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ASX 200 finished up 30 points to 7758 (+0.4%) despite the heavy weight of large-cap ex-dividends. Once again, banks leading the way with the Big Bank Basket up to $209.87 (+0.7%). MQG rose 0.8%, and CBA hit record highs up 0.8%. GQG rose 2.8% on FUM news, ASX up 0.8% despite being fined by ASIC. Industrials firm WES up 1.5%, and TCL up 1.0% as rates fall. WOW and COL better, utilities firmed with ORG up 1.3% and tech better, WTC up 1.1% and XRO up 0.1%. REITs slightly better. Healthcare rose on RMD moving up 5.5%. Resources were mixed, BHP and RIO fell on dividends, FMG rose 1.1% with base metals finding buyers, S32 up 0.7% and MIN up 3.9%. Gold miners better on record bullion prices, NST up 2.6% and EVN up 2.8%. Lithium stocks mixed, PLS down 1.0% and uranium stocks static as DYL moved to raise $220m in a placement. In corporate news, RMS in a trading halt pending news on an acquisition, TIE rose 0.8% after rejecting a takeover, MAU rose 13.9% on its PFS for Lady Julie project. In economic news, CBA is staying dovish on rates with forecast of 75bps easing in 2024. Capex is increasing in large caps, pointing to increased M&A perhaps. In Asian markets, a little weaker across the board, HK off 0.5% and China down 0.2% with Japan falling 0.3%. 10-year yields steady at 4.02%. Dow Futures down 42 points. NASDAQ Futures down 69 points. 

HIGHLIGHTS

  • Winners: ZIP, FCL, RSG, AWC, PRU, RMD, MP1
  • Losers:  TLX, CMW, MYX, CDA. RMS, BLX
  • Positive sectors: Banks. Gold. Industrials. Tech. Healthcare.
  • Negative sectors: Nothing.
  • ASX 200 Hi 7767 Lo 7720
  • Big Bank Basket: Rises to $209.87 (0.7%).
  • All-Tech Index:  Up 0.8%
  • Gold: Higher to $3277
  • Bitcoin: Volatility continues US$66160
  • 10-year Steady at 4.00%
  • AUD: Rises to 65.85c
  • Asian markets:  HK off 0.5% and China down 0.3% with Japan falling 0.9%.
  • Dow Futures down 42 Nasdaq down 69. However fair value suggests very modest falls of around 10 points in each.

MAJOR MOVERS

  • ZIP +7.7% ‘Ziperati’ in control.
  • RSG +6.8% gold rise.
  • AWC +6.4% resource rise.
  • JLG +4.6% kicks higher.
  • PMT +4.6% lithium push again.
  • PRU +5.9% ex-dividend.
  • APX +19.1% tech rally continues.
  • RAC +13.3% recent results cheer.
  • CHN +9.9% short squeeze.
  • CDA -3.2% coming off the boil.
  • TLX -3.5% runs out of puff.
  • DRO -14.4% down again.
  • PLT -8.3% Oh tooled.
  • Speculative Stock of the Day: IMC +89.4% Moving to Phase three trials in the US for Travelan.

COMPANY NEWS

ECONOMIC AND OTHER HEADLINES

In January 2024 in seasonally adjusted terms, the value of new loan commitments:

  • for total housing fell 3.9% to $25.1b, after a fall of 4.1% in December. It was 8.5% higher compared to a year ago.
  • for owner-occupier housing fell 4.6% to $15.9b but was 3.4% higher compared to a year ago
  • for investor housing fell 2.6% to $9.2b but was 18.5% higher compared to a year ago
  • China’s exports grew much faster than expected in the first two months of 2024. Overseas shipments in US dollar terms rose 7.1% in the January-February period from a year earlier, well above the 1.9% forecast by economists.
  • SK Hynix Invests $1bn in Key AI Memory Chip Technology.
  • NYCB to raise $1bn in deal led by Steven Mnuchin’s investment firm.
  • ECB Decision today.
  • Stellantis joins global carmakers in Brazil push with $6bn investment.
  • India’s booming tech sector suffers a big blow as Byju’s and Paytm plunge into crisis.
  • Funding for Indian startups plunged 83% to $7bn in 2023, from a record $41.6bn in 2021,
  • Biden to address the US in State of the Union address. Should be rivetting.

And finally…..

I don’t have a “dad bod.” I like to refer to it as a “father figure.”

Clarence

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