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ASX 200 closed up 77 points to 8204 (+1.0%) as resources took off again and banks stabilised. More Chinese stimulus announced. Modest losses in the big four with CBA down 0.4% and WBC off 0.7% with the Big Bank Basket at $235.04 (-0.3%). MQG ran 1.8% higher to a new record, Insurers better too, QBE up 0.5% and MPL up 1.7%. REITs also in demand with GMG up 0.5% and SCG rising 1.6%. Industrials were firm across the board, QAN took off another 2.1% with ALL 2.8% better. WES rose 1.5% as WOW and COL also rose today. Tech was strong with WTC up 2.8% and XRO a more modest 0.3%. The All–Tech Index up 2.0%. Resources once again found buyers, BHP, RIO and FMG all doing well after a slow start. FMG up 2.9% the best of the three. Lithium stocks making small headway, PLS up 1.4% and MIN flying again up 4.5%. Gold miners better too, EVN up 2.7% and NST rallying 0.6% with uranium stocks glowing red hot, PDN up 7.6% and BOE up 5.4%. LYC continued to impress running 1.7% higher. Oil and gas a sullen place today with WDS down 2.7% and STO off 2.3%. Coal stocks better again. In corporate news, PTM knocked back the RPL bid officially, SOL and BKW reported and saw an increase in dividend for SOL again. LLC got the nod from the ACCC, SGR revealed it had fallen to a $1.7bn loss. In economic news, job vacancies are falling as the RBA wishes. Asian markets firmed on fresh Chinese stimulus. Japan up 2.7%, HK up 3.1% and China up 2.5%. 10Y yields steady at 3.95%. Dow Futures up 145 points (+0.3%) and NASDAQ Futures up 241 points (+1.2%). 

HIGHLIGHTS

  • Winners:  PYC, STX, SKC, BMN, PDN, PDI, TUA
  • Losers: CTT, ASB, FFM, ASK, FBU, MAH, WDS
  • Positive sectors: Everything
  • Negative sectors: Oil and Gas.
  • ASX 200 Hi 8208 Lo 8129
  • Big Bank Basket: Steadier at $235.04 down 0.3%
  • All-Tech Index: Up 2.0%
  • Gold: better at $3,876
  • Bitcoin: eases to US$63629
  • 10-year yields steady at 3.94%
  • AUD: steady at 68.63c
  • Asian markets: Japan up 2.5%, HK up 2.8% and China up 2.2%.
  • Dow Futures up 152 NASDAQ Futures up 254

MAJOR MOVERS

  • PYC +16.1% conference presentation.
  • TUA +7.4% investor presentation.
  • BKW +7.2% results.
  • PDN +7.6% short squeeze continues.
  • ZIP +4.9% AGM date.
  • BMN +7.8% uranium push.
  • HFR +13.3% completion of placement.
  • SBM +10.9% winning friends.
  • TTT +17.4% first sale of D623 in Australia.
  • CTT -12.7% profit taking.
  • ASB -5.0% profit taking.
  • FFM -3.4% capital raising.
  • KAR -1.6% Buy Back Update.
  • RIM -26.6% termination of Fifield project earn-in.
  • STP -8.8% fell down on founder sale.
  • SHJ -5.3% ex-dividend.
  • Speculative Stock of the Day: NMT +31.8% – No real volume but continuation from yesterday’s positive announcement.

COMPANIES

ECONOMIC AND OTHER NEWS

Australian job vacancies – Total job vacancies were 329,900, a decrease of 5.2% from May 2024. RBA will be pleased.

  • Private sector vacancies were 294,100, a decrease of 4.9% from May 2024.
  • Public sector vacancies were 35,800, a decrease of 7.5% from May 2024.
  • The RBA warned that a rising number of households were falling behind on their mortgage payments, though it was still small and banks were well positioned to weather higher loan arrears,according to the Financial Stability Review.
  • China’s Politburo vowed to complete the country’s annual economic goals, the official Xinhua News Agency reported Thursday. It includes stabilising the real estate market, including strictly limiting the supply of new commercial housing construction.
  • China is considering injecting up to 1 trillion yuan ($142bn) of capital into its biggest state banks to increase their capacity to support the struggling economy.
  • Saudi Arabia ready to abandon $100 crude target to take back market share.
  • OpenAI chief technology officer Mira Murati to leave in latest shake-up.
  • New York mayor Eric Adams indicted after corruption probe.
  • China launches anti-discrimination investigation against Canadian tariffs.

And finally……

Clarence

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