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ASX 200 rallies 17 points to 7587 (+0.2%) as banks take heart from NAB result and new $1.5bn buyback. NAB up 1.5% and the Big Bank Basket up to $203.54 (+1.0%). MQG rallying 1.2% ahead of its results tomorrow, with NWL also doing well up 2.0%. Insurers eased back. REITs slightly better with GMG up 0.8%. Healthcare finding a few friends, CSL up 0.3% and RMD up 0.6%. Industrials mixed, WOW fell 4.2% on quarterly results underwhelming, COL down 1.9% and TLS falling 1.4%. Tech better, XTC up 2.7% and XRO up 0.4% with the All-Tech Index up 0.1%. Resources better as BHP moved slightly higher, RIO down 0.2% and FMG up 1.0% with gold miners putting in a solid day, NST up 1.0% and EVN up 0.8%. Oil and gas down and dirty STO off 0.8%  and WDS falling yet another 1.2%. On the corporate front, BAP lived up to low expectations with a bad trading update and cratered 23.9%, NAM got another bid at 70c, RIO was quiet at the AGM on the BHP bid for Anglo, SQ2 fell 5.6% on rumours that US regulators are examining the business. In economic news, Building Approvals missed expectations, falling 1.9% in February. The BoP also missed expectations on exports in commodities. In Asia, Japan unchanged, China closed for a long weekend and HK up 2.5%. 10-year yields at 4.451% slipping slightly lower. European market open after Labour Day holidays. Dow Futures up 153 points. NASDAQ Futures up 109 points. 

HIGHLIGHTS

  • Winners: PXA, CU6, QUB, OBM, WAF, BGA, LRS
  • Losers: BAP, BRN, APM. NXG, SQ2, WC8
  • Positive sectors: Banks. Gold miners. REITs.
  • Negative sectors: Insurers. Supermarkets. Oil and gas.Retail. Travel.
  • ASX 200 Hi 7616 Lo 7570
  • Big Bank Basket:  Up to $203.54(+1.0%)
  • All-Tech Index:  Rises 0.1%
  • Gold: Rises to $3540.
  • Bitcoin: Falls to US$57432
  • 10-year yields rally to 4.44%.
  • AUD: Rises to 65.37c on Fed meeting.
  • Asian markets:  Japan unchanged, China closed for a long weekend and HK up 2.4%.
  • Dow Futures up 153 Nasdaq futures up 109

MAJOR MOVERS

  • PXA +11.0% UK and NatWest Group announcement.
  • WAF +5.1% gold rally.
  • NAM +12.5% increased bid at 70c.
  • AMC +4.2% broker upgrades.
  • QUB +6.7% broker upgrades.
  • BAP -23.9% Poor trading update and C-Suite changes.
  • BRN -12.3% More shares issued. Never ends.
  • APM -11.6% Not sure why.
  • NXG -5.6% capital raising weighs.
  • SQ2 -5.6% follows US listing lower on Bitcoin.
  • HLO -10.3% Goodbye!
  • PDI -7.1% Capital raising.
  • ONE -5.5% Change of director’s interest.
  • BOC -6.3% Chairman’s address. 1 Hopetown Avenue.
  • Speculative Stock of the Day: Trivarx (TRI) +11.5% receives firm commitments to raise $2.5m.

COMPANY NEWS

ECONOMIC AND OTHER HEADLINES

Building Approvals

The March 2024 seasonally adjusted estimate:

  • Total dwellings approved rose 1.9%, to 12,947.
  • Private sector houses rose 3.8%, to 8,891, while private dwellings excluding houses rose 3.6%, to 3,936.
  • The value of new residential building rose 8.7%, to $6.35bn.
  • The value of non-residential building rose 28.7%, to $5.28bn.
  • The seasonally adjusted balance on goods decreased $1,567m in March.
  • Goods credits (exports) rose $51m (0.1%) driven by Other mineral fuels.
  • Goods debits (imports) rose $1,618m (4.2%) driven by ADP equipment.
  • Novo Nordisk results out. Beats expectations. Denmark celebrates.
  • President Joe Biden included ally Japan along with rivals China and Russia in a list of countries he called “xenophobic”.
  • NBC News reported allegations that Block (SQ2) processed multiple cryptocurrency transactions for terrorist groups and failed to properly identify Square and Cash App customers, amid other alleged compliance failings.
  • SK Hynix chief says high-end AI chips almost sold out for next year.
  • US nears completion of $320mn floating pier for Gaza aid.
  • Let the madness begin. Marjorie Taylor Greene moves to oust Republican Speaker Mike Johnson.
  • India’s economy grew a robust 8.4% in the October to December quarter, blowing past expectations.
  • European market opening slightly firmer.

And finally…..

Clarence

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