Tags

, , , ,

ASX 200 finished up 53 points to 7658 (0.7%) off early highs but still a very solid day. Up 10 points for the week. Most cylinders firing today, Banks firm as usual with the Big Bank Basket up to $202.34 (1.4%). CBA bounced 1.9% the best of the four. MQG rose 0.3% after big run yesterday, insurers slipped as big premium increases may have peaked. QBE and IAG reported falling 1.7% and 3.8% respectively. REITs better again as bond yields steady at 4.2%. GMG kicked a little higher, consolidating gains up 0.5%. SGP up 1.1%. Industrials were steady with results in focus, TLS slipped 1.0% on broker comments, WES rose again by 1.7% and Tech was more muted with WTC up 1.8%. Resources saw some solid buying today. Lithium stocks came back hard, PLS up 7.2% and MIN up 4.7% with LTR roaring ahead up 11.9%. Gold miners too found friends, NST up 3.1%. Iron ore miners pushed back up ahead of China reopening and signs of life on Lunar New Year celebrations. BHP is up 1.0% shrugging off write-down woes. Oil and gas stocks also gained. Uranium lower. In corporate news, NEU dropped 14.2% on a short report on its US partner, GQG rose another 3.3% on results better than expected. ING dropped 12.5% on the outlook statement, and BRN held a virtual roadshow, gaining another 26.3%. Nothing on the economic front, US PPI tonight. Asian market strong, Japan heading for an all-time high. Yields pretty steady here.

HIGHLIGHTS

  • Winners: BRN, LTR, WC8, IGO, IPX, SYA, PLS, NIC
  • Losers: NEU, ING, DTL, CU6, STX, PME, SLX
  • Positive sectors: Banks. Iron ore. Lithium. Oil and gas. Tech
  • Negative sectors: Insurers. Telcos.
  • ASX 200 Hi 7681 Lo 7619
  • Big Bank Basket: Rallies to $202.34 (1.4%)
  • All-Tech Index:  Up 0.6%.
  • Gold: Steady at $3076
  • Bitcoin: Steady at US$52253
  • 10-year rises to 4.21%.
  • AUD: higher at 65.19c
  • Asian markets:  Japan up 1.7%, HK up 1.9%, India up 0.4% China still closed.
  • Dow Futures down 58 Nasdaq up 31

MAJOR MOVERS

  • BRN +26.3% chip fever.
  • LTR +11.9% lithium price rises.
  • WC8 +9.9% cats do bounce.
  • SYA +7.8% critical metal stocks on a roll.
  • PLS +7.2% are the shorts nervous?
  • IGO +8.7% nickel miners on critical endangered species list.
  • NVX +20.0% LKE +20.0% lithium bounce.
  • ARR +23.0% says it all.
  • NEU -14.2% short sellers report on US partner.
  • ING -12.5% cries fowl.
  • DTL -9.5% broker downgrades.
  • PME –7.2% shine wears off.
  • DHG -6.2% broker downgrades.
  • KGN -4.8% slips lower. Has had a good run.
  • SMI -6.5% upgraded indicated category from RAS drilling.
  • Speculative Stock of the Day:  Altech (ATC) +20.0% ASX Please Explain. No reasons. Apart from presentation yesterday.

COMPANY NEWS

ECONOMIC AND OTHER HEADLINES

  • Federal resources minister Madeleine King has placed nickel on the government’s critical minerals list
  • Japan 10-year yield seen breaking above 1% even before BoJ hike.
  • Nikkei heading for all-time high.
  • A resurgence in travel over China’s Lunar New Year holiday is offering some signs of a consumer spending pickup. More than 61m rail trips were made in the first six days of the national new year holiday, according to official reports.
  • PBoC likely to keep MLF rate steady in upcoming policy. The PBoC is expected to hold its liquidity operations on the first working day after the Lunar New Year holiday ends, which would be Sunday.
  • Von der Leyen calls on EU to subsidise defence production.
  • Mbappé tells PSG he is planning to leave club.
  • OpenAI announced Thursday it has expanded beyond text and images to offer video-generation AI for the first time. It is called Sora. You type in a desired scene and it spits out a high-definition clip. Scary stuff.

And finally…

I hate it when I see an old person and then realise we went to high school together.

Clarence

XXXX