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ASX 200 kicks another 42 points higher to 7629 (+0.7%) to finish the week up around 0.7%. Banks were better again post NAB with the Big Bank Basket up to $204.53 (+0.5%). MQG disappointed again. Three in a row, starting to become a habit. Down 2.2%. Insurers mixed, GQG better on div announcement, REITs up as bond yields fell to 4.41%. GMG up 2.7% and SCG rallying 1.0%. Healthcare in the pink, CSL up 0.2% and COH up 1.4%. Industrials bouncing back. WES strategy day yesterday drew positive broker comments, up 2.8%, WOW bounced 0.3% with ‘old skool’ platforms doing well. REA up 2.0% and CAR up 2.2%. Tech better on Apple results, WTC up 1.2% and XRO up 1.3%, with the All-Tech Index up 1.5%. In resources, slight improvement in the Three Amigos, FMG the best up 0.4%. Lithium stocks finding some friends for now, PLS up 3.0% and MIN up 1.9%. Gold miners sold off on bullion drop, NST down 1.7% and EVN off 5.6%. Oil and gas doing little. In corporate news, SQ2 rallied hard 9.8% on results despite questions on money laundering. BAP now being talked of as a takeover target after 24% fall yesterday. On the economic front, HSBC forecast no change to rates in 2024 and new housing loans rose 17.9% since March 2023. Asian markets mixed, China closed for a holiday, HK up 1.3%. 10Y yields at 4.42%. Dow Futures up 241 points. NASDAQ Futures up 95 points. 

HIGHLIGHTS

  • Winners: CU6, SQ2, VUL, SLX, SGR, GQG, AD8
  • Losers: EVN, QAL, RSG, OBM, STX, CKF
  • Positive sectors: Banks, Tech, REITs, Lithium, Consumer.
  • Negative sectors: Gold miners. Investment Banks.
  • ASX 200 Hi 7640 Lo 7595 ASX 200 up 0.7% for the week.
  • Big Bank Basket:  Up to $204.53 (+0.5%)
  • All-Tech Index:  Up 1.5%
  • Gold: Falls to $3506
  • Bitcoin: Rises to US$59646
  • 10-year yields fall to 4.41%.
  • AUD: Rises to 65.81c on Fed meeting.
  • Asian markets:  Japan unchanged, China closed for a holiday, HK up 1.3%.
  • Dow Futures up 227Nasdaq futures up 93

MAJOR MOVERS

  • BAP +3.6% apparently a takeover target now!
  • CU6 +11.6% another solid day on quarterly report.
  • SLX +7.2% enriched uranium play.
  • VUL +7.3% gathering steam.
  • TPW +5.0% kicks on low volume.
  • BET +13.6% bounces back.
  • ARX +9.0% solid bounce.
  • GHY +20.4% good name. Good volume.
  • RSG -4.6% EVN -5.6% WGX -2.7% gold falls.
  • SBM -7.7% bullion falls.
  • CNB -5.8% copper/gold selloff.
  • IMU -3.5% fails to impress at Lunch.
  • Speculative Stock of the Day: Rincon (RCR) +52.6% one that we have highlighted in previous SSOTD comments on the back of West Arunta. Drilling has started for up to 2000m of RC drilling.

COMPANY NEWS

ECONOMIC AND OTHER HEADLINES

  • HSBC is forecasting the Reserve Bank to hold rates in 2024, before gradually easing them in the first half of 2025.
  • The value of new housing loans rose 17.9% since March 2023 to $27.6bn, after a 3.1% rise in the month.

Monthly Value of New Loan Commitments

  • The value of new loan commitments for total fixed term personal finance rose 3.9% to $2.6bn. This was driven by a rise of 4.3% in lending for the purchase of road vehicles.
  • Household spending increased 2.1% through the year on a current price, calendar adjusted basis.
  • Through the year, household spending increased for both goods (+2.5%) and services (+1.8%).
  • Hang Seng Index set for its longest-winning streak since 2018. Set for a ninth straight session of gains.
  • The Hang Seng Tech Index trades at 15.9 times forward earnings, compared with 26 times for the NASDAQ Composite Index.
  • European markets set to open slightly higher.
  • Key UK seat of Blackpool swings to Labour.
  • South African watchdog says it will have last word on BHP’s bid for Anglo.
  • Sony and Apollo approach Paramount Global with $26bn bid outline.
  • Gazprom plunges to worst loss in decades as sales to Europe collapse.
  • Bored Ape Yacht Club NFTs sold for millions in 2021—prices have dropped 90% since then.
  • US Jobs number tonight. 243k, 3.8% and 4% Average Earnings.

And finally…..

Told my wife I was going to make a car out of spaghetti the other day.

Don’t be so bloody stupid she said..

Should have see her face as I drove pasta.

Bono and the Edge walk into a bar

Bartender says “not U2 again”

Two slices of bread got married.

The wedding was amazing until someone decided to toast the bride and groom!

Clarence

XXXX