The ASX 200 rose 36 points to 8269 (0.4%). 11-week high. Disappointing in some respects as defensive stocks saw sellers move to more leverage assets. Banks slipped with ANZ Ex-dividend, the Big Bank Basket down to $261.90 (-0.5%). MQG pushed another 3.7% ahead, with other financials doing well. HMC is up 3.7%, and RPL is rallying 5.7%. ZIP was the standout, up 8.8%, with XYZ bouncing 5.9%. REITs sold off as rates moved higher, 10-year yields up to 4.43%. Defensive industrials fell, COL and WOW went down hard, TCL fell 2.2%, and TLS dropped 2.6%. Tech did well but off highs. WTC is up 4.9% and XRO modestly higher, up 1.7%, with the All–Tech Index up 3.1%. In resources, iron ore drifted back a little, BHP up 2.1% and FMG up 2.7% with base metal stocks also in demand, MIN up 9.8% and LTR up another 3.5%. S32 had a great day up 5.6%. Gold miners were sold off on bullion weakness. NST was down 4.6%, with NEM down only 1.8% as EVN fell 5.3%. LYC dropped 3.8%on rare earth supply from China resuming. Oil and gas stocks are better, WDS up 3.7%, and STO rallying another 2.9%. Uranium stocks paused. Coal was a happy place, WHC up 3.2%. In corporate news, RIC successfully raised $125m to buy DNL’s fertilizer distribution business. PNV is doing well on diabetes trials, and ALD rose 2.2% as it sold an NZ business. ASK rejected a takeover offer from Ki. On the economic front, consumer sentiment lifted on election results. Asian markets mixed, Japan up 1.7% with China flat and HK sliding back 1.5%.

HIGHLIGHTS

  • Winners: RIC, CU6, PNV, 360, CTD, MIN, BRG, ZIP, AD8
  • Losers: GMD, CMM, PNR, WGX, OBM, PRU, RRL
  • Positive Sectors: Healthcare. Iron ore. Lithium. Oil and gas. Tech.
  • Negative Sectors:  Gold miners. Rare earths. Banks. REITs. Supermarkets.
  • ASX 200 Hi 8314 Lo 8248
  • Big Bank Basket: Lower at $261.90 (-0.5%)
  • All-Tech Index: Up 3.1%
  • Gold: Falls to $5077
  • Bitcoin: Eases to US$102130
  • 10-year yield rises to 4.43%.
  • AUD: Falls to 64.08c
  • Asian markets mixed, Japan up 1.7% with China flat and HK sliding back 1.5%.
  • Dow futures down 68 Nasdaq down 72

MARKET MOVERS

  • RIC +18.0% buys DNL fertiliser distribution.
  • CU6 +15.35 solid bounce.
  • PNV +14.4% Type 1 Diabetes progress.
  • 360+14.0% great results.
  • ZIP +8.8% US tech sentiment.
  • MIN +9.8% shorts covering still.
  • CTT +22.0% tariff relief rally.
  • JMS +37.9% Tshipi partial sale.
  • APX +17.5% tech stock.
  • PNR -9.8% gold price.
  • LYC -3.8% rare earth détente.
  • WOW -3.7% defensives being sold down.
  • LRV -8.4% antimony exposure.
  • GG8 -3.1% losing its grip.
  • Speculative Stock of the Day:  JMS

ECONOMIC AND OTHER NEWS

  • A Westpac-Melbourne Institute survey showed on Tuesday its main index of consumer sentiment bounced 2.2% in May, retracing some of the 6.0% dive suffered in April when Trump first announced his “reciprocal” tariffs.
  • Money market pricing now implies the Reserve Bank will only cut interest rates three times this year, including one next Tuesday.
  • Goldman Sachs Group Inc. lifted its US stock targets, as the easing of trade tensions between the US and China fuels a comeback of the “Buy America” trade.
  • Strategist David Kostin now sees the S&P 500 Index reaching 6,500 in the next 12 months, up from 6,200 previously
  • Citi expects gold prices to retreat to $US3150 in the coming months owing to progress in tariff negotiations.
  • Chinese removes ban on Boeing parts.
  • Crypto miner backed by Trump sons to list on Nasdaq.
  • Trump touches down in Saudi Arabia this morning.

And finally…..

Clarence

XXXX