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ASX 200 drops another 37 points to 7629 (-0.5%) after a bounce off the 7600 support level. Bank held firm with small losses in CBA and NAB. The Big Bank Basket down to $205.46 (-0.1%). MQG fell 0.6% with insurers mixed, QBE up 0.1% as bond yields rose. SUN off 0.8%, with REITs down, SGP off 0.9% and GMG up slightly. Industrials saw buyers in defensives, WES up 0.8% and ALL up 0.9%, with BXB doing ok, up 0.6%. Tech mixed despite Nasdaq futures showing early losses. The All-Tech Index up 0.4%. REA, CAR and SEK all better. In the miners, BHP sank 1.7% after the bid was rejected again, RIO was down 1.5%, and FMG fell hard again off 3.1%. Gold miners dropped as bullion fell on a stronger USD, NST down 2.8% and EVN off 2.8%. Lithium and copper stocks also falling, PLS down 2.1%, and IGO dropping 4.4%. LTR pulled back 5.5%, with oil and gas stocks slipping. WDS down 1.2%, and STO off 1.8%. Uranium stocks eased back. In corporate news, quite apart from BHP news. AAC and ELD mixed on the rollback of Chinese beef tariffs. CAT lived up to its name with a 9.7% gain on a business update. On the economic front, we had building approvals. Not shooting any lights out to relieve pressure on housing. In Asian markets, a sell-off following US markets, Japan down 0.6%, HK down 1.5% and China off 0.5%. 10Y yields 4.44%.

HIGHLIGHTS

  • Winners: APM, WA1, PME, NWH, CKF, JMS, DMP, AAC
  • Losers: CHN, WC8, MSB, PYC, INR, RRL, GMD, FCL, LTR
  • Positive sectors: Defensives. Retail. Old Skool Platforms.
  • Negative sectors: Miners. Gold. Oil and gas.
  • ASX 200 Hi 7762 Lo 7602
  • Big Bank Basket: Smashed to $205.46 (-0.1%)
  • All-Tech Index:  Up 0.4%
  • Gold: Lower at $3525
  • Bitcoin: Lower at US$67898
  • 10-year yields spiked to 4.43%
  • AUD: Steady at 65.94c.
  • Asian markets lower Japan down 1.7%, HK down 1.6% and China off 0.6%.
  • Dow futures down 325 NASDAQ Futures down 126

MAJOR MOVERS

  • APM +7.8% good move on volume.
  • CU6 +1.5% strengthens Cu-64 network.
  • JMS +3.0% South African elections.
  • QAN +2.7% Buyback update.
  • PME +3.6% does it ever go down!
  • DXB +13.8% broker upgrade.
  • CAT +9.7% results presentation.
  • STP +3.3% talked it up on The Call yesterday.
  • STK +4.8% excellent results at Palomino.
  • AQZ +4.9% thin volume as usual.
  • CHN -11.7% metal prices.
  • GMD -5.8% gold falls.
  • LTR -5.5% lithium sell-off
  • SFX -12.1% Thunderbirds are not go!
  • CXL -9.9% investor webinar.
  • CNB -16.6% scoping study.
  • LMG -14.3% Equity raising.
  • Speculative Stock of the Day: AGC +20.5% placement at 32c shrugged off!

COMPANIES

ECONOMIC AND OTHER HEADLINES

Building Approvals – The April 2024 seasonally adjusted estimate:

  • Total dwellings approved fell 0.3%, to 13,078.
  • Private sector houses fell 1.6%, to 8,822, while private sector dwellings excluding houses fell 1.1%, to 3,981.
  • The value of new residential building fell 3.8%, to $6.16bn.
  • The value of non-residential building fell 4.6%, to $5.12bn.
  • “The board are absolutely focused on the fact that inflation is clearly still above the target band,” RBA Assistant Governor Sarah Hunter said at a conference in Sydney on Thursday
  • China rolls back beef tariffs.
  • China is poised to impose a record fine on PwC.
  • South African election vote counting begins. Once 5% of votes are counted, state agency will project result. A record 27.7m people registered to vote.
  • NATO has just 5% of air defences needed to protect eastern flank.
  • Bulk of gold smuggled from Africa exported to UAE, says report.
  • Sony Music in talks to buy Queen’s music catalogue for $1bn. All Radio Gaga.
  • European markets set for opening losses. Nestle in focus.

And finally….

How come there’s enough asphalt to build speed humps, but not enough to fill pot holes?

Clarence

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