Monday 2nd September – ASX 200 up 18 – Banks Charge – Resources Flop! REA making all the right moves! | Beeks Downunder-Because not all financial news is boring!

ASX 200 rose 18 points to 8113 (+0.2%), heading to an all-time high as banks shook off early nerves and sauntered higher. Just failed to hold the record. CBA up 1.6% and NAB up 1.3%, with the Big Bank Basket up to $242.68 (1.4%). MQG rose 0.6% and insurers also doing well, QBE up 0.9% and SUN up 0.8%. REITs are also in demand, SGP up 0.8% with industrials turning from losses to gains, WOW up 0.4% following the sale of its EDV stake, COL up 0.9% and tech picking up, WTC up 2.2%, and XRO rising 0.6%. Resources were as usual in the dog house as iron ore fell below $00 in Singapore, BHP off 1.1%, RIO down 1.4%, and PLS dropped 4.4% with MIN struggling to find a level, down 1.6%. Gold miners saw big sellers, NST off 1.1%, PRU fell 4.9% and GMD down 3.1% despite little change to AUD bullion. Oil and gas stocks better, WDS up 1.4% and STO up 1.1% with uranium stocks weaker again. In corporate news, REA fell 5.3% as it confirmed that it was taking a look at UK’s Rightmove. SGR was suspended for failure to publish its full-year results. In economic news, we had local building approvals and China’s Caixin PMI slightly above expectations. Asian markets: Japan up 0.1%, China down 1.2% and HK down 1.7%. 10-year yields pushed up to 4.01%.

HIGHLIGHTS

Winners: DRO, SIQ, AX1, COE, HLS, ACL
Losers: BGL, RED, NEU, PYC, WGX, PDI, MAQ
Positive sectors: Banks. Insurers. REITs. Travel.
Negative sectors: Resources.
ASX 200 Hi 8117 Lo 8041 Close to All -time high close.
Big Bank Basket: Higher at $242.68(1.4%)
All-Tech Index: Down 0.7%
Gold: Steady at $3,687
Bitcoin: Lower at US$57877
10-year yields rose to 4.01%
AUD: weaker to 67.70c
Asian markets: Japan up 0.1%, China down 1.2% and HK down 1.7%
Dow Futures down 0.05% NASDAQ Futures down 0.15%

MAJOR MOVERS

DRO +10.6% kicks higher again.
ACL +4.7% appointment of CFO
SIQ +5.4% broker upgrades.
CTT +33.8% volatility to the max.
LOV +3.1% turning.
CRD +26.0% gas sale agreement with Sembcorp.
IMU +9.7% three complete responses to Phase 1b Trial.
BGL -9.1% results.
ZIP -4.2% retirement of non-executive director.
RED -7.4% WGX -% gold sell-off.
REA -5.3% UK acquisition possible.
NEU -7.2% momentum to the downside.
WBT -11.3% reverses rally.
STK -14.8% high-grade gold system at HW Gold Camp.
Speculative Stock of the Day: MTC +44.4% not bad volume. Change in substantial holding.

COMPANIES

ECONOMIC AND OTHER NEWS

Building Approvals – The July 2024 seasonally adjusted estimate:

Total dwellings approved rose 10.4%, to 14,797.
Private sector dwellings excluding houses rose 32.1%, to 5,234, while private sector houses rose 0.6%, to 9,252.
The value of total residential building rose 9.0%, to $8.49b.
The value of non-residential building rose 3.2%, to $4.69b.

China’s Caixin manufacturing purchasing managers index flashed warning signs, despite recovering to 50.4 last month.

Rightmove targeted for takeover offer by News Corp’s REA.
Chinese electric car giant BYD sold a record number of passenger vehicles in August, with sales of hybrids growing faster than those of battery-only cars.
Its sales of battery-only cars rose by nearly 12%, while hybrid-powered vehicle sales surged by 48% to account for just under two-thirds of BYD cars sold last month.