Tags

, , , ,

ASX 200 drifted 16 points lower to 8126 (-0.2%) as the ‘Great Rotation’ continued with banks weaker and resources pulling away. BHP up 3.8% with RIO up 3.8% and MIN rising 5.4%. Base metals also in demand, S32 up 3.0% and LYC up 4.3% with lithium stocks slightly higher. Gold miners are also in demand as records tumble, NST up 0.8%, and EVN up 1.8%. Oil and gas mixed, coal stocks better led by WHC up 3.6% and uranium stocks taking a break. Banks eased, the Big Bank Basket fell to $235.70 (-2.0%). CBA down 2.3% and NAB off 2.7% with MQG down 2.2% after a fine for electricity trades. Insurers slid, QBE down 1.6% with REITs steady, GMG up 0.1%. Healthcare fell, CSL down 0.3% and RMD falling 2.2% with PME under pressure off 4.0%. Tech slipped, the All–Tech Index fell 1.5% with WTC down 1.2% and XRO off 1.2%. ALL fell 3.0% as LNW unchanged after it rallied hard off lows.  In corporate news, PMV fell 9.1% after putting its ‘Smiggle’ on ice, MYR deal still live. SIG released results and yet another ACCC delay on Chemist Warehouse listing.  In economic news, CPI dropped to 2.7%, monthly numbers though. China cut another short-term rate. Asian markets firmed again, with Japan off 0.2%, China up 1.4% and HK up 1.0%. 10Y yields at 3.92%. Dow Futures down 126 points. NASDAQ Futures off 85 points. 

HIGHLIGHTS

  • Winners:  CIA, IPX, OPT, CHN, VUL, CRN, MIN
  • Losers: PMV, CTT, LOT, NXL, MP1, PME, TLX
  • Positive sectors: Iron ore. Lithium. Coal. Gold.
  • Negative sectors: Banks. Tech. Healthcare.
  • ASX 200 Hi 8179Lo 8115
  • Big Bank Basket: crushed to $235.70 down 2.0%
  • All-Tech Index: Down 1.5%
  • Gold: better at $3,862
  • Bitcoin: higher at US$64123
  • 10-year yields better at 3.90%
  • AUD: better at 68.74c
  • Asian markets: Japan up 0.8%, HK up 4% and China up 3.8%.
  • Dow Futures down 126 NASDAQ Futures down 85

MAJOR MOVERS

  • CIA +13.5% Iron ore exposure.
  • CHN +6.9% short squeeze continues.
  • VUL +6.2% resource bounce.
  • MIN +5.4% completes sale of Onslow Haul Road.
  • CRN +5.8% WHC +3.6% coal stocks in favour.
  • WJL +15.1% first-day trade.
  • XAM +10.2% copper play.
  • PMT +6.9% bargain hunters.
  • PMV -9.1% no Smiggle room.
  • CTT -7.6% profit taking.
  • ZIP -3.6% US consumer confidence.
  • SLX -3.6% uranium slips.
  • ALL -3.0% buyback update.
  • SIG -3.5% Chemist Warehouse decision delayed again.
  • APX -10.5% profit taking.
  • Speculative Stock of the Day: RNE +100% Tasmanian government funding update.

COMPANIES

ECONOMIC AND OTHER NEWS

  • The monthly CPI indicator rose 2.7% in the 12 months to August.
  • The most significant price rises at the Group level were Housing (+2.6 %), Food and non-alcoholic beverages (+3.4 %), and Alcohol and tobacco (+6.6 %). Partly offsetting the annual increase was Transport (-1.1 %).
  • European markets are opening easier.
  • Rightmove rejects REA again.
  • China’s yuan hit its strongest level in over 16 months on Wednesday.
  • China fires intercontinental ballistic missile into Pacific Ocean.
  • Combustion engine ban threatens ‘grave crisis’ for Europe, Italy says.
  • Caroline Ellison gets 2-year prison sentence for FTX fraud.
  • Chinese EV Maker Nio Slams ‘Unreasonable’ US, EU Tariffs.
  • Commerzbank announces a new CEO. Unicredit has 21%.

And finally….

Clarence

XXX