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ASX 200 rose 36 points to 7814 (+0.5%) in quiet trade. Just for a change, banks led the market higher, as we wait for CBA numbers on Wednesday. The Big Bank Basket rose to $222.96 (+0.8%). Other financials were also firm: QBE and SUN were up around 0.9% and 1.4% respectively, with MQG up 1.3%. REITS eased back slightly, with the exception of GMG, which rose 1.3 %. Industrials firmed: WES was up 1.6%, REH was up 1.2%, and retailers got a shot in the arm from JBH results, which beat expectations. Tech rose with the All–Tech Index up 1.5% as WTC rose 2.7% and XRO put on around 1.4%. Resources were a different story; iron ore majors drifted lower, as Iron ore slumped 2% to $US98.80 a tonne on the Singapore exchange. RIO down 1.4% with lithium depressed again, PLS down 2.9%, and MIN falling 3.8%. Gold miners were mixed, oil and gas fluffing about and uranium flat (not falling anymore at least). In corporate news, JBH results beat estimates, rising 8.3%, CAR had some good numbers and a positive outlook up 4.5% and AZJ underachieved falling 8.8%. BPT disappointed again, falling 12.6%. Nothing on the economic front locally, Japan closed for Mountain Day, China and HK flat. 10-year yields softened to 4.04%. European markets opening slightly firmer.

HIGHLIGHTS

  • Winners:  WGX, JBH, RAH, BLX, PNR, SPR, BGL, DDR
  • Losers: BPT, AZJ, STX, PYC, MIN, PLS, RED
  • Positive sectors: Banks. Industrials. Tech. Retail.
  • Negative sectors: Iron ore. Lithium. Oil and gas.
  • ASX 200 Hi 7837 Lo 7781
  • Big Bank Basket: Continues higher to $222.96 (+0.8%)
  • All-Tech Index: Rises 1.5%.
  • Gold: Rises to $3695 as AUD slips a little.
  • Bitcoin: falls to US$58519
  • 10-year yields weaker 4.03%
  • AUD: Higher at 65.84c
  • Asian markets: Japan closed. China and HK unchanged.
  • Dow futures down 12 NASDAQ Futures up 9

MAJOR MOVERS

  • TAH +8.0% hits jackpot!
  • JBH +8.3% results and special dividend beating expectations.
  • DDR +5.0% better results.
  • HVN +3.7% follows JBH.
  • PNV +4.5% AVH doing well, drags PNV.
  • AVH +10.0% ups guidance.
  • LOT +9.1% enhances management.
  • BPT -12.6% results as always disappointing.
  • AZJ -8.8% missed the train.
  • DRO -2.3% broker research.
  • MIN -3.8% lithium depressed.
  • ACW -59.2% trial fails to meet endpoint.
  • 3DA -4.4% investor day announced
  • Speculative Stock of the Day: Highcom (HCL) +29.6% FY Guidance last week continues to drive buyers.

ECONOMIC AND OTHER NEWS

  • Japan closed for Mountain Day.
  • Foreign investors pulled a record amount of money from China last quarter. Foreign investment into China has slumped in recent years after hitting a record $344 billion in 2021.
  • China’s 10-year bonds extended recent declines as the central bank warned about potential risks. The 10-year yield climbed as much as five basis points to 2.25% on Monday.
  • More than half of new cars sold in China are now electric or hybrid.
  • In India, Adani Group’s stocks fell after Hindenburg Research accused the head of India’s market regulator of having conflicts of interest.
  • India may come nearly on par with China’s weight in MSCI EM. A higher weighting for India will position it to become the new anchor for emerging market equities.
  • FTSE 100 chief executives’ pay rebounds to 2017 levels.

And finally…..

Did you hear about the archeologist who got fired from his job?

His career is in ruins!

I cooked a Sunday Roast for Lionel Richie today.

He asked once, twice, three times for gravy.

Clarence

XXXX