ASX 200 fell 13 points to 8071 (+0.2%) as some results fatigue set in. Banks slipped from lofty heights, with CBA off 1.0% and NAB falling 1.0%, with the Big Bank Basket down to $234.90 (0.8%). Insurers dipped, financials were also in the doldrums, with MQG off 0.5% and ASX down 1.7%. REITS mixed but drifted to the downside, GMG bounced 1.2% from a loss yesterday, and GPT fell 0.6%. Industrials were mixed, WOW off 1.1% and COL rallied 1.7% on better results. Tech slid, WTC off 0.4% and XRO fell 2.2%, the All–Tech Index dropping 0.9%. TLS drifted 0.5% lower and retail came under some pressure, with LOV smacked 13.0% on results, JBH off 1.4% and PMV down 1.2%. Travel stocks still on the nose, with FLT down 1.6%. In resources, iron ore stocks bounced, BHP beating expectations rose 1.3% on results, RIO up 0.8% and FMG up 1.8%. Lithium stocks slightly firmer, PLS up 2.0% and MIN up 1.0% with gold miners mixed, uranium stocks found buyers despite the fall in the spot price. DYL unchanged, and PDN down only 1.1%. Oil and gas leader WDS rose 3.9% on better-than-expected results. STO following suit up 1.9%. In corporate news, GYG rose 3.2% on its first set of numbers after the IPO. WOR rose 2.8% after results, JLG slumped 27.1% after a revenue decline, ZIP came undone down 7.9% despite a lift in transaction value. ASB up 3.6% on a settlement in the US. Nothing in economic news. Asian markets quiet, Japan +0.7%, HK +0.2%, China down 0.3%. 10Y yields slightly higher at 3.914%. Dow Futures down 13 points. NASDAQ Futures up 20 points. 

HIGHLIGHTS

  • Winners: NAN, C79, REG, IEL, LRS, NHF, WDS
  • Losers: JLG, LOV, DRO, SGF, ZIP, SIQ, ACL, TYR
  • Positive sectors: Iron ore. Lithium. Oil and gas.
  • Negative sectors: Banks. Insurers. Tech.
  • ASX 200 Hi 8107 Lo 8062
  • Big Bank Basket: Lower at $234.90 (-0.8%).
  • All-Tech Index: Down 0.9%
  • Gold: Drifts higher to $3,699.
  • Bitcoin: Lower at US$63114
  • 10-year yields rose to 3.91%
  • AUD: Firmer to 67.86c
  • Asian markets: Japan unchanged. HK unchanged, China down 0.6%
  • Dow Futures down 13 points. NASDAQ Futures up 20 points

MAJOR MOVERS

  • NAN +22.6% results lift.
  • C79 +7.1% results.
  • IEL +5.5% short squeeze on proposed changes.
  • WDS +3.9% results bounce.
  • NHF +4.5% oversold yesterday.
  • WOR +2.8% results.
  • JIN +1.7% Buy back update.
  • PLY +14.55% nice bounce.
  • FND +6.7% new merchant deal in India.
  • CXL +3.5% results.
  • STX +21.2% Erregulla Deep 1 Update.
  • RIM +25.0% more sulphides in Bald Hill.
  • JLG -27.11% results reaction.
  • LOV -13.0% underwhelms.
  • SGF -8.2% results SIQ -7.9% follows down.
  • EOS -10.3% disappointment on numbers.
  • ANG -10.6% results.
  • ACW -6.7% profit taking.
  • DRO -8.2% results.
  • DRR -5.9% ex dividend.
  • ZIP -7.9% presentation.
  • Speculative Stock of the Day: TG1 +61.3% high-grade critical antimony @ Station Creek.

ECONOMIC AND OTHER NEWS

At 30 June 2024 there were 2,662,998 actively trading businesses in the Australian economy.

  • China’s export curbs on semiconductor materials stoke chip output fears.
  • The nearly 30% drop in shares of Chinese online retailer PDD Holdings is “too much of a correction,” according to Shaun Rein, founder and managing director of the China Market Research Group.
  • Bronfman abandons $6bn Paramount bid.
  • Spanish environmentalist poised to take charge of EU’s green agenda.
  • Sustainable Metal Cloud said its immersion cooling technology is 28% cheaper to install than other liquid-based solutions and reduce energy consumption by up to 50% in data centre.

And finally…..

Clarence

XXX