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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

ECONOMIC AND OTHER HEADLINES

  • Profits at China’s industrial companies rose in April by 4%.
  • 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…..

Clarence

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