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ASX 200 slips slightly by 6 points to 7659 (-0.1%). Big day again for results, ANZ got the green light for its SUN Banking business acquisition. Good for SUN, not maybe so good for ANZ down 2.2% on the news. WBC rose 2.6% on broker upgrades, the Big Bank Basket rose slightly to $204.22 (+0.1%). MQG sold off slightly following Investor Day reactions. Insurers rose with SUN news, QBE up 2.4% and MPL up 2.4%. REITs better, GMG up 2.2% and SCG down 0.7%. Industrials were better, TLS rose 1.0%, REA up 2.4% and ALL doing well up another 0.5%. WES slipped 1.5% after a good run. Tech a little mixed with WTC up 1.2% and XRO off 1.0%. Healthcare showing positive vibes, CSL up 0.4% and COH finding broker friends up 0.8%. Resources under pressure again, BHP results today underwhelmed falling 1.1%, it was the fourth highest dividend it has ever paid though, RIO down 2.2%, FMG off 0.7%. Lithium fell again as PLS dropped 1.7%. MIN down 1.2% and IGO down another 3.7%. Gold miners mixed, NST up 0.3% and RMS off 0.7%. Corporate results dominated with MMS reporting a good set of numbers, up 11.8% and ARB flying 10.2% on numbers, SGR cratered 19.6% again on a second inquiry, SGM down 9.7% on results, SHL fell 7.8% on numbers. THL fell 9.8% on a CFO recruitment update. On the economic front, RBA minutes today alluded to a potential rise on rates (!). Meanwhile, in China, banks cut mortgage rates by a more than expected 25bps. Iron ore falling again in Asia down another 3.6% on the Dalian exchange. Dow Futures down 108 points. NASDAQ Futures down 42 points. 

HIGHLIGHTS

  • Winners: NXL, MMS, ARB, HMC, RWC, PME, PRN
  • Losers: STX, SGR, THL, SGM, SYA, SHL, LTR
  • Positive sectors: REITs. Telcos. Gaming. Insurers.
  • Negative sectors: Iron ore. Lithium. Base metals.
  • ASX 200 Hi 7671 Lo 7634
  • Big Bank Basket: Rallies to $204.22 (0.1%)
  • All-Tech Index:  Up 1%.
  • Gold: Unchanged at $3092
  • Bitcoin: Lower at US$51532
  • 10-year Steady at 4.18%.
  • AUD: Steady at 65.31c
  • Asian markets:  Japan down 0.3% China down 0.2% HK down 0.3%.
  • Dow Futures down 108 Nasdaq down 61

MAJOR MOVERS

  • NXL +13.4% solid upgrades.
  • MMS +11.2% good results.
  • ARB +10.2% results cheer.
  • PME +8.3% buyback update.
  • IMD +6.6% becoming a substantial shareholder.
  • STP +18.9% briefs doing well.
  • ARR +7.7% keeps on going.
  • RUL +7.4% broker upgrades.
  • BVS +29.7% very positive results.
  • SGR -19.6% second Sydney casino inquiry.
  • SHL -7.8% results underwhelm.
  • LTR -6.4% profit taking.
  • STX -25.9% South Erregulla update.
  • HUM -19.4% rattled.
  • BBN -10.9% dummy spit.
  • KMD -7.8% weather hurts sales.
  • IPO of the Day: Metals Acquisition (MAC) +11.8% 1m shares traded. Life in the IPO market it seems.
  • Speculative Stock of the Day: W2V +60.0% introduction of new AI auditing software.

COMPANY NEWS

ECONOMIC AND OTHER HEADLINES

The Reserve Bank of Australia said it considered raising the cash rate by a quarter of a point earlier this month but decided to keep it on hold as inflation was moderating.

For full details of the minutes click here.

  • Virgin Australia chief executive Jayne Hrdlicka says she is leaving the airline. There goes that IPO! ASX will not be happy.
  • Chinese banks have cut the five-year loan prime rate by 25bps to 3.95%.
  • China’s holiday season brought some new problems for many EV owners as temperatures plunge, we saw charging station shortages and even ferries turning back EVs due to the risk of fires on board.
  • Capital One agrees to buy Discover Financial for $35bn.
  • US warns China against dumping goods on global markets.
  • Bayer slashes dividend by 95% as it steps up effort to cut debt.
  • German economy to keep shrinking, Bundesbank warns.

And finally….

My wife has banned me from making any more breakfast puns.
She says if I make any more, I’m toast.
But my son keeps egging me on.

Someone ripped the 5th month out of my calendar. I’m dismayed.

Clarence

XXXX