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ASX 200 gave back early gains to close up 1 points at 8484 as falls in CSL post results, took its toll. CSL down after analyst briefing and US flu shots underwhelming. Banks held firm although CBA down % ahead of numbers tomorrow. WBC up % and ANZ up % with the Big Bank Basket at $267.86 (-0.2%). MQG reported 9-month numbers. Nothing much to get excited about but it tried to rally up 1.6% with other financials doing well. HUB up 1.4% and NWL up 2.7%.  Insurers too better, SUN up 0.6%. REITs firmed with results from CQE up 8.5%. Industrials also in demand, ALL up another 1.7% with JBH up 2.0% on broker comments. SGH rose 6.1% on Boral lift, REA continue to push higher, with WTC under pressure still as the All-Tech Index rose 0.9%. Resources were mixed. Lithium nixed by the reopening of low-grade production in China, PLS off 3.6% and MIN down 6.9%. Gold miners were better with bullion at records still. NST up 4.0% and NEM up 3.2% with iron ore stocks drifting mainly lower. Energy stocks mixed, uranium stocks relatively firm. In corporate news, BRG lost 2.2% on results. RHC was 1.4% better despite a $305m hit to the balance sheet. On the economic front, The Westpac-Melbourne Institute Consumer Sentiment Index rose just 0.1% in February to 92.2, up from 92.1 in January. Asian markets flat with China down 0.3% and HK off 0.2%. Japan closed. Another holiday. 10-year yields steady at 4.39%.

HIGHLIGHTS

  • Winners: NEC, CQE, FFM, SGH, BRN, OBM, EVN
  • Losers: LTR, MIN, DRO, CEN, CSL, CU6, WA1.
  • Positive Sectors: Industrials. Retail. REITs. Utilities. Gold miners.
  • Negative sectors: Lithium. Healthcare.
  • ASX 200 Hi 8515 Lo 8483
  • Big Bank Basket: Lower at $267.86 (-0.2%)
  • All-Tech Index: Up to 0.9%
  • Gold: Punches higher to AUD$4651
  • Bitcoin: Back to US$98228
  • 10-year yield steady at 4.39%.
  • AUD: Steady at 62.73c.
  • Asian markets: Asian markets are flat, with China down 0.4% and HK off 0.6%. Japan closed for Foundation Day.
  • Dow Futures down 62 Nasdaq down 60

MARKET MOVERS

  • NEC +14.0% results cheer.
  • SGH +6.1% lifts dividend Boral the standout.
  • EVN +4.9% gold buying.
  • OBM +5.2% kicking towards highs.
  • MEK +4.2% conference presentation.
  • SWM +6.1% results better than expected.
  • LTR -9.1% CATL mine reopens.
  • CSL -5.0% flu vaccine falls in US.
  • DRO -6.4% defence spending cuts.
  • ASB -4.6% US DoD spending cuts.
  • CU6 -5.0% expands pipeline with Cu64/67 SAR-trastzumab
  • NEU -3.0% PNV -2.9% US spending cuts perhaps.
  • 3DA -4.5% Q1 CY25 investor presentation.
  • CTT -8.0% under pressure again.
  • Speculative Stock of the Day: E79 +42.4% new priority drill targets identified at Laverton South.

ECONOMIC AND OTHER NEWS

  • Consumer sentiment remained cautiously pessimistic in February, according to a key barometer produced by Westpac, owing to a nervous backdrop for the economy.
  • The Westpac-Melbourne Institute Consumer Sentiment Index rose just 0.1 per cent in February to 92.2, up from 92.1 in January.
  • Fed chief Powell gives his semi-annual report card to politicians on the hill.
  • President Donald Trump ordered a 25% tariff on steel and aluminum imports.
  • Donald Trump said he has spoken with Chinese President Xi Jinping since his Jan. 20 inauguration.
  • Trump to halt enforcement of law banning bribery of foreign officials.
  • Trump warns ‘all’ Israeli hostages must be released by Saturday.
  • BYD shares briefly rose to their highest intraday price on record driven by driver-assistance features. The features are called ‘God’s Eye’.

And finally….

Clarence

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