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ASX 200 rose 61 points to 7788 (0.8%). Solid bounce off 7700 support on low volume and volatility. Banks led the market rally, the Big Bank Basket up to $209.51 (+1%) with ANZ the winner up 1.1%. MQG rose 0.7% with ASX up 1.7%. Insurers lightly better, SUN up 0.6%. REITs did better as GMG rallied 2.3% with SCG up 1.3%. Industrials were too back in demand, TLS up 2.3% as defensives were bid up, WOW up 1.2%, and WES rebounding 1.2%. Consumer stocks better, WEB up 1.3% with JBH better by 1,3% and BAP doing well up 3.6%. Resources a little mixed, lithium slightly depressed, PLS down 1.0% and MIN off 0.3% with BHP up another 1.1% going against the trend in RIO and FMG. Gold miners recovered from a sell off, NST up 1.8% and EVN up 2.6%. Oil and gas stocks flat. In corporate news, LLC rose 8.0% after announcing a serious strategic review and internation projects on hold. CTT rallied 10.1% after denying any truth in media reports, NEU rallied hard on Phase II test results. Up 15.5%. Nothing on the economic front, Asian markets better with Japan up 0.4%, China up 0.5% and HK up 0.8%. 10-year yields steady at 4.27%.
HIGHLIGHTS
- Winners: NEU, CTT, BLX, SXG, LLC, MYR, RUL
- Losers: VUL, AD8, NIC, WC8, STX, REG, PYC
- Positive sectors: Banks. REITS. Industrials. Gold miners.
- Negative sectors: Metals.
- ASX 200 Hi 7793 Lo 7717
- Big Bank Basket: Bounces to $209.51(+1.0%).
- All-Tech Index: Up 0.4%
- Gold: Steady at $3533
- Bitcoin: Higher at US$69071
- 10-year yields steady at 4.28%
- AUD: Rises to 66.32c.
- Asian markets better with Japan up 0.4%, China up 0.5% and HK up 0.8%.
- Dow futures down 20 NASDAQ Futures down 15.
- UK and US markets closed. T+1 comes into US trade this week.
MAJOR MOVERS
- NEU +15.7% promising Phase II trial results.
- CTT +10.1% denies media article.
- LLC +8.0% strategic review.
- SXG +9.1% 473g/t gold over 0.5m at Sandy Creek.
- HMC +4.8% completes $100 placement.
- BAP +3.6% becoming a substantial shareholder.
- DXB +25.0% new royalty deal.
- VGL +17.6% Potentia takes a 18.5% stake,
- CTM +9.6% drilling program underway at Boi Novo CuAu project.
- VUL -9.6% profit taking.
- AD8-6.4% CFO resigns.
- AGC -18.6% profit taking.
- SBM -16.1% production and cost downgrade.
- GHY -28,5% Stage 1 well testing.
- FND -14.4% down and out.
- MP1 -2.2% Bevan Slattery sells $15.9bn worth.
- WC8 -5.0% selling continues.
- NIC -6.0% nickel sells down slightly.
- SLX-3.2% profit taking.
- Speculative Stock of the Day: DY6 +334% Additional historical drilling results confirm Tundulu REE potential.
COMPANIES
![](https://marcustoday.com.au/contentimages/images/report/20240527/image(16).png)
ECONOMIC AND OTHER HEADLINES
- Profits at China’s industrial companies rose in April by 4%.
![](https://marcustoday.com.au/contentimages/images/report/20240527/image(14).png)
- China has set up the country’s largest-ever semiconductor investment fund to propel development of the domestic chip industry.
- Chinese President Xi Jinping urged deeper reforms for some of the country’s key sectors. Third Plenum kicks off some time in July.
- ECB is ready to start cutting rates, says chief economist.
- Macron begins his visit to Germany. First time in 25 years.
- US expected to lift ban on sale of offensive weapons to Saudi Arabia.
- US and UK closed tonight.
And finally…..
![](https://beeksdownunder.com/wp-content/uploads/2024/05/image-23.png?w=444)
![](https://beeksdownunder.com/wp-content/uploads/2024/05/image-24.png?w=422)
![](https://beeksdownunder.com/wp-content/uploads/2024/05/image-25.png?w=429)
Clarence
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