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ASX 200 falls 26 points to 7788 (-0.3%). For the week, the index is up a mere 15 points. Quiet day, banks eased back slightly as yields push to 4.28%. The Big Bank Basket down to $205.36 (-0.4%). Insurers better, and GQG doing better up 0.4%. MQG slipped 0.1%. REITs under pressure, GMG down 0.1% and MGR falling 1.8%. Industrials lower, WES fell 0.7%, WOW down 1.1% with TLS falling 1.1%. Tech slightly higher in places, WTC up 1.2%, the All–Tech Index pretty flat. In resources, iron ore miners under a little pressure, BHP down 0.9%, with PLS bucking the trend up 0.8% as gold miners back in favour as AUD bullion hits $3650. Not racing away though, NEM up 0.8% and GMD up 3.7%. NST down 0.4%. Oil and gas weaker, WDS off to Crufts again down another 1.3%. Uranium stocks better. In corporate news, BLD got a special dividend to sweeten the deal, GNX received an increased bid, DMP had an investor day, Japan is the focus, market underwhelmed.  SGR revealed that high rollers had moved on, CTT updated an unimpressed market falling 5.67%. Nothing on the economic front locally. Asian markets mixed again with Japan up 0.5% and HK down 1.8%. China up 0.1%. Dow Futures up 37 points. NASDAQ Futures up 5 points. 

HIGHLIGHTS

  • Winners: CHN, LOT, BVS, EQT, RRL, BMN, DYL
  • Losers: DMP, SGR, CTT, VUL, COE, STX, ARF
  • Positive sectors: Gold miners. Tech.
  • Negative sectors: Banks. Iron ore. Oil and gas. REITs.
  • ASX 200 Hi 7803 Lo 7765 ASX 200 up 15 points for the week.
  • Big Bank Basket: Down to $205.36 Down 0.4%
  • All-Tech Index:  Up 0.1%.
  • Gold: Rises to $3654
  • Bitcoin: Rallies to US$70907
  • 10-year yields rises to 4.26%.
  • AUD: falls to 65.29c
  • Asian markets: Japan up 0.5% and HK down 1.8%. China up 0.1%.
  • Dow Futures up 37 Nasdaq futures up 5

MAJOR MOVERS

  • CHN +10.8% the brew that is true today anyway.
  • LOT +8.2% uranium stocks kicking higher.
  • DYL +6.7% BMN +6.7% stronger.
  • RED +6.2% RRL +6.8% gold miners in demand.
  • ENR +20.4% ceasing to be a substantial holder.
  • BLD +1.5% improved takeover offer and board recommendation.
  • AIS +20.0% copper play.
  • LNK +0.9% UK regulator gets stuck in.
  • DMP -7.5% investor day– Turning Japanese.
  • SGR -7.3% high rollers absent.
  • CTT -6.9% questions remain.
  • VUL -4.5% profit taking.
  • NIC -2.8% nickel price falls.
  • KAR -2.9% profit taking.
  • AVH -15.8% trading update.
  • PEN -4.6% slipping away.
  • Speculative Stock of the Day: (NPM) +118% Finalises Finland permit sale documentation. Not huge volume, but not much else.

COMPANY NEWS

ECONOMIC AND OTHER HEADLINES

  • From ABS data, Cosi Livs – Australians bought around 3.9% less food in 2022-23 than in the previous year, a drop of 63 grams or 337kJ a day.
  • Vegetables had the largest drop of 14 grams per person per day. This was followed by Fruit (down 12 grams), Milk products (down 11 grams), and Non-alcoholic beverages (down 9 grams).
  • Samsung is preparing to take the wraps off a $44bn investment in US chipmaking as soon as next week.
  • US vows ‘ironclad’ defence of Philippines military in South China Sea.
  • US stocks could be in for a tougher time as the buyback blackout period begins. More than 80% of companies in the S&P 500 Index are in share repurchase blackout periods this week,
  • Brookfield in talks to buy majority stake in $22bn airline lender.
  • European markets set to open higher except the FTSE. GDP data in focus.

And finally…..

Clarence

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