuses Mexico and Egypt.
• China breaks for Lunar New Year.
• Bank of Japan governor has told Japan’s lower house of parliament that “chances are high for easy money conditions to persist for a while even if it scraps its negative interest rates policy.”
• Japan hits fresh 34-year high.
• Looking to advertise during Superbowl. It will cost you US$7m for a 30-second spot. Usher to headline in Vegas. US$1.5bn to be bet on the event.

And finally….

Clarence

XXX