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The ASX 200 started the quarter down 61 points to 8209 (-0.7%) as resources and banks fell back to earth. China closed for Golden Week. BHP fell 2.9% with FMG off 3.5% and RIO down 2.6%. Base metals also slipped a little, S32 down 2.7% but lithium held up better, PLS up 0.6%. LTR down 2.5% though. Gold miners saw profit-taking and rotation. GMD down 1.0% and DEG off 4.3%. Oil stocks saw small losses despite Asian crude picking up a little, uranium stocks also better surprisingly. DYL up 4.7% and PDN up 1.9% with coal stocks better. Banks were back in the firing line with CBA down 1.5% and the Big Bank Basket down to $231.81 (-1.3%). MQG dropped 1.7% with insurers too under pressure, QBE slipped 1.6% and SUN down 2.0%. Healthcare stocks were better, CSL up 0.7% and RMD up 1.5% on a five-year update. Industrials were a little weaker, ALL down 0.9%, LNW falling 2.8% with REA 4.9% better on news it had pulled out of the UK bid. Retail flat despite stronger than expected sales data. In corporate news, NAM up 8.5% on a revised winning bid from LDC. SIG rallied hard, up 22.6% on a Chemist Warehouse update from ACCC. On the economic front, retail sales and building approvals did little to move the market. Asian markets limited, Japan up 1.9%. 10-year yields picked up to 4.01%.

HIGHLIGHTS

  • Winners: SIG, OPT, MAD, REA, DYL, PGC, FBU, CU6
  • Losers: SXG, SGT, SPR, INR, TAH, STX, DEG
  • Positive sectors: Healthcare. Supermarkets. Tech.
  • Negative sectors: Iron ore. Banks. Base metals. Insurers.
  • ASX 200 Hi 8255 Lo 8187
  • Big Bank Basket: Lower at $231.81 down 1.3%
  • All-Tech Index: Up 0.6%
  • Gold: lower at $3,814
  • Bitcoin: eases to US$63743
  • 10-year yields higher at 4.01%
  • AUD: Better at 69.27c
  • Asian markets: Japan up 1.9% China and HK closed for Golden Week.
  • Dow Futures down 20 NASDAQ Futures down 15

MAJOR MOVERS

  • SIG +22.6% ACCC Chemist Warehouse update.
  • OPT +7.1% conference participation.
  • DYL +4.7% uranium stocks better.
  • REA +4.9% pulls out of Rightmove.
  • DRO +3.3% broker visit impresses.
  • CUV +3.6% Canadian new drug submission.
  • APX +9.7% disclosure notice.
  • NAM +8.5% LDC ups bid and stake.Game over.
  • ART +6.7% sneaking up. Takeover potential?
  • ALA +9.7% release of shares from escrow.
  • SXG -9.9% profit taking.
  • SGR -6.8% reverses bounce.
  • STX -4.6% Erregulla Deep 1 flow test commences.
  • QAN -3.4% Qatar buys 25% of Virgin.
  • FHE -43.2% Energy project update.
  • CXO -11.5% giving some back.
  • Speculative Stock of the Day: NYR +61.5% Good volume, too. The drug candidate demonstrates significant cardio protection. In rats!

ECONOMIC AND OTHER NEWS

Retail Trade – Key statistics

The August 2024 seasonally adjusted estimate:

  • Rose 0.7% month-on-month.
  • Rose 3.1% compared with August 2023.

Building Approvals – The August 2024 seasonally adjusted estimate:

  • Total dwellings approved fell 6.1%, to 13,991.
  • Private sector houses rose 0.5%, to 9,338, while private sector dwellings excluding houses fell 16.5%, to 4,418.
  • Japanese equities head higher as new cabinet to be named.
  • US Port strike hits 36 facilities now. First strike in 50 years. Approximately 50,000 ILA union longshoremen were walking off the job at East Coast and Gulf Coast ports.
  • Hurricane Helene fall out continues.
  • Chinese markets closed for Golden Week until 7th.
  • Authorities at the Chinese Ministry of Transport project that 1.94bn inter-city trips will be made during the National Day holiday this year, slightly higher compared to a year ago.
  • Israel launches ‘limited’ ground operation against Hizbollah in Lebanon.
  • ECB’s Lagarde signals October rate cut.

And finally….

Clarence

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