Tags

, , , ,

ASX rallied 38 points to 8260 (0.5%) just a few points shy of a record close. Banks and resources in favour as US bank reports revive optimism, CBA up 0.9% and ANZ up 1.6% with the Big Bank Basket up $236.36 (+0.9%). MQG rallied 0.7% with insurers and other financials doing well, QBE up 1.1% and GQG up 0.4%. REITs a little weaker, GMG off 0.1% with healthcare doing well, CSL up 1.2% and RMD up 1.1%. Industrials mixed, WTC off 0.3% with the All–Tech Index down 0.3%. TPG fell 4.1% after selling its fibre business to Vocus for $5.25bn. Travel stocks twitched lower following a WEB downgrade and a 35.6% fall.  FLT dropped 1.7% with CTD falling 3.7%. Retailers mixed. In resources, a better-than-expected Chinese market and a higher Iron ore price helped with BHP up 0.9% and FMG up 2.8%. Gold miners doing well, EVN up 2.8% and BGL kicking 4.4%. Lithium unmoved, PLS flat, oil and gas slipped, WDS down 2.1% and uranium stocks slightly firmer. In corporate news, SEK launched a bid for XF1, APX returned having raised $50m to trade % higher. In economic news, Goldman Sachs has upped Chinese GDP. Trade numbers yet to drop in China. Asian market mixed and volatile, China up 2.0% and HK up 0.2% with Japan closed for a holiday.

HIGHLIGHTS

  • Winners: VUL, OBM, RRL, MAH, SPT, NXG, CHN
  • Losers: WEB, TAH, OFX, CMW, DRO, STX, TPG
  • Positive sectors: Banks. Healthcare. Iron ore. Gold miners.
  • Negative sectors: Oil and gas. REITs. Tech.
  • ASX 200 Hi 8273 Lo 8219
  • Iron ore rises 1.9% in Singapore.
  • Big Bank Basket: Up to $236.36(+0.9%)
  • All-Tech Index: Down 0.3%
  • Gold: higher at $3,946
  • Bitcoin: Rises to US$64221
  • 10-year yields steady at 4.27%
  • AUD: Flat at 67.39c
  • Asian markets: Japan closed for Sports Day. China volatile up 1.5%. HK down 0.4%

MARKET MOVERS

  • VUL +9.5% recent funding update helps.
  • CHN +5.5% Granted Major Project status.
  • BGL +4.4% gold miners in demand.
  • SPR +5.8% bouncing hard.
  • S32 +3.6% daily buy back notice.
  • PLY +10.5% off to the races.
  • RDN unchanged. $10m issue to accelerate drilling.
  • XF1 +51.9% takeover offer from SEK.
  • APX +7.4% capital raise successful.
  • LRV +11.0% back on the buyers list.
  • WEB -35.6% margins under pressure.
  • TAH -5.1% brokers cool.
  • DRO -4.5% still suffering after Bell Potter downgrade.
  • OPT -3.9% profit taking.
  • GLB -8.1% broker downgrade thin volume.
  • EIQ -7.0% profit taking.
  • Speculative Stock of the Day: James Bay Minerals (JBY) +75.0% Good volume too. Acquisition of gold project in Nevada.

ECONOMIC AND OTHER NEWS

  • China starts large military drills around Taiwan.
  • Boeing managers prepare for details of cost-cutting measures.
  • ‘Dead heat’: Trump pulls even with Harris in NBC News poll.
  • Oil falls in Asian trade.
  • Singapore’s central bank on Monday left its monetary settings unchanged.
  • TSMC is planning more plants in Europe with a focus on the market for artificial intelligence chips, according to a senior Taiwanese official.

And finally….

Clarence

XXXXX