ASX 200 closes up 96 points to 7777 (+1.2%) still down 2.1% for the week. Resources took up the baton in the ‘repechage’. Gains in iron ore in Singapore brought buyers back in. BHP up 1.6%, and RIO up 2.0%. Lithium stocks also bounced, with PLS doing well, up 3.0%, as MIN rallied 1.5% and S32 up 3.9%. Gold miners bounced back, NST up 1.2%, and WAF up 6.8% after a baton drop yesterday. Oil and gas better too as WDS bounced 2.3%, with uranium stocks slightly firmer, clean out of the blocks this morning. Banks ran a solid race through to the semis, with ANZ up 1.1% and WBC up 0.7%, with the Big Bank Basket up to $221.19 (+0.6%). Insurers firmed, with the exception of QBE, which had a false start and disappointed selectors. Other financials pushed higher, with MQG up 1.0% and ASX up %. REITS on the podium, GMG up 3.2%, and GPT pushing 1.8% ahead. Good moves from REA and CAR, results from NWS too helping, tech better, WTC up 2.7% and XRO running a PB up 2.6%. The All-Tech Index up 3.2%. Retailers were mixed as NCK rose 0.1% on results, and travel stocks failed at the new height losing a little. Healthcare stocks rose to the challenge and hopped, skipped, and jumped higher, COH up 2.4% and SHL ahead by 0.7%. In corporate news, QBE fell 1.7% on results, NWS and REA delivered. NEU failed a drug test and slipped 5.5% on trial results. Nothing locally on the economic front, Chinese CPI rose. A promising sign for consumerism. Asian markets settled mixed, with Japan up 0.9%, HK up 1.4% and China unchanged. 10-year yields steady at 4.06%.

HIGHLIGHTS

  • Gold Medal Winners:  360, IEL, NWS, DRO, WAF, REA, CAT
  • Losers: NEU, LNW, QBE, RWC, HSN
  • Positive sectors: Banks. Iron ore. REITs. Gold Miners. Tech.
  • Negative sectors: Travel
  • ASX 200 Hi 7795 Lo  7701
  • Big Bank Basket: Bounces to $221.19 (+0.6%)
  • All-Tech Index:  Up 3.2%
  • Gold: Rallies to $3668.
  • Bitcoin: Crypto bounces to US$60,929
  • 10-year yields steady at 4.06%
  • AUD: Higher at 66.01c
  • European markets expected to open around
  • Dow futures down 10 NASDAQ Futures down 23.

MAJOR MOVERS

  • 360 +18.1% good results and ups guidance.
  • PGC +4.6% decent volume.
  • NWS +7.6% REA +6.8% results and Foxtel sale.
  • SPR +5.4% bouncing nicely.
  • IEL +7.9% decent volume bounce.
  • MEI 12.4% broker upgrades.
  • PMT +10.2% lithium buyers bottom pick.
  • DRO +7.4% found the bottom.
  • LNW -3.1% no light and not much wonder in results.
  • DJW -2.22% ex-dividend.
  • QBE -1.7% results disappoint.
  • NEU -5.5% trial results disappoint.
  • PSQ -4.3% scheme vote.
  • PLY -1.7% Results webinar.
  • RFG -2.7% stuffed crust.
  • Speculative Stock of the Day: Nothing on any volume.

COMPANIES

ECONOMIC AND OTHER NEWS

  • The ASX 200 has shed 2.1% in the past five sessions, the biggest weekly decline since mid-April. Mainly Monday really. Brought back some memories though.
  • The benchmark September iron ore futures contract climbed 2.8% to $US102.25 per tonne in early trade in Singapore.

Australian Monthly Business Turnover Indicator.

  • A 0.1% fall in the 13-industry aggregate
  • The largest fall was in Transport, postal and warehousing (-2.6%)
  • The largest rise was in Information media and telecommunications (3.8%)
  • Chinese CPI – increased 0.5% from a year earlier, the National Bureau of Statistics said Friday. That’s the biggest gain since February. The Chinese could do with some inflation so no real concern. Pork prices driving things.
  • In July, core CPI, which strips off volatile food and energy prices, rose 0.4%, slowing from the 0.6% gain of the previous month.
  • Shares of India’s first listed EV maker jump on trading debut.
  • China’s urban pet population is set to hit over 70m by the end of the decade, while the number of children under the age of four will dwindle to less than 40m, according to Goldman Sachs.
  • Teenage suspect confesses to attack plot against Taylor Swift concerts.
  • Wharton’s Jeremey Siegel no longer thinks it’s vital for an emergency interest rate reduction, but still wants policymakers to cut quickly and aggressively.

And finally….

Harp for sale $100 ono no strings attached

Clarence

XXX