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ASX 200 finished up 58 points at 8270 (0.7%). Nice tickle up at the close for month’s end.  Another day and another resource rally as Chinese markets once again soared Japan slid with money going elsewhere as risk with new PM seems to be key. Banks held firm with CBA up 0.9% and NAB up 1.1% with REITs coming under a little pressure after early strength. The Big Bank Basket up to $234.94 (+0.8%). Insurers better, QBE up 0.9% and SUN up 0.4%. GMG were a standout out in the REITs up 3.0%. Industrials were mixed, tech was muted, WTC up 1.5% with XRO up 0.5%. Supermarkets slipped slightly, WES down 0.4% and ALL up 0.7%. Resources saw the best gains as BHP ran 2.7% higher on a 10% rise in iron ore in Singapore ahead of Folden Week. RIO up 1.3% and FMG up 2.9% all off highs, Gold miners were sold off as money was put to work elsewhere, lithium stocks in focus, MIN up 5.9% and PLS up 3.5% with LTR ahead by 2.6% on first production. Oil and gas stocks better too, WDS up 3.5% and STO up 2.6%. Uranium stocks eased and coal stocks better. In corporate news, PSQ rejected the Genesis bid and SM1 rallied 7.0% despite a huge loss. In economic news, Chinese PMI came out slightly better than expected. Asian stocks saw a huge shift, Japan down 5% and China up 7.2% with HK up 3.5%. 10-year yields steady at 3.96%.

HIGHLIGHTS

  • Winners:  SGR, KAR, BOT, TAH, FBU, MIN, SPR, LRS
  • Losers: VAU, PYC, RSG, DYL, GMD, PDI, LOT, VGL
  • Positive sectors: Banks. Oil and gas. Iron ore. Lithium.
  • Negative sectors: Gold miners. Uranium. REITs
  • ASX 200 Hi 8286 Lo 8231 – Another record, off highs. Iron ore up 10.4% in Singapore.
  • Big Bank Basket: Higher at $234.94 up 0.8%
  • All-Tech Index: Up 0.8%
  • Gold: lower at $3,833
  • Bitcoin: eases to US$64529
  • 10-year yields steady at 3.96%
  • AUD: Better at 69.21c
  • Asian markets: Japan down 4.8% and China up 8.9% with HK up 4.0%.
  • Dow Futures down 51 NASDAQ Futures down 71

MAJOR MOVERS

  • SGR +18.0% slight relief rally.
  • SPR +4.7% going well again.
  • KAR +7.2% back up and running in Gulf.
  • MIN +5.9% iron ore price rise.
  • CXO +30.0% lithium bounce.
  • SYA +12.9% bargain hunting.
  • 29M +9.6% metals rally.
  • LOT -3.6% uranium slips.
  • DYL -4.5% results and rotation.
  • GMD -4.2% profit taking.
  • WJL -8.3% slips down.
  • ASM -11.1% Appendix 4G
  • JMS -5.4% Key Dates.
  • Speculative Stock of the Day: Nothing on volume.

ECONOMIC AND OTHER NEWS

  • Treasurer Jim Chalmers and Finance Minister Katy Gallagher will reveal a $15.8bn surplus for the just completed 2023-24 budget, delivering a second consecutive budget surplus.
  • Chinese manufacturing purchasing managers’ index came in at 49.8 in September, compared with 49.1 in August, 49.4 in July and 49.5 in June.
  • China’s Caixin PMI was 49.3, compared to 50.4 in August, according to the private survey compiled by S&P Global.
  • ANZ CEO Shayne Elliott said an alcohol ban would be difficult to implement as the bank works through reviving an embattled reputation following a series of scandals in its trading arm.
  • Peter Thiel’s Founders Fund backs nuclear fuel start-up.
  • California governor vetoes bill to regulate artificial intelligence.

And finally….