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ASX 200 fell 51 points to 7608 (+0.7%) as results the focus. CBA ex-dividend sent the Big Bank Basket down slightly to $202.22 (-1%), knocking some points off the index, too. ANZ recovered 0.8% of the losses yesterday, MQG flat, insurers slid, QBE down 1.8% and SUN off 2.3%. REITs generally down, GMG off 0.1% with SCG up 2.7% on better-than-expected results. In industrials, WOW results were a sideshow to the resignation of CEO Brad Banducci after a nasty few weeks, down 6.6%. COL fell 4.2% with WES up 1.3%. Telcos under some pressure, TLS down 1.3% and ‘old skool’ platforms off, REA down 1.0% and SEK falling 1.3%. Tech stocks were mixed, WTC rose 11.2% on good results whilst HSN tumbled 8.6% on growth outlook. CSR was an odd one with a massive spike of 17.4% before a trading halt. That will be the French! Rumours of a takeover appraoch. Resources on the nose today, although lithium stocks found buyers with a good bounce in lithium in China,  PLS up 2.8% ahead of results tomorrow, IGO also better and LRS up 7.5%. Uranium stocks fell hard. Iron ore stocks under pressure, BHP fell 2.4% on broker downgrades and iron ore falls in China., FMG down 3.4% as we wait for RIO results.FY23 profit of US$11.8bn and no inconvenient writedowns. Base metals stocks tried to rally after a wobbly start, S32 up 0.4%. Oil and gas slipping on STO results down 0.8%. In corporate news, results from CDA cheered with the stock up 16.6%, DMP also found a few buyers up 2.3% on the outlook. CTD was smashed down 20.2% on news that the UK contract isn’t really happening, ORI raising $400m for an acquisition. HLS fell hard on results as did OBL with an update. On the economic front, wage growth came in higher than expected at 0.9% for the Dec quarter. In Asian markets, Japan fell 0.2%, HK having a strong day up 3% and China also up 3%. 10Y yields back to 4.19%. Dow Futures down 43 points. NASDAQ Futures down 52 points. 

HIGHLIGHTS

  • Winners: CSR, CDA, STX, WTC, NXL, IFM, SYA, MMS
  • Losers: DYL, CTD, HSN, NXG, OBL, FCL, WOW
  • Positive sectors: Lithium. Rare earths.
  • Negative sectors: Less than Supermarkets. Telcos. Iron ore. Uranium.
  • ASX 200 Hi 7638 Lo 7586
  • Big Bank Basket: Falls to $202.22 (1.0%). CBA Ex Div.
  • All-Tech Index:  Up 0.6%.
  • Gold: Unchanged at $3092
  • Bitcoin: Higher at US$51996
  • 10-year Steady at 4.17%.
  • AUD: Higher at 65.67c
  • Asian markets:  Japan down 0.3% China up 3.% HK up 3%
  • Dow Futures down 35 Nasdaq down 50

MAJOR MOVERS

  • CSR +17.4% kicks higher and then in trading halt. French group has held talks.
  • CDA +16.6% again good result.
  • WC8 +7.3% big kick.
  • WTC +11.2% good results.
  • NXL +9.7% broker upgrades.
  • MAD +7.6% broker upgrades.
  • SYA +8.5% resumes rise.
  • STP +13.1% no undie performance here.
  • AGY +13.6% LRS +7.5% INR +8.0% selected lithium plays bouncing.
  • WOW -6.6% Brad retires at crucial juncture. Results miss.
  • QAN -2.3% John Mullen appointed chair. Busy man.
  • CTD -20.2% UK Bridging business issues.
  • HSN -8.6% growth disappoints.
  • DYL -8.8% BOE -6.3% uranium slips slightly.
  • HLS -5.7% trading update for FY24.
  • CHL -16.7% interim results.
  • MRL -22.2% Orokolo Bay development update.
  • Speculative Stock of the Day: AUZ +29.4% Good volume. Outcrop targets identified in Brazil. Rally may not last!

COMPANY NEWS

ECONOMIC AND OTHER HEADLINES

  • Wage price rises keep pressure on RBA. The Wage Price Index (WPI) rose 0.9 % in December quarter 2023, and 4.2% for the year, according to seasonally adjusted data released today by the ABS.
  • Median weekly earnings were $1,300.00 for all employees, $1,509.00 for males and $1,130.00 for females.
  • Occupations with the highest hourly earnings were Managers ($67.20) and Professionals ($60.60).
  • Nvidia tonight. Options trades point to extreme volatility on results.
  • FOMC Minutes tonight.
  • India’s market regulator has found a hole of more than $240m in the accounts of Zee Entertainment which was talking to Sony about a merger.
  • Trump’s donor numbers fall by 200,000 compared with 2019. Biden unveils record $130mn campaign war chest after January haul.
  • Bad property debt exceeds reserves at largest US banks.
  • Glencore-backed nickel miner Horizonte issues finance warning.
  • UK nuclear missile test fails for second time in eight years.
  • Uber Eats to begin self-driving robot deliveries in Japan.
  • Petrol and diesel prices at UK forecourts jumped more than 2% in recent weeks.

And finally….

How come on star trek they go to places No one has ever gone before but they always meet someone?

And finally…..

Clarence

XXXX