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ASX 200 finished the week up 71 points at a new 8394 record. Up 1.3% for the week. All sectors firing with the banks pushing up yet again. CBA up another 1.8% and NAB up 1.3% with the Big Bank Basket at $265.19 (+1.4%). MQG up 1.0% and financials better, SOL up 1.0% and ASX up 1.4%. REITs firmed, GMG up 0.5% and SGP up 1.2%. Industrials solid as a rock, WES up 1.8% and TLS up 0.3% with CSL bouncing back again, PME doing what it does best up 3.4%. BXB another day in the green up 0.5% with retail finding support. Black Friday sales kicking off, JBH up 1.6% and LOV rebounding from early losses, up 1.4%. ALL fell 1.7% and LNW up 3.6%. Resources were slightly higher, BHP up 0.9% and FMG up 1.1%. Gold miners are better again as bullion rose on increased geo-political risk, NST up 1.9% and EVN up 1.0%. Lithium and rare earths remain in the “Chateau de Chien”. PLS down 6.8% and LYC off 1.0%. Oil and gas stocks are in demand, WDS up 2.2% and uranium pushing higher, PDN up 5.9%. In corporate news, another 25 AGMs today, WTC fell 12.4% on a profit downgrade, and MP1 fell 9.5% after reaffirming its earnings outlook. KGN fell 2.7% on its earnings update. A2M up 13.3% on better earnings and dividend policy. No significant economic updates locally. Asian markets mixed again, with Japan up 0.7% with China and HK down over 1%. 10Y yields steady at 4.55%.

HIGHLIGHTS

  • Winners: A2M, FFM, DYL, PDN, SLC, CYL, VUL
  • Losers: WTC, MP1, PLS, AD8, LRS, APX, CU6
  • Positive Sectors: Banks and everything else.
  • Negative sectors: Lithium. Tech
  • ASX 200 Hi 8416 Lo 8332
  • Big Bank Basket: Steady at $265.19
  • All-Tech Index: Down 0.8%
  • Gold: Better at $4125
  • Bitcoin: Better at US$98907. Tonight’s the night?
  • 10-year yields ease to 4.54%.
  • AUD: lower at 64.91
  • Asian markets mixed again Japan up 0.9% with China and HK falling over 1%.
  • Dow Futures down 10  Nasdaq down 36.

MARKET MOVERS

  • A2M +13.3% trading update and resumption of dividend.
  • FFM +9.4% recent investor presentation.
  • SIG +5.4% Chemist Warehouse appeals still.
  • PDN +5.9% DYL +6.3% BOE +3.7% uranium stocks in demand.
  • GQG +3.8% announces $100m buyback.
  • PMT +3.8% oversold bounce. Named as a ‘BUP’ by broker. Best Underdeveloped Project.
  • EIQ +8.9% bouncing back
  • WTC -12.4% AGM runs for two hours.
  • MP1 -9.5% AGM update.
  • PLS – 6.8% continues to fall.
  • AD8 -5.5% falls again.
  • 360 -3.3% Livewire article.
  • NXT -3.7% AGM Results.
  • CTT -6.0% saggy, close to Mintz last buy price!
  • VYS -8.1% AGM
  • SPZ -5.3% Post AGM Briefing.
  • Speculative Stock of the Day: DEV +31.8% Not huge volume. AGM.

COMPANIES

ECONOMIC AND OTHER NEWS

  • Lovisa (LOV) chairman Brett Blundy has reassured investors that the fast-fashion jewellery chain is focused on growth.
  • Japan’s headline inflation rate slipped to 2.3% in October, its lowest level since January and down from the 2.5% seen in September.
  • The core inflation rate fell to 2.3% from 2.4%, slightly higher compared to the 2.2% expected among economists.
  • President-elect Donald Trump said he is nominating former Florida Attorney General Pam Bondi to run the Department of Justice.
  • Gold prices were headed for their best week in a year on Friday, supported by safe-haven demand amid further escalations in the Russia-Ukraine war.
  • Crypto prepares for $100k milestone. Bitcoin has surged more than 40% since the US election.
  • McKinsey nears $600mn settlement with US over opioid claims.
  • Battery start-up Northvolt files for bankruptcy protection in US.
  • Temu owner PDD misses sales estimates amid China slowdown.

And finally….

I have persuaded loads of people to start eating more grapes. It’s about raisin awareness

Clarence

XXX