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ASX 200 wilted after a great start to close up only 18 points at 8210, unable to hold on to earlier big gains. Triple witching and index rebalancing in US tonight. Banks remained solid with the Big Bank Basket at $249.63 (+0.5%). MQG slid from record highs, and SUN eased 1.3%. REIT’s mixed, GMG down 0.6% and SGP up 0.4%. Industrials were mostly firm with WES up 1.5% and retailers doing well, JBH up 1.4% and LOV up 3.2%. Travel and pizza back in fashion (when did they ever go out of fashion?), FLT up 2.2% and DMP up 4.0%. Healthcare in casualty, CSL down 0.3% and SHL continuing to suffer, down 2.2%. Resources promised so much this morning, and yet delivered so little. Iron ore stocks gave up early gains despite futures in Singapore rising, China left rates unchanged which disappointed some. Lithium stocks slipped into depression again, PLS down 3.1% and MIN off 2.9%. Gold miners mixed bag of lollies, NST up 1.3% but NEM off 0.5%. Energy stocks mixed, oils doing ok, WDS up 0.7% but uranium stocks seeing a little fallout after a solid week. In corporate news, MYR lost 0.6% on a trading and strategy update, HVN being sued again, KLS rose 1.5% on a US contract and NAM recommended the Olam Agri bid. LTM looking at exiting Australia! Nothing on the local economic front. BoJ and PBoC kept rates unchanged.  Asian markets mixed again, Japan up 1.0%, HK up 0.9% and China off 0.6%. 10-year yields steady at 3.92%. Dow Futures off 0.1% and NASDAQ Futures down 0.2%. 

HIGHLIGHTS

  • Winners:  CU6, TLX, NXL, DVP, MSB, SLX, TAH
  • Losers: CHN, VCX, PDN, DYL, BOT, IGO
  • Positive sectors: Banks. Retail. Travel. Pizza.
  • Negative sectors: Lithium. Uranium. Telcos. REITs Healthcare.
  • ASX 200 Hi 8246 Lo 8188
  • Big Bank Basket: higher at $249.63 up 0.5%
  • All-Tech Index: Up 0.8%
  • Gold: eases to $3,807
  • Bitcoin: higher at US$63780
  • 10-year yields steady at 3.92%
  • AUD: better at 68.12c
  • Asian markets: Japan up 1.7%, HK up 1% and China off 0.6%.

MAJOR MOVERS

  • CU6 +12.2% appointment of ED
  • SPR +5.7% change in substantial holding.
  • MQG -0.2% fined but still hits record.
  • 360 +5.2% that’s life – tech rally.
  • NEU +4.8% TLX +8.3% Livewire spruik.
  • REG +1.7% aged care home acquisition.
  • KLS +1.5% US contract.
  • NAM +2.1% board recommends Olam Agri’s bid.
  • HVN +1.6% second class action.
  • JMS +3.2% manganese pick up.
  • RDN +8.3% drilling and earthmoving contracts for Andover South.
  • INR -5.4% a step further with environmental tick.
  • CHN -5.8% some dose of poison.
  • PDN -4.6% DYL -4.5% uranium slips lower.
  • ASN -11.4% placement.
  • TLG -4.8% change of director’s interest.
  • LRS -2.5% lithium depressed.
  • Speculative Stock of the Day: MTH +80.5% pretty impressive drill results.

COMPANIES

ECONOMIC AND OTHER NEWS

  • RBA meeting next week.
  • Triple witching and index rebalancing in US tonight.
  • China kept rates unchanged. The one-year loan prime rate (LPR) was kept at 3.35%, while the five-year LPR was unchanged at 3.85%.
  • The BoJ kept interest rates steady on Friday and revised up its assessment of consumption, signalling its confidence that a solid economic recovery will allow it to raise interest rates again in the coming months. – Last move – hiked short-term rates to 0.25% in July
  • Record Indian gold imports help drive bullion’s rally.
  • EU carmakers pressure Brussels to delay stricter emission rules.
  • Companies could face hefty fines or even suspensions of service in the European Union under strict new cybersecurity regulations set to come into force next month.
  • iPhone 16 goes on sale today. Join the queue.
  • UK retail sales better than expected.

And finally…..

Clarence

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