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ASX 200 closed up 12 points at 8448 (0.1%) in lacklustre trade. Banks were mixed with the Big Bank Basket flat at $262.13. Insurers eased back as yields eased to 4.32%, QBE down 0.3% and MPL off 0.3% on NSW hospital changes.  REITs were mixed, GMG down 0.4% and CHC falling 1.4% as funds locked in some of the year’s gains. Industrials mostly stronger, WTC up 1.1% on the new White deal with Isaacs. XRO rose 0.4% and the All–Tech Index unchanged. Retail is a little mixed on better than expected retail sales, PMV up 0.5% and HVN up 0.4%. In resources, iron ore stocks pushed higher with BHP up 0.4% and FMG up 0.3%. Gold miners were hit hard as NST announced a takeover of DEG. NST fell 5.3% and DEG up 29.6%. GOR rose 9.4% as a 18% holder of DEG. Energy stocks rallied, WDS up 1.2% and PDN up 0.8%. In corporate news, MTS rallied 2.2% on better than expected 1H results. NWL fell 5.0% as it announced $100bn FUA. On the economic front, retail sales jumped 0.6% in October. Housing approvals picked up too, total approvals up 4.2% lifted by units and apartments. Asian markets firmed, Japan up 0.8%, China up 0.7% and HK up 0.1%.10-year yields fell to 4.32%.

HIGHLIGHTS

  • Winners: DEG, MYR, SHV, GOR, SXG, SGR, MIN, IGO
  • Losers: GQG, PYC, VUL, NXL, CU6, OBM, BRN
  • Positive Sectors: Iron ore. Tech. Supermarkets. Retail.
  • Negative sectors: Gold miners. Healthcare. Insurers.
  • ASX 200 Hi 8466 Lo 8439
  • Big Bank Basket: Unchanged at $262.13
  • All-Tech Index: Unchanged.
  • Gold: Lower at $4046
  • Bitcoin: Higher at US$96722
  • 10-year yields ease to 4.32%.
  • AUD: Lower at 64.98c
  • Asian markets firmed Japan up 0.8%, China up 0.7% and HK up 0.1%.
  • Dow Futures down 68 Nasdaq down 29

MARKET MOVERS

  • DEG +29.6% takeover by NST.
  • MYR +12.3% deal fever.
  • SHV +9.8% broker upgrade.
  • SXG +9.1% bullion higher.
  • MIN +6.2% attracting bargain hunters.
  • IGO +6.2% lithium bargain hunters.
  • OCC +7.4% outstanding Remplir study results.
  • 4DX +3.3% contract to expand in WA.
  • GQG -14.0% UBS downgrades.
  • PYC -9.2% broker downgrades.
  • VUL -7.5% fall continues.
  • RSG -5.8% profit taking.
  • DRO -3.9% slide continues.
  • FND -16.9% no seekie.
  • LRV -8.5% Wogen offtake agreement.
  • SKS -9.5% thin volume selloff.
  • LTP -6.0% firmness ceases.
  • Speculative Stock of the Day: Nothing on any volume.

ECONOMIC AND OTHER NEWS

  • Joe Biden pardoned his son. Not a good look.
  • China’s manufacturing activity continued to expand among smaller manufacturers in November, according to a private survey released Monday.
  • The Caixin/S&P Global manufacturing purchasing manager’s index came in at 51.5, beating the median estimate of 50.5 in a Reuters poll.
  • The Communist Party’s elite decision-making body skipped releasing a readout for its regular November meeting.
  • China’s 10-year bond yields drop below 2% for first time since 2002.
  • Nomura now expects a 25bps RBI rate cut on Friday.
  • Ukraine struggles to recruit new soldiers as desertions rise.
  • Surge of online spending means more Americans stay home on Black Friday.

And finally…

Clarence

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