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ASX 200 finished at record highs of 7847 up 83 points (+1.1%). Up 102 (+1.3%) points for the week. Banks were as usual, the big driver, hitting highs, the Big Bank Basket up to $214.07 (+2.0%). CBA pushed 1.8% ahead, NAB up 2.3% and WBC up 2.6%. MQG continued higher up 2.0%, and insurers up as VUK screamed ahead on a deal with UK Building Society up 33.0%. Even the ASX managed a 1.6% gain. Industrials in demand, TLS up 1.1%, WOW up 1.7% and COL running 1.2% ahead, WES up 0.8%. Healthcare did well, CSL recovered 1.3%, and RMD underperformed the US listing up only 0.5%. REITs solid, and Tech up 1% on the Index, WTC up 2.3% despite ex-dividend. Resources were the ugly sister that did not go to the ball. BHP unchanged, RIO down 0.6% and FMG off 0.3%. A stronger AUD not that helpful. Lithium stocks mixed PLS down 0.7% and MIN up 0.6%. Oil and gas stocks up on crude prices, WDS up 1.7%. In corporate news today, GQG off 1.8% on a sell-down from a shareholder, MAG surged 37.8% on a deal with MIN, and SQM spoke of aggressive Australian expansion. On the economic front, US jobs data tonight, 200k is the magic number. Asian markets are higher, HK up 1.2%, Japan up 0.3% and China +0.1%. 10Y yields 4.001%. Dow Futures down 19 points. NASDAQ Futures down 34 points. 

HIGHLIGHTS

  • Winners: VUK, LOT, 360, JDO, AWC, STX, GRR
  • Losers:  BRN, RSG, TYR, GMD, IRE, ZIP, CTT
  • Positive sectors: Banks. Financials. Industrials. REITs. Tech.
  • Negative sectors: Gold miners. Coal.
  • ASX 200 Hi 7853 Lo 7768 Up 1.3% for the week.
  • Big Bank Basket: Rises to $214.07(2.0%). Close to record high.
  • All-Tech Index:  Up 1.0%
  • Gold: Falls to $3255
  • Bitcoin: Volatility continues US$67221
  • 10-year Dips to 3.99%
  • AUD: Rises to 66.28c
  • Asian markets:  HK up 1.2%, Japan up 1.0% and China
  • Dow Futures down 16, Nasdaq down 32

MAJOR MOVERS

  • VUK +32.9% takeover by Nationwide Building Society.
  • 360 +5.8% broker upgrade.
  • AWC +5.2% rally continues.
  • WC8 +3.6% lithium stocks finding friends still.
  • PNV +4.4% kicks higher.
  • DXB +9.1% going well.
  • DRO +5.0% slight recovery.
  • GL1 +6.9% lithium buyers.
  • TUA -2.3% webcast details.
  • TYR -3.5% profit taking.
  • BRN -4.9% slips lower.
  • MAQ -2.1% thin volume as usual.
  • CTT -2.7% slide continues.
  • PMT -0.6% profit taking.
  • CHN -2.6% sell off again.
  • MSB -7.4% eases back.
  • Speculative Stock of the Day: Nothing today. Maybe Magmatic Resources (MAG) +37.8% FMG to farm in and make cornerstone investment.

COMPANY NEWS

ECONOMIC AND OTHER HEADLINES

Labour Account Australia – Key statistics

In seasonally adjusted terms for the December quarter 2023:

  • total jobs increased 0.2% to 16.0m
  • filled jobs increased 0.4% to 15.6m
  • secondary jobs increased 1.3% to 1.1m
  • proportion of vacant jobs decreased to 2.4%
  • multiple job-holders increased 1.4% to 970,700
  • hours worked decreased 0.3% to 5.9bn hours.

Biden comes out swinging in State of the Union Address.

  • Israel must do more to prevent civilian deaths, Biden Says.
  • Biden says Jan. 6 posed greatest threat to democracy since Civil War.
  • Biden takes credit for giving government power to negotiate drug prices.
  • Americans should get $400-a-month tax credit, Biden says.

Japan’s household spending shrank the most in almost three years. Household outlays declined by 6.3% in January from a year earlier, the biggest drop since February of 2021.

  • Instagram overtakes TikTok in app downloads in race for new users.
  • US plans to establish port on Gaza coast to step up aid deliveries.
  • Red Bull suspends female staffer at centre of Christian Horner claims.
  • US Non-Farm Payrolls tonight. 200k the expectation.

And finally….

I just walked past the betting shop and there was a sign on the window that said

Sunday open 11- 4

I’ll have a tenner on that as they were open last Sunday

Clarence

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