ASX 200 limped along with a 17-point rally to 7997 (+0.2%). Results in focus again. Some good, some bad and some ugly. Banks were mixed with a capital update from ANZ, up 0.6% and CBA better by 0.3%. The Big Bank Basket is steady around $236.73. Insurers mixed, SUN up 3.1% and NWL better on results. REITs slipped, GMG down another 1.4%, as DXS fell 8.9% on write downs. The sector followed lower. Industrials mixed, BXB down 0.3%, CPU dropped 2.2% and ALL off 1.7% with gains in SVW and WOR after MND reported and rose 11.6%. Resources found some buyers, BHP bouncing off $40, up 1.3% and FMG attracting some media coverage on its virtues, up 1.5%. Gold miners mostly firmed as did uranium miners, DYL up 3.5% and EVN up 1.4%. Lithium still depressed; coal stocks took their cue from YAL with a fall of 14.5%. In corporate news, MAD fell 11.2% on some disappointment, good results from JDO, MND and RWC, with ANN bouncing nicely up 8.9% and ARB, no shocks here, up 5.2%. On the economic front, RBA minutes revealed nothing that we didn’t already know. Bullock & Co were more likely to raise but kept things on hold. Asian markets mixed, Japan up 1.1%, China and HK fell between 0.4-1.1%. 10Y yields steady at 3.95%. Dow Futures down 5 points. NASDAQ Futures up 28 points. 

HIGHLIGHTS

  • Winners: MND, JDO, RWC, NXL, ANN, MAH, ADT
  • Losers: YAL, MAD, CXS, IRE, AD8, MFG, DRO
  • Positive sectors: Iron ore. Gold miners. Insurers. Tech.
  • Negative sectors: REITs. Lithium.
  • ASX 200 Hi 8025 Lo 7986
  • Big Bank Basket: Continues higher to $236.73 (0.01%)
  • All-Tech Index: Up 0.2%
  • Gold: Drifts to $3720.
  • Bitcoin: Rises to US$61069
  • 10-year yields rise to 3.95%
  • AUD: Higher at 67.20c
  • Asian markets: Japan up 2.2%, China and HK fell between 0.4-0.9%.
  • Dow futures up 1 NASDAQ Futures up 28

MAJOR MOVERS

  • MND +11.6% good results and positive outlook.
  • JDO +10.5% no chop here.
  • NXL +8.9% powers ahead.
  • RWC +8.9% results.
  • ANN +8.9% bounces as it cuts 10% of jobs.
  • ADT +7.3% volatility continues.
  • DRR +2.5% results and dividend bounce.
  • APX +8.0% rally continues. FOMO is strong.
  • KMD +6.8% promising signs.
  • SVL +6.3% slight recovery.
  • BBN +8.9% better than expected.
  • YAL -14.5% cuts dividend.
  • MAD -11.2% seemed overdone.
  • DXS -8.9% write downs.
  • DRO -5.1% broker report.
  • BIS -15.3% response to ‘please explain’.
  • IRI -14.5% results reaction.
  • Speculative Stock of the Day: Nothing on any volume.

ECONOMIC AND OTHER NEWS

  • RBA Minutes. Nothing surprising.
  • Harris backs plan to raise US corporate tax rate to 28%.
  • PBoC keeps benchmark interest rates unchanged.
  • At least 10 cities in China relaxed, and removed new home price guidance.
  • Democrat convention kicks off.
  • Mike Lynch among missing after yacht sinks off Sicily.
  • Investors piled back into equities amid ‘full recovery’ in market confidence.
  • European inflation number today. Markets opening slightly firmer.

And finally…..

Clarence

XXXX