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ASX 200 slipped 11 points to close at 7606 (-0.2%) as results dominated. CSL and MQG were a little disappointing but off lows, JHX dropped 8.5% on a slightly bearish update for Q3, and SEK also suffered a sell-off as results missed expectations down 4.6%. Banks once again the rock steady beat with the Big Bank Basket up to $201.69 (+0.4%) as ANZ announced some job cuts. NAB doing fine up 0.9% and CBA slightly higher pre-results tomorrow. Financials were mixed with CGF doing well on annuity sales up 8.4% and insurers firming. Industrials mixed, retail saw BRG drop 8.5% on results, JBH firmed on broker upgrades, up another 5.6%, and CAR slid into the slow lane on comments post results, off 2.0%. Tech stocks saw a sell-off sparked by SEK, with the All–Tech Index down 1.2%. In resources, some support for gold miners as NST found buyers up 1.0% and NEM up 2.0%. Iron ore stocks mixed, FMG down 0.7% and lithium mixed. Uranium sideways and oil and gas are steady. In other corporate news, SWM slumped 10.9% on ad sales numbers, STX crashed 25.0% on flow issues at South Erregulla 3 in the Perth Basin. On the economic front, WBC–MI consumer confidence rose to its highest level since Juen 22. RBA’s Kohler holding forth on the inflation outlook. 10Y yields steady at 4.18%. Asian markets still mostly closed for NY, Japan up 2.7%. Dow Futures down 57 points. NASDAQ Futures down 33 points.

HIGHLIGHTS

  • Winners: TPW, CGF, BLX, BPT, EMR, CTT, JBH, HSN
  • Losers: STX, BRG, JHX, ZIP, IMU, SEK, RIC
  • Positive sectors: Banks. Gold miners. Insurers.
  • Negative sectors: Healthcare. Old Skool tech. Tech. Builders.
  • ASX 200 Hi 7633 Lo 7599 Tight range Results the focus.
  • Big Bank Basket: Slightly higher at $201.69 (0.4%)
  • All-Tech Index:  Down 1.2%
  • Gold: Slips to $3103
  • Bitcoin: Rallying hard to US$49876
  • 10-year rises to 4.18%
  • AUD: Lower at 65.19c
  • Asian markets:  Japan unchanged.
  • Dow Futures down 49 Nasdaq down 36

MAJOR MOVERS

  • TPW +9.9% good result.
  • CGF +8.4% annuity kicks
  • JBH +5.6% broker upgrades.
  • CTT +6.3% heads higher again.
  • BPT +6.7% broker upgrades.
  • ARR +39.6% kicks again.
  • 4DS +11.5% chip play.
  • EMR +6.4% back on shopping list.
  • RWC -2.1% buys Holman Industries for $160m
  • STX -25.0% fails to flow.
  • BRG -8.5% disappointing results.
  • ZIP -6.6% profit taking.
  • JHX -8.5% results underwhelm.
  • SEK -4.6% results miss big time.
  • CSL -2.8% CSL Vifor the issue.
  • SWM -10.9% ad revenue down significantly.
  • EOS -5.5% profit taking.
  • CXL -4.5% profit taking.
  • AVH -4.9% US weakness.
  • Speculative Stock of the Day: American Rare Earths (ARR) +39.6% Another very strong day. Answered an ASX ‘Please Explain’ recently with the classic Scholz defence.

COMPANY NEWS

ECONOMIC AND OTHER HEADLINES

  • The Westpac Melbourne Institute Consumer Sentiment Index rose 6.2% to 86 in February, from 81 last month, the highest level since June 2022.
  • National Australia Bank showed its index of business conditions slipped 2 points to +6 in January, just below its long-run average of +7. Its measure of business confidence added 1 point to +1, following a 7-point rebound in December.
  • At least 150 Australian Taxation Office officials have been investigated over a GST fraud scheme on TikTok.
  • How many Tesla’s were sold in South Korea in January? The number of new EVs registered in Korea fell 80% in January from December.
  • Blood protein test offers ‘reliable’ Alzheimer’s warning 15 years early.
  • Trump asks Supreme Court to put presidential immunity ruling on hold.
  • Super Bowl LVIII was the most-watched television show in history, as an estimated 123.4m people up 7% from last year’s 115.1m average viewer. 650m watched the Moon landing in 1969.
  • In 1973, the Elvis Aloha Concert was supposed to have drawn a audience of 1bn people.
  • Indonesian election tomorrow and Valentine’s Day.

And finally…..

Clarence

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