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ASX 200 drifts 22 points lower to 7767 (-0.3%). A quiet session with some of Monday’s exuberance fading. Banks were steady, with the Big Bank Basket at $209.80 (+0.1%). ANZ the best of the bunch. Insurers slightly firmer, SUN up 0.1% and NHF up 0.4%. REITs were pretty steady SGP up 1.8% and GMG down 0.6%. Industrials eased, TLS down 0.6%, WES down again off 0.4%, with TCL falling 1.6%. Tech eased back, with the All–Tech Index down 0.6%. WTC off 0.6%. In resources, BHP continues to hold steady ahead of the ‘put up or shut up’ deadline on the Anglo bid. Gold miners better, NEM up 0.3% and EVN up 0.5% on bullion rises. Oil and gas mixed, WDS down 0.3% and STO up 0.5%. Uranium stocks fell as the spot price eased back to $90. In corporate news, BOE sank 10.9% on news of three directors selling down considerably. WBC’s RAMS is being investigated over home loans. PWR dropped 12.6% on an earnings downgrade, and PME won another contract worth a minimum of $45m. PLY lifted its guidance too, and the stock jumped 6.1% in response. On the economic front, retail sales came in below forecasts at a weak 0.1% MonM rise. Asian trade mixed, Japan up 0.1%, China down 0.3% and HK off 0.1%. 10Y yields steady at 4.26%. Dow Futures up 18 points. NASDAQ Futures up 38 points. 

HIGHLIGHTS

  • Winners: IPX, MSB, SPR, STX, JMS, CNI, CHN
  • Losers: BOE, PYC, CTT, BLX, SXG, SLR, HLS
  • Positive sectors: Materials. Gold miners.
  • Negative sectors: Industrials. Healthcare. Tech.
  • ASX 200 Hi 7801 Lo 7766
  • Big Bank Basket: Steady at $209.80(+0.1%)
  • All-Tech Index:  Down 0.6%
  • Gold: Steady at $3528
  • Bitcoin: Higher at US$67,810
  • 10-year yields steady at 4.26%
  • AUD: Rises to 66.68c.
  • Asian markets better with Japan down 0.2%, China down 0.3% and HK up 0.6%.
  • Dow futures up 18 NASDAQ Futures up 38.
  • US and UK markets reopen.

MAJOR MOVERS

  • MSB +9.1% Good volume and kicking higher.
  • SPR +8.3% good volume run.
  • STX +7.3% Walyering reaches Payback and Operational update.
  • CHN +4.1% Platinum heads higher.
  • JMS +4.8% Change of director’s interest.
  • AIS +5.5% Copper play.
  • PLY +6.1% Upgrade to guidance.
  • TPW +2.3% Buyback update.
  • CTT -7.3% Falls back to earth.
  • MGX -4.4% Profit taking.
  • BOE -10.9% Directors selling.
  • HE8 -13.3% Change of auditor.
  • DXB -8.2% Profit taking.
  • NEU -3.6% Profit taking.
  • PWR -12.6% Earnings downgrade.
  • Speculative Stock of the Day: FRS +142.1% acquisition of iron ore project adjacent to MIN.

COMPANIES

ECONOMIC AND OTHER HEADLINES

  • Retail Trade today –     Rose 0.1% month-on-month. – Rose 1.3% compared with April 2023.
  • US moves to T+1 – Trades will settle in one day for the first time in 100 years. International investors may struggle to source dollars on time, global funds will move at different speeds to their assets, and everyone will have less time to fix errors.
  • Adani plans push into Indian ecommerce and payments.
  • Royal Mail and Anglo bids face double deadline as UK M&A hits heights.
  • The world is in debt. To the tune of $315 trillion and counting. $315 trillion is a staggering number to visualize but consider this. In 2024, global gross domestic product or GDP amounted to $109.5 trillion dollars slightly over a third of that global debt number.

And finally….

Clarence

XXX