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The ASX 200 up 47to 8494 (0.6%). Record intra day, but unable to hold. Banks led the charge as always, CBA up 1.0% with the Big Bank Basket up to $264.96 (0.8%). MQG rallied 1.4% with insurers also in demand, XYZ up 2.8% and REITs firm on rate cut hopes. GMG bouncing 0.8% and SCG up 0.8%. Healthcare was stronger, CSL perked up and have been doing well recently. PME up 1.2% and OPT up another 1.0%. Industrials also in the green, WES up 0.7% with ALL up another 3.7% and REA gaining 0.9%. Tech stocks were mildly positive with the All–Tech Index up 0.6% and WTC gaining 0.9% despite AFR headlines. Resources were a mixed bag. Iron ore doing well as BHP rose 0.9% and FMG up 0.3%. Lithium stocks stalled, PLS down 1.3% despite positive broker comments. Gold miners squeezed higher, quarterlies in focus. GMD up 1.3% and NEM up 0.1%. Uranium stocks fought back again with BOE up 4.7% and PDN doing well. Oil better, WDS up 0.7% and KAR with its production and a buyback up 7.7%. In corporate news, ZIP came undone on quarterly numbers, down 25.4%, CCP dropped 12.6% on results and MIN fell 0.9% as debt blew out to over $5bn. MFG fell 8.3% as Gerald Stack stepped aside and IGO fell 1.8% after reporting an earnings loss. In economic news, nothing locally except economists falling into line on rate cuts in February. Asian market affected by Lunar New Year.  Japan open and up 0.3%. 10-year yields 4.38%.

HIGHLIGHTS

  • Winners: KAR, LOT, EMR, NXG, DVP, BOE, TEA
  • Losers: ZIP, TEA, VGL, CYL, MFG, CU6, APX
  • Positive Sectors: Banks. Iron ore. Industrials. Tech.
  • Negative sectors: Lithium.
  • ASX 200 Hi 8516 Lo 8444
  • Big Bank Basket: Record at $264.96 (0.8%)
  • All-Tech Index: Up 0.6%
  • Gold: All-time high at AUD$4435
  • Bitcoin: Rises to US$105392
  • 10-year yield steady at 4.38%.
  • AUD: Falls to 62.22c
  • Asian markets lower, Japan up 0.3%.
  • Dow Futures up 82 Nasdaq up 125

MARKET MOVERS

  • KAR +7.7% quarterly report and extends buyback.
  • LOT +6.7% quarterly report.
  • NXG +5.8% uranium bounce.
  • QOR +4.3% tech bounce.
  • DRO +3.9% turned the corner?
  • CSC +4.3% better volume.
  • OMA +6.4% completes capital raise.
  • ZIP -25.4% comes undone.
  • CCP -12.6% results lower than expectations.
  • MFG -8.3% Gerald Stack stepping down as CIO.
  • QPM -16.0% quarterly report.
  • KCN -10.7% disappointing quarterly report.
  • APX -4.6% quarterly report.
  • ADT -4.1% quarterly report.
  • Speculative Stock of the Day: ATH +125% Positive ATH434 Phase II results led by clinical efficacy.

COMPANIES

ECONOMIC AND OTHER NEWS

  • A Jet carrying 64 people collides With helicopter near Washington, DC
  • SoftBank is in discussions to invest as much as $25bn in OpenAI, a move that would potentially make it the AI startup’s biggest backer.
  • Microsoft said its cloud-computing business will continue to grow slowly in the current quarter as the company struggles to build enough data centres to handle demand for its artificial intelligence products.
  • Musk touts coming robots and ‘cybercabs’
  • Over 7,400 influencers apply for White House press credentials.
  • Trump says US will send some immigrants to Guantánamo.

And finally…

Clarence

XXX