ASX 200 fought back from early losses to close up 13 points at 8011. Positive results and outlooks driving buyers. Pretty good considering CBA was ex-dividend today 250c. The Big Bank Basket lost 1.5% to $233.10. MQG unchanged, and insurers and other financials weaker. QBE down 1.6%. REITs mixed, GMG down 3.6% and GPT up 1.5%. Tech stocks boosted by a cracking WTC result, up 18.4%, and the All–Tech Index up 2.45%. Industrials mixed with results the focus. Travel stocks fell as CTD disappointed off by only 1.9% in the end, WEB down 1.1%, and ARB saw some profit taking off 1.7%. Resources were the place to be. Iron ore rallied over 3% in Singapore after all the negativity yesterday, BHP up 1.6% and FMG bouncing 4.1%. Lithium too, back in demand, PLS up 3.5% and MIN bouncing 5.2%. LYC saw a big bump higher and antimony stock LRV jumped another 24.5% as critical metals seem back in demand. Gold miners also doing well, NST up 2.3% and EVN up 1.6% with oil and gas under pressure. STO results were sub-optimal. Down 4.4% and WDS down 0.8% despite M&A rumours. Uranium going nowhere, coal also in strife. WHC off 2.2%, and YAL down 4.0%. In corporate news, another big dump of data, some good, WTC +17.9%, some bad, STO, and some ugly, ATG down 11.4%. DMP out today too and bounced off lows, BRG surged 4.7% on its better than expected numbers, CHC stunned with another cracker up 15.8%. Nothing on the economic front locally. Asian markets weaker, with Japan down 0.2%, HK off 1.1% and China down 0.4%. Dow and NASDAQ Futures up 0.1%. 

HIGHLIGHTS

  • Winners: WTC, CHC, HLS, PDI, BXB, MGH, HSN, LYC
  • Losers:  LYL, VNT, OML, MAD, STO, IMD
  • Positive sectors: Iron ore. Gold miners. Tech. Lithium.
  • Negative sectors: Travel.
  • ASX 200 Hi 8004 Lo 7952
  • Big Bank Basket: Lower at $233.10 (-1.5%) – CBA Ex-Dividend.
  • All-Tech Index: Up 2.3%
  • Gold: Drifts higher to $3730.
  • Bitcoin: Lower to US$59380
  • 10-year yields falls to 3.89%
  • AUD: Higher at 67.44c
  • Asian markets: Japan down 0.4%, HK off 1% and China down 0.2%.
  • Dow futures up 60 NASDAQ Futures up 38

MAJOR MOVERS

  • WTC +18.4% Results.
  • CHC +15.8% Results
  • HLS +12.9% results
  • PDI +9.8% M&A?
  • BXB +9.3% results.
  • LYC +7.4% short squeeze?
  • SLC +6.6% results.
  • HUM +37.5% rattled higher.
  • CWP +10.3% results.
  • LYL -12.0% results disappoint.
  • VNT -6.7% results disappoint
  • OML -6.7% broker downgrades.
  • MAD -5.8% broker downgrades.
  • IMD -4.2% results.
  • YAL -4.0% continuation sell off.
  • ATG -11.4% results slide.
  • IRI -10.8% broker downgrades
  • Speculative Stock of the Day: DUN +95.8% High-grade gold intercepts confirmed.LRV continues higher up 25%

ECONOMIC AND OTHER NEWS

  • Walmart raised about $3.6bn by selling its stake in Chinese e-commerce firm JD.com. The US retailer sold 144.5m shares for $24.95 apiece.
  • Obama warns Democrats of ‘tight race’ to defeat Trump.
  • Nearly $90bn pours into US money market funds ahead of expected rate cuts.
  • Edgar Bronfman Jr raises $5.5bn to sweeten last-minute Paramount bid.
  • China’s latest export controls has rattled insiders of the critical minerals industry. Antimony. Tungsten could be next?
  • China dominates global tungsten supply. Tungsten is also used to make semiconductors, the metal, like antimony, is used in defence production.
  • Recent volatility spike was a ‘huge overreaction,’ but expect more ahead, UBS strategist says.
  • European markets opening slightly mixed.