Tags

, , , ,

ASX closes off highs at 7636 up 32 points (+0.4%). Down 14 points for the week. Chip fever hit hard today with BRN, WBT and AXE all making extreme moves, Banks were firm yet again, NAB up 1.1% the best, and the Big Bank Basket up to $202.92 (+0.5%). MQG running 0.6% higher. Insurers firmed, QBE up 0.8%. GQG also firm up 1.4%. REITs better led by GMG up 0.4%, and SCG up another 0.7%. Healthcare better, RMD up 1.6% and COH gaining 1.0%. Industrials mixed, WES up 2.1% and ALL bouncing back 2.3%. WOW going nowhere, COL up 1.2%. Results in focus. Tech up unsurprisingly, WTC up 1.2% and XRO up 2.8%. The All Tech Index up 1.4%. Resources trying hard to find friends, iron ore miners better, FMG up 1.4% and BHP up 0.6%. MIN rose 2.3%, PLS rose slightly, gold miners saw selling as NEM outlined plans to sell some mines, NST down 2.2% and NEM off 8.1%. Oil and gas mixed, WDS sold down its Scarborough interest to JERA. In other corporate news, ABB showed TLS how it was done, rising 18.6% on results, SQ2 jumped 16.5% on results, JIN hit the jackpot up 9.0% on lotto boost. ASB sank 12.6% on results, LIC dropping 12.1% as it went ex-entitlement. Nothing on the economic front today. In Asia, Japan closed for the Emperor’s birthday. China flat, HK the same. 10-year yields drifting higher at 4.217%. Dow Futures up 46 points. NASDAQ Futures up 3 points. 

HIGHLIGHTS

  • Winners: ABB, SQ2, BRN, JIN, AEF, WBT, TAH
  • Losers: ASB, LIC, LRS, DVP, NEM, AX1, A4N, IPG
  • Positive sectors: Banks. Financials. Tech, Iron ore. Healthcare
  • Negative sectors: Gold miners. Utilities. Uranium.
  • ASX 200 Hi 7661 Lo 7624 ASX down 14 points for the week.
  • Big Bank Basket: Rises to $202.92(0.5%).
  • All-Tech Index:  Up 1.4%.
  • Gold: Eases to $3082
  • Bitcoin: Lower at US$51285
  • 10-year Slightly higher at 4.19%.
  • AUD: Higher at 65.73c
  • Asian markets:  Japan closed China and HK flat.
  • Dow Futures up 46  Nasdaq up 3

MAJOR MOVERS

  • BRN +14.0% Akida chip.
  • ABB +18.6% great results.
  • SQ2 +16.5% results cheer.
  • JIN +9.0% jackpot.
  • WBT +7.7% chip fever.
  • PWH +6.2% broker upgrades.
  • AXE +35.4% quantum computing play. No news.
  • PAA +26.7% kicks again after advisory council.
  • TRS +6.8% bounce on broker research.
  • HPG +7.3% kicks again.
  • ASB -12.6% results sink share price.
  • LRS -9.5% lithium weakness.
  • NEM -8.1% to sell mines.
  • AX1 -5.5% results disappoint.
  • ARR -23.8% capital raise.
  • SYA -8.7% Piedmont sell down weighs.
  • Speculative Stock of the Day: WHK +100.0% Response to ASX query. Cyber Risk Radar contract.

COMPANY NEWS

ECONOMIC AND OTHER HEADLINES

  • Federal Reserve Governor Lisa Cook said she would like to see more progress on inflation before beginning to cut interest rates.
  • Intuitive Machines puts first private spacecraft on moon. Nicknamed ‘Odysseus’, reached the moon at 6:23 p.m. US East Coast time on Thursday. The US has returned after half a century.
  • A $1.6bn uranium mining deal between France and Mongolia is running into political hurdles. France is looking to diversify away from Kazakhstan reliance.
  • VinFast (Vietnamese EV maker) net losses in the final quarter of 2023 reached $650.1 million, also 1.3% higher than the same period of 2022.
  • Japan closed today for Emperor’s Birthday.
  • Google pauses AI image generation of people after diversity backlash.
  • Reddit set to list on NYSE with ticker code RDDT. CEO makes US193m in pay in 2023.
  • There are 10,000 private corporate jets in the USA.
  • US considering 500 new sanctions for Russia.

And finally…..

No parent ever turned the car around.
It was an empty threat that we all fell for!!

Clarence

XXXX