ASX 200 managed a small 9-point rise to 7976 (0.1%) as results dominated. WBC off to a promising start, up 2.5% its 3Q update beating estimates, the Big Bank Basket rose yet again to $236.30 (+1%). Other financials mixed, MQG lost 0.1% as it launched a $1bn hybrid issue. SUN up 1.3% on results. REITs mixed, GMG down 1.3% with GPT firing 1.7% higher. Industrials wafting around. Staples were ok, retail held on to gains, dull industrials lost ground. REH down 3.9% on results, SVW off 2.2% and RWC also 2.9% lower. In resources, iron ore continues to flounder. BHP falling 0.7% and FMG down another 1.9%, gold miners better on bullion prices NST up 1.7% and EVN up 2.7%. Uranium stocks are falling with a clear out happening, PDN down 5.8% and BOE off 4.6%. Oil and gas slightly firmer. In corporate news, A2M soured 18.8% on the Chinese outlook. ADB soared 19.9% on the same numbers from two weeks ago, WBC did well, NXL leapt 25.5% on its results, and LLC fell 0.8% as it continues to jettison the international division. Nothing on the economic front today, RBA Minutes tomorrow. Asian markets mixed, Japan down 1.7%, China up 0.3% and HK up 0.8%. Australian 10-year yields 3.92%.

HIGHLIGHTS

  • Winners: NXL, AD8, WA1, RSG, ADT, CTT, PGC, CU6
  • Losers: A2M, PDN, SLX, PWH, ALD, DHG
  • Positive sectors: Banks. Gold miners.
  • Negative sectors: Iron ore. Uranium. Coal
  • ASX 200 Hi 7991 Lo 7951
  • Big Bank Basket: Continues higher to $236.40 (+1.0%)
  • All-Tech Index: Up 0.6%
  • Gold: Rises to $3742.
  • Bitcoin: Steady at US$58507
  • 10-year yields weaker at 3.91%
  • AUD: Higher at 66.84c
  • Asian markets: Japan down 1.7%, China up 0.3% and HK up 0.8%.

MAJOR MOVERS

  • NXL +25.5% results cheer.
  • AD8 +19.9% same result, better reaction!
  • WA1 +10.5% RSG +8.7% good moves.
  • GWA +2.4% Results, plumbed in.
  • SMI +21.8% Booming gold hit.
  • SBM +16.7% Sale of Catalyst Shareholding.
  • SXG +5.3% gold drill results. Antimony helps.
  • ARR +9.8% drilling completed.
  • A2M -18.7% sours on outlook.
  • PDN -5.8% uranium fallout.
  • SLX -5.4% uranium fallout.
  • PWH -5.4% broker downgrades.
  • ALD -4.8% results disappoint.
  • NXG -4.3% uranium.
  • REH -3.9% flushed.
  • DHG -4.7% downgrades.
  • SVL -11.1% fallout continues post legal case.
  • Speculative Stock of the Day: LRV +33.3% Unusual volume and big move continuing from Friday. Antimony exposure.

ECONOMIC AND OTHER NEWS

  • European markets opening mixed. No real direction yet.
  • Blinken arrives in Israel for talks.
  • Asian currencies rallied to the highest in seven months as ebbing US recession concern, bets on Federal Reserve rate cuts next month and an improving domestic backdrop lifted sentiment in the region.
  • Japan’s Seven & i gets takeover approach from Alimentation Couche-Tard.
  • Fed’s Daly backs gradual interest rate cuts as inflation ‘confidence’ mounts.
  • Democrats on defensive after Harris’s economic plans are poorly received.

And finally…..

Clarence

XXXX