The ASX 200 closed up 12 points at 8308 (0.1%) in a good recovery from early 70-plus point losses. Banks were the turnaround story as buyers went shopping. ANZ and NAB leading the sector higher with the Big Bank Basket at $252.96 (2.5%). MQG gained 1.5% as insurers also saw a positive turnaround. NHF dropped good numbers and rose 12.5%. PPT knocked back the Barbarians at the Gate falling 2.3% with XYZ falling 12.9% on disappointing numbers. REITs slipped again as GMG fell 4.1% and VCX down 4.4%. Industrials were mixed, ALL bounced 2.9% with WOW and COL better on defensive buying., Utilities also did well with APA rising 7.7% on numbers. Tech was hit hard as news of WTC directors resigning en masse saw losses of 20.1% in WTC and XRO slipped 1.2% with the All–Tech Index dropping 3.2%. Resources succumbed to gravity after holding up well last week, BHP, RIO and FMG all lost ground. Gold miners eased back, NEM fell 2.8% and NST off 2.1% with lithium plays falling but off lows. PLS down 3.4% and MIN off 0.7%. Oil and gas remained neglected and uranium stocks fell on profit taking. In corporate news, plenty of results, IRE fell 14.5% as guidance came in below forecasts, PRN, REH also under pressure on disappointing results. GYG fell 7.0% as brokers downgraded, XYZ hit hard falling 12.9% as crypto lost ground and LOV felt no love at all down 3.8%. Nothing on the economic front today. Asian markets mixed, Japan on a holiday, China and HK taking a break with HK off 0.6% and China unchanged. 10-year yields steady at 4.44%

HIGHLIGHTS

  • Winners: OML, EVT, NHF, DRO, RUL, APA, ING, AAC
  • Losers: WTC, PRN, IRE, REH, XYZ, PNV, RPL
  • Positive Sectors: Banks. Insurers. Defensives.
  • Negative Sectors: Iron ore. Lithium. Gold miners. REIT. Tech.
  • ASX 200 Hi 8310  Lo 8216
  • Big Bank Basket: Rallies to $252.96 (2.5%)
  • All-Tech Index: Down 3.6%
  • Gold: Rises to AUD$4608
  • Bitcoin: Falls to US$95305
  • 10-year yield falls to 4.44%.
  • AUD: Steady at 63.80c.
  • Asian markets a little weaker, Japan on holiday.
  • Dow futures up 212  Nasdaq up 100

MARKET MOVERS

  • NHF +12.5% good results.
  • APA +7.7% results cheer.
  • NEU +4.1% FDA announcement.
  • MPL +2.3% follows NHF.
  • IGL +% announces buyback.
  • DXB +7.3% listen to the podcast.
  • GNG +4.9% results
  • WTC -20.1% Four directors resign – Guidance downgrade.
  • PRN -15.9% results.
  • IRE -14.5% transformation complete.
  • XYZ -12.9% results reaction.
  • NXL -7.7% results.
  • GYG -7.0% broker downgrades.
  • ALC -12.7% profit taking.
  • SBM -7.7% gold sold off.
  • RXL -5.7% sells non-core assets.
  • Speculative Stock of the Day:  ARN +15.71% ASX Speeding ticket.

ECONOMIC AND OTHER NEWS

  • Germany’s conservative opposition leader Friedrich Merz said he’ll move quickly to form a new government after he won Sunday’s federal election with a result that will require him to form a coalition. Merz pledges independence from US.
  • Merz’s CDU/CSU bloc won 28.6% of the votes, followed by 20.8% for the far-right Alternative for Germany.
  • BMW pauses £600mn investment plan to produce electric Minis in Oxford .
  • Pollution from Big Tech’s data centre boom costs US public health $5.4bn.
  • Israeli tanks moved into the occupied West Bank on Sunday for the first time in decades in what Palestinian authorities called a “dangerous escalation,” after the defense minister said troops will remain in parts of the territory for a year and tens of thousands of Palestinians who have fled cannot return.
  • US Earnings reports from Home Depot and Lowe’s on Tuesday and Wednesday, respectively, will give investors a better sense of how U.S. consumers are faring. Nvidia’s earnings report on Wednesday evening.

And finally…..

Shakin’ Stevens once bought a country estate in Scotland

Thistle House

Clarence

XXXX