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The ASX 200 jumps 59 points to 7761 (+0.8%) as US leads give a positive start to the week. Banks as usual leading the charge higher, the Big Bank Basket up to $210.96 (+1.6%). WBC jumping 2.5%. MQG is up slightly with insurers doing well, QBE is up 2.6%, and SUN rallied 1.3%. REITs strong too, GMG up 1.9% and SGP up 1.8%. Industrials mixed, REA and CAR eased, WES up 0.8% and COL doing well, utilities also in demand, ORG up 1.2% and APA up 1.2%. Tech slipped WTC down 1.3% and the All –Tech Index down 0.3%. Healthcare mixed, PME up 0.92% and RMD slipping 0.8%. In resources, BHP moved another 0.7% higher, despite iron ore falling to a six-week low, PLS and the lithium players modestly better, IGO up 2.2% and LTR up 2.3%. Gold miners on the nose again, EVN down 1.0% and NST off 0.7%. Oil and gas stocks slightly firmer on OPEC Plus news. In corporate news, IMM raising $100m and signing up Merck with a new drug. LOV dropped 10.4% on the CEO succession plan, VUL tapped Gina for some more money, up 7.2%. APM agreed to a scheme from Madison Dearborn and RPL bought Merricks Capital for $235m. NGI was the best performer in the All Ords on a guidance upgrade, +13.5%. In economic news, China’s manufacturing activity expanded at the fastest rate in almost two years in May. Asian markets jumped. Japan up 1.2% with HK up 2.3% and China unchanged. 10-year yields 4.38%.

HIGHLIGHTS

  • Winners: NGI, APM, DRO, VUL, STX, CRN
  • Losers:  WA1, LOV, NEU, RED, SLR, CUV, INR, CSC
  • Positive sectors: Banks. Insurers. REITs. Utilities. Oil and gas.
  • Negative sectors: Gold miners. Tech.
  • ASX 200 Hi 7779  Lo 7717
  • Big Bank Basket: Rallies to $210.96
  • All-Tech Index: Down 0.3%
  • Gold: Lower at $3490
  • Bitcoin: Steady at US$68676
  • 10-year yields fall to 4.37%
  • AUD: Up to 66.45c.
  • Asian markets jumped Japan up 1.2% with HK up 2.3% and China unchanged.
  • Dow futures up 90 NASDAQ Futures up 56

MAJOR MOVERS

  • NGI +13.5% earnings update.
  • APM +10.4% Madison firms up 145c scheme.
  • DRO +10.2% Shaw and Partners upgrades.
  • VUL +7.2% Gina buys in again.
  • STX +5.0% Walyering 7 Appraisal results.
  • MAY +14.0% June sun in Cuba.
  • 29M +7.4% copper play continues.
  • NEU -6.3% profit taking.
  • WA1 -14.3% West Arunta assay results.
  • LOV -10.4% CEO succession update.
  • VNL -4.2% issues new shares.
  • CHL -13.8% continues to fall.
  • CAT -7.9% profit taking.
  • C79 -4.0% ceasing to be a substantial shareholder.
  • RSG -3.6% bullion falls.
  • Speculative Stock of the Day: Inoviq (IIQ) +39.8% good volume too on Breakthrough exosome therapy to target and kill breast cancer.

COMPANIES

ECONOMIC AND OTHER HEADLINES

  • More than 2.6m workers will receive a 3.75%minimum wage increase this year to combat cost-of-living pressures.
  • China’s manufacturing activity expanded at the fastest rate in almost two years in May. The Caixin manufacturing purchasing managers index rose to 51.7 last month from 51.4 in April, slightly above the median forecast of 51.6 by economists in a Bloomberg poll and the highest since June 2022.
  • Russia-China gas pipeline deal stalls over Beijing’s price demands.
  • South Korean President Yoon Suk Yeol gave the green light on Monday to conduct exploratory drilling for potentially vast oil and gas prospects found off the east coast of Korea.
  • Shein fashion group plans to file for London listing in coming days.
  • Rupert Murdoch marries for a fifth time in California ceremony.
  • Indian polls show big win for Modi.
  • Nvidia unveiled its next generation of AI chips, just months after announcing its previous model, dubbed “Rubin,” ahead of the COMPUTEX tech conference in Taipei.
  • Nvidia is now worth more than the entire FTSE 100 in the UK.
  • Fed official says interest rates should stay on hold for ‘extended’ time.
  • Strong start for European markets Monday. EU elections start Thursday.

And finally…..

I got attacked by a group of mime artists, they did unspeakable things to me.

Clarence

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