Friday 30th August – ASX 200 up 47 – Results Over – RHC – DOW – APX | Beeks Downunder-Because not all financial news is boring!

ASX 200 finished the week up 47 points to 8092 (+0.6%). For the month we are unchanged! Coincident? Pushed at close too. Solid gains across the board, banks as usual heading higher, CBA up 0.5% and the Big Bank Basket hitting new records, up to $239.31 (+0.6). Insurers also did well as yields rose. QBE up 0.6% and SUN up 1.1% with SQ2 bounding 3.1% ahead. Industrials solid too, REH up 2.2% and SVW ahead by 1.4%. REITs better GMG up 0.9% and SCG up 0.9%. Supermarkets eased back, WES down 2.0%, and WOW and COL eased back. Retail took heart from economic data today, JBH up 1.7% and PMV rising 0.9%. Travel stocks fining some friends, WEB bouncing back 0.6% on some book squaring. Resources were slightly higher. BHP continues to bounce around $40 up 0.6% with FMG easing 1.6% on broker comments. Gold miners doing ok, nothing spectacular, NST up 1.7% and EVN up 1.0%. Lithium stocks a little less depressed, PLS up 2.1% and LTR up 3.5%, with MIN still struggling down 1.1%. Oil and gas better, WDS up 2.1% and uranium stocks bouncing slightly. In corporate news, HVN fell 6.4% on soft numbers; Gerry reckons PE will take him out. DOW knocked it out of the park on results up 17.0%, and RHC continues to suffer from cost pressures, down 6.8%. Brookfield dodged a bullet there. On the economic front, retail sales buoyed things and led to higher yields at 3.97%. Asian markets are showing some strength, Japan up 0.7% on CPI numbers, China up 1.3% and HK up 2.2%.

HIGHLIGHTS

Winners: DOW, BOT, SPR, IMM, IPX, KAR
Losers: PDI, DDR, SXG, RHC, HVN, TAH
Positive sectors: Everything pretty much.
Negative sectors: Nothing.
ASX 200 Hi 8092 Lo 8051. Narrow range and apathy! Up 68 for the week.
Big Bank Basket: Higher at $239.31(0.6%)
All-Tech Index: Up 0.5%
Gold: Drifts lower to $3,693.
Bitcoin: Lower at US$58,867
10-year yields rose to 3.96%
AUD: Firmer to 68.04c
Asian markets: Japan up 0.3% on CPI numbers, China up 1.9% and HK up 2%
Dow Futures up 29 NASDAQ Futures up 88

MAJOR MOVERS

DOW +17.0% results beat expectations.
SPR +12.4% recent announcements driving price.
BOT +14.3% Appendix 4E
KAR +9.8% oil bounce.
INR +22.2% low volume.
BIS +12.1% FY results
AQC +10.0% see newsletter today.
ACW +7.1% results.
PDI -13.2% Guinea update.
DDR -9.8% results.
RHC -6.8% results – higher costs.
SXG -6.9% profit taking.
PTM -3.9% profit taking.
JMS -11.9% results and manganese outlook.
APX -17.7% results underwhelm.
Speculative Stock of the Day: MC Mining (MCM) +68.0% Reinstatment to quotation. This follows a commitment from Kinetic Development to invest US$90m in MCM at 30.83c

ECONOMIC AND OTHER NEWS

Australian retail sales were unchanged in July, from June when they rose 0.5%.
Consensus was for a rise of 0.3%.

US PCE Tonight. Estimated to show an increase of 2.7% YoY in July, compared to 2.6% in June.
Tokyo consumer prices rose more than expected to 2.6% YoY (vs 2.2% in July, 2.3% market consensus). Fresh food and utilities rose the most by 8.1% and 15.9% respectively.

Unemployment in Japan rose to 2.7%, more than the Reuters estimate of 2.5%.
Retail sales in the country rose 2.6% year on year, lower than the 2.9% growth expected by Reuters and the revised 3.8% increase seen in June.
Harris pitches for centre in first big TV interview as candidate.
China will not impose tariffs on EU Brandy.
China is considering allowing homeowners to refinance as much as $5.4trn in mortgages to lower borrowing costs.
JD Vance urges billionaire Peter Thiel to help bankroll Trump campaign.
Dollar General warns poorer US consumers are running out of money.
As the Paralympics gets under way…..