Tags

, , , ,

ASX 200 dropped 17 points to 8310 ( -0.2%) finishing the week up 16 points for the week. Sums is up. Banks sold off after the huge run yesterday, CBA down % and NAB down % with the Big Bank Basket at $253.29 (-1.3%). Other financials flat, MQG down 0.1% and ZIP falling 1.0%. Insurers flat. REITs eased back, GMG solid but SCG off 0.8%.  Industrials were firm but idle, WES up 0.5% and COL up 0.8% on a broker upgrade. Utilities better with tech down, WTC off 0.8% and the All-Tech Index flat. Retail was patchy, PMV up another 1.6% and CTD pushing up another 1.7%. LOV up 7.7% on a broker upgrade. In resources, FMG pushed up 1.8% with MIN up 2.9% on China data and iron ore prices. RIO fell 0.7% as the Glencore discussions were ‘poo pooed’. Gold miners were pushing slightly higher, GMD up 1.8% and GOR up 1.7%. Lithium stocks were firmer as LTR roared ahead again up 9.5%. PLS up 2.1% too. Energy stocks slightly positive, STO up 0.6% and PDN up 1.9%. In corporate news, IFL got a 460c bid from CC Capital, AVJ opened its books to Ho Bee, LYC dropped 0.9% on quarterly and ABB swooned 5% on CEO news and then rallied 5.5%. TLX added 3.1% on EU approvals. In economic news, nothing locally, but Chinese GDP came in spot on as expected. Asian markets, Japan down 0.6%, HK up 0.2% and CSI up 0.5%. 10 year yields solid at 4.49%

HIGHLIGHTS

  • Winners: MP1, LTR, LOV, NEU, STX, LOT, IFL, ABB
  • Losers: OBM, REA, TPG, KBH, NXG
  • Positive Sectors: Lithium. Gold. Uranium.
  • Negative sectors: Banks. REITs. Tech.
  • ASX 200 Hi 8347 Lo 8303 Up 16 pts for the week.
  • Big Bank Basket: Falls to $253.29 (-1.4%)
  • All-Tech Index: Unchanged.
  • Gold: Higher at AUD$4382
  • Bitcoin: Higher at US$101071
  • 10-year yields back to 4.49%
  • AUD: Fell to 61.96c
  • In Asian markets, Japan down 0.6%, HK up 0.2% and CSI up 0.5%.
  • Dow Futures up 30 Nasdaq up 40

MARKET MOVERS

  • NEU +7.5% broker update.
  • LTR +9.5% in the jungle the lion stirs tonight!
  • LOV +7.7% broker upgrade.
  • IFL +6.5% CC capital bids 460c.
  • OPT +5.8% presentation.
  • MP1 +10.1% bursts higher.
  • DRO +3.8% finding a base.
  • 4DX +9.0% change in director’s interest.
  • AXE +9.6% quarterly activities.
  • ARU +7.4% buyers continue.
  • TLG +11.9% good bounce.
  • JBH -2.2% retail on the nose. Apple perhaps?
  • GYG -1.6% low volume as usual.
  • OBM -5.2% broker downgrades.
  • SDI -8.3% trading updates.
  • Speculative Stock of the Day: Condor Energy (CND) +18.5% kicking higher after the announcement yesterday

ECONOMIC AND OTHER NEWS

  • China’s economy grew 5.4% in the final quarter, boosting yearly result to 5% for the year. In December, retail sales jumped 3.7% from a year earlier, exceeding Reuters’ forecast of 3.5%.
  • Disposable income for urban residents grew by 4.4%, slower than the overall economic growth, while that of rural residents increased by 6.3% in 2024.
  • China’s population shrank for the third straight year in 2024, even though births rose slightly. Around 9.54m babies were born, which is 520,000 more than the year before. See our article last week on the subject here.
  • Chinese President Xi Jinping will skip US President-elect Donald Trump’s inauguration on Monday but will send Vice President Han Zheng instead.
  • Trump’s Treasury pick warns unwinding tax cuts would spark ‘economic calamity’. US has a spending issue, not revenue issue.
  • Mark Carney launches bid to replace Trudeau as Canada’s prime minister.
  • BP axes 4,700 jobs in cost-cutting drive.
  • SpaceX rocket expands at an exponential rate Or an unscheduled rapid disassembly! Blows up. US flights disrupted by debris.

And finally….

Clarence

XXX