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ASX 200 dropped another 11 points to 8256 (-0.1%) as the bifurcation between banks and resources continued. Resources again on the nose, BHP off 1.8% and RIO falling 1.6% with FMG holding up after yesterday’s drubbing. Gold miners also saw across the board selling as hot money left bullion and chased bitcoin towards US$90k. EVN down 3.5% with NEM off 4.6% and GMD down 1.3%. Lithium stocks perked up a little, PLS up 5.7% with MIN better by 1.9% too. Uranium was not a happy place as PDN announced production issues plaguing Langer Heinrich, the stock dropped 28.9%. Oil and gas steady. Banks were a little mixed, NAB ex-dividend today with ANZ up 1.3% ahead of its XD tomorrow. Insurers better, QBE up 0.4% and IAG up 1.3% with financial generally doing well. REITs better too, SGP +1.0%.  Industrials also firmed with tech in demand, WTC up 1.8% and XRO up another 1.0%. The All–Tech Index rose 1.8%. Retail better too, JBH up 2.4% and SUL up 2.5%. In corporate news, ALL sold a US mobile gaming business, VUL announced funding from the German government up 12.7%,  PTM saw a second strike and have allowed Wilsons in the data room. On the economic front, consumer sentiment has risen as inflation has fallen. Asian markets mixed as usual, with China down 0.1%, HK down 1.7% and Japan down 0.2%. 10Y yields steady around 4.56%. Dow Futures down 58 points. NASDAQ Futures flat. 

HIGHLIGHTS

  • Winners: WBT, VUL, APX, SQ2, QOR, LRS, CTT
  • Losers: PDN, PDI, SPR, CYL, OBM, DYL, BGL
  • Positive Sectors: Financials. REITs. Tech. Retail. Lithium.             
  • Negative sectors: Iron ore miners. Gold miners. Uranium.
  • ASX 200 Hi 8118 Lo 8076
  • Big Bank Basket: Steady at $253.72
  • All-Tech Index: Up 1.8%
  • Gold: falls to $3991
  • Bitcoin: Continues to rally to US$88416
  • 10-year yields higher at 4.56%.
  • AUD: Lower at 65.54c
  • Asian markets: China up 0.4%, HK down 1.7% and Japan down 0.9%. Rumours of some changes to Chinese property fees.
  • Dow Futures down 59 Nasdaq up 1. in US–Bond markets reopen.

MARKET MOVERS

  • WBT +14.7% warm afterglow of recent CEO visit.
  • SQ2 +10.7% broker upgrade.
  • VUL +12.7% funding from German Federal Ministry.
  • GDC +10.7% change in substantial holding.
  • CTT +7.5% retail leverage.
  • EMV +12.0% algos deliver excellent results in study.
  • CUP +14.7% AGM presentation.
  • WJL +10.3% finding support.
  • PDN -28.9% production downgrades.
  • SPR – 8.6% VAU -5.6% gold miners under pressure.
  • GQG -3.6% ex-dividend.
  • ATC -12.7% profit taking.
  • OFX -15.4% Results presentation
  • AAR -7.1% high-grade intercepts at Kamperman.
  • LRV -17.4% profit taking.
  • MEI -4.4% commodity weakness.
  • Speculative Stock of the Day:  Nothing on any volume.

COMPANIES

ECONOMIC AND OTHER NEWS

  • The Westpac-Melbourne Institute measure of consumer sentiment jumped by 5.3% this month and is now up 14.4% since the middle of the year. It’s the highest level since early 2022.
  • Consumers remain relatively dovish on the outlook for interest rates. The Westpac-Melbourne Institute Mortgage Rate Expectations Index, which tracks consumer expectations for variable mortgage rates over the next 12 months, declined 3.2% in November to 103.0, marking the lowest level since August 2012.
  • Short-term visitor arrivals: 630,700 – an increase of 7.9% on one year earlier
  • Short-term resident returns: 1,020,960 – an increase of 8.7% on one year earlier
  • Japan’s Ishiba wins runoff vote to stay as PM ahead of likely Trump meeting.
  • Brussels to free up billions of euros for defence and security from EU budget.
  • Value of global crypto market tops $3tn for first time in 3 years.
  • FTX sues Binance and former chief Zhao for $1.8bn.

And finally…

Clarence

XXX