The ASX took another beating down 62 points to 8419 (0.7%) as NAB cratered 8.1% and the Big Bank Basket came undone, down to $257.57 (-2.8%). MQG held up well considering, other financials came under some pressure, GQG off 3.2% and HMC down 3.9%. REITs were weighed down by the giant $4bn capital raise from GMG to fund its data centre push. DXS off 2.3% and SGP fell 3.7% on results. Industrials were mainly weaker, WES off 1.8% and WOW and COL eased, retail fell, JBH down 2.3% and SUL 2.9% cheaper. Travel stocks did well after CTD cheered the sector, up 10.3%. WEB up 4.4% and FLT up 3.4%. LNW powered 9.6% ahead on an acquisition and ALL joined in the fun up 1.0%. Tech better with CPU up 1.4% and WTC off 1.4% and the index falling %. Resources were patchy again, BHP flat and FMG down 0.6% on legal issues, gold miners rose, NEM up 0.5% and NST up 2.1%. Lithium stocks on the nose, MIN crashed 20.7% as it cancelled the dividend and announced a big loss. Energy stocks sold down again, WDS off 2.0% and STO falling 4.5% on results.  On the corporate front, NAB the biggest disappointment on margin compression and rising impairments. CBA was ex dividend today, NGI rose 15.5% on results and SXE jumped 14.2% after very positive results, up %. VNT also out today marched 7% ahead. Nothing on the economic front. Asian markets eased, Japan down 0.4% and HK off % with China up %. 10-year yields at 4.52%.

HIGHLIGHTS

  • Winners: NGI, CTD, LNW, DTL, FBU, ADT, VNT, PME
  • Losers: MIN, AD8, NAB, SM1, MYS, PLS, HSN, STO
  • Positive Sectors: Gold. Insurers. Travel.
  • Negative sectors: Banks. REITs. Lithium. Tech. Retail.
  • ASX 200 Hi 8482 Lo 8389
  • Big Bank Basket: Eases to $257.57(-2.8%)
  • All-Tech Index: Up 0.7% CPU gains.
  • Gold: Rises to AUD$4604
  • Bitcoin: Back to US$95252
  • 10-year yield rises to 4.52%.
  • AUD: Rises to 63.64c.
  • Asian markets Japan down 0.4% and HK off % with China up %
  • Dow futures up 33 Nasdaq up 45

MARKET MOVERS

  • CTD +10.3% better than expected.
  • LNW +9.6% acquisition and cap raise.
  • DTL +7.7% results cheer.
  • ADT +7.4% silver gains.
  • VNT +7.0% results presentation.
  • MIN -20.7% squished on loss and dividend absent.
  • AD8 -8.3% falling back to earth
  • HSN -4.6% results.
  • OPT -4.0% profit taking continues.
  • STO -4.5% disappoints again.
  • STP -28.8% pulled down on margins and numbers.
  • LYL -11.4% results.
  • SGR -9.7% falls back to earth.
  • Speculative Stock of the Day:  Nothing in any volume.

ECONOMIC AND OTHER NEWS

  • Sanjeev Gupta has lost control of the Whyalla steelworks after the South Australian government seized control and brought in insolvency experts
  • HSBC Holdings Plc expects $1.8 billion in costs over the next two years as it embarks on a global restructuring program
  • Trump says Ukraine started the war. Trump considers 25% tariff on imported cars.
  • Secretary of State Marco Rubio told European allies that the US will keep sanctions on Russia in place at least until a deal to end the Ukraine conflict is reached.
  • Silver Lake in talks to buy majority stake in Intel’s Altera unit .
  • AstraZeneca hit with US class action lawsuit over China regulatory probes.
  • Singapore’s PM promises cash handouts in pre-election budget.

And finally…..

Clarence

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