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ASX 200 closes off lows, up 2 points to 8423. Quiet trade with resources recovering somewhat, BHP down only 0.3% with FMG off 1.2%. Lithium stocks remained under pressure with PLS off 4.4% and MIN down 1.6%. Gold miners slightly better, NST up 1.0% and GMD up 1.9%. Energy stocks lower again with WDS down 1.1% and PDN falling 2.0%.  Banks were mixed, CBA rose 1.5% with ANZ down 3.6% as CEO retires and successor named. The Big Bank Basket down to $261.01 (). Insurers weaker, QBE off 1.3% and platforms stocks easing back. SQ2 continues to push higher. Industrials mixed, RMD up 2.3% and FPH rising 1.7% with REITs slipping with the exception of GMG recovering 3.4% from the bungled sell-down last week. Tech a little mixed, XRO up 0.4% and the All-Tech Index off 0.1%. In corporate news, PTM fell 14.4% on news RPL had pulled out of discussions. 360 dropped 8.3% as directors sold small parcels, GQG released positive FUM and rose 6.3% despite cancelling buyback for US tax reasons. In economic news, Chinese CPI rose only 0.2% and Japanese GDP was revised down to -0.1%. Asian markets mixed with Japan off 0.2% and HK and China down 0.5%. 10-year yields steady around 4.21%

HIGHLIGHTS

  • Winners: SXG, GQG, TUA, AD8, GMG, PGC, VUL, BRG
  • Losers: PTM, 360, AAI, RSG, RPL, PYC, CHN
  • Positive Sectors: Gold miners. Tech.
  • Negative sectors: Iron ore. Lithium. Oil and gas. REITs. Insurers. Banks.
  • ASX 200 Hi 8423 Lo 8371
  • Big Bank Basket: Lower at $261.01 on ANZ falls.
  • All-Tech Index: Falls 0.1%
  • Gold: Higher at $4128
  • Bitcoin: Lower at US$98997
  • 10-year yields ease to 4.21%.
  • AUD: Lower at 63.86
  • Asian markets mixed with Japan off 0.2% and HK and China down 0.5%.
  • Dow Futures down 33 Nasdaq down 15

MARKET MOVERS

  • SXG +6.8% excellent drill results.
  • GQG +6.3% FUM still flowing in.
  • VUL +3.0% EFA conditionally approves $196m commitment.
  • AIA +2.0% indigestion from sell-down released.
  • TVN +15.6% Speedwah fluorite project awarded major project status.
  • AIM +9.5% change in director’s interest.
  • EIQ +3.9% first step in US commercialisation strategy.
  • AVH +7.0% follows US listing higher.
  • PTM -14.4% Regal pulls out.
  • RPL -5.5% PTM deal is off.
  • BPT -4.2% Perth Basin Site visit.
  • 360 -8.3% directors sell small parcels.
  • CHN -5.3% under pressure again.
  • BTR -13.8% implementation of scheme for AME.
  • CXL -12.2% capital raising and SPP at 75c
  • Speculative Stock of the Day: NVQ +61.3% no new news.  Ok Volume.

ECONOMIC AND OTHER NEWS

In August 2024, median weekly earnings for employees was $1,396, up $96 from $1,300 in August 2023.

  • Japan’s Q3 GDP growth was revised to -0.1%, testing bets on a December Bank of Japan rate hike. Private consumption, accounting for 60% of GDP, may influence the BoJ more than GDP data for rate hike decisions.
  • Chinese consumer price index rose just 0.2% from a year earlier, below expectations of 0.4%. Factory deflation extended into a 26th straight month, though the 2.5% drop in the producer price index was slower than October’s 2.9% decrease.
  • Omnicom and Interpublic in merger talks to become largest advertising group.

And finally…..

What do you call a detective who just
solves cases accidentally?

Sheer Luck Holmes

Clarence

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