Thursday 15th May – ASX 200 rises 18 as banks resume rally – Resources under pressure – GNC jumps – XRO solid – Jobs better than expected. | Beeks Downunder-Because not all financial news is boring!

The ASX 200 rose 18 points to 8298 (0.2%) as the banks put in another solid day. CBA is up 1.3% with NAB once again slightly outperforming, ANZ up 1.7% with the Big Bank Basket up to $266.85 (+1.1%). MQG rallied 1.2% with other financials mixed. Insurers better, IAG rose 5.7% after signing a deal with RACWA. Up %. REITs were once again under pressure as yields continued higher as job numbers came in better than expected. SCG down % and GMG off 1.0%. Industrials rose, WES up 2.2%, and ALL recovered some of the dips yesterday up 1.9%, with WOW and COL slightly better. Tech rallied, and XRO released some good numbers, rising 4.7%. Resources failed to launch again, BHP down 0.7% with RIO off 0.4% and gold miners under siege as bullion falls again, GMD down 3.2% and NEM off 4.0%. Base metal and lithium stocks eased, MIN up 1.9% oil and gas slid back, WDS down 1.8%, and uranium mixed again. In corporate news, GNC leaped 8.8% on a positive update, and NWH fell 8.3% after a warning on the Valhalla steelworks sale process. MYX jumped 8.2% after Deloitte reviewed the Cosette $672m deal. TWE fell 5.2% as the CEO stepped down. On the economic front, the labour market showed strength, with a jump of 89k jobs in April, more than the 20k forecast. Asian markets drifted lower, with Japan down 0.9%, HK down 0.5%, and China down 0.6%. 10-year yields once again pushing higher.

HIGHLIGHTS

Winners: GNC, NGI, IAG, XRO, AD8, FPH
Losers: NWH, KCN, AMI, BC8, RSG, BAP, TWE
Positive Sectors: Banks. Tech. Insurers.
Negative Sectors: Gold miners. Oil and gas. REITs. Financials.
ASX 200 Hi 8303 Lo 8257 Futures expiry day.
Big Bank Basket: Higher at $266.85(+1.1%)
All-Tech Index: Up 0.7%
Gold: Falls to $4888
Bitcoin: Falls to US$102432
10-year yield rises to 4.53%.
AUD: Eases to 64.34c
Asian markets mixed, with Japan down 0.9%, HK down 0.5%, and China down 0.6%.
Dow futures down 172 – Nasdaq down 60

MARKET MOVERS

GNC +8.8% investor presentation.
NGI +5.8% upgrades earnings outlook.
XRO +4.7% solid results.
WES +2.2% pushing ahead again.
IAG +5.7% alliance with RACWA.
BTR +12.8% May production update.
MYX +8.2% independent report.
NWH -8.3% Valhalla exposure.
RSG -6.0% gold weakness.
TWE -5.2% CEO resigns.
STK -8.3% gold weakness and presentation.
Speculative Stock of the Day: PEK +170.8% takeover offer at 35.9c.

ECONOMIC AND OTHER NEWS

Labour Force numbers – In trend terms, in April 2025:

unemployment rate remained at 4.1%.
participation rate remained at 67.0%.
employment increased to 14,622,100.
employment to population ratio remained at 64.3%.

There were 183,131 deaths in 2023, a 4.1% decline from 2022.
Ischaemic heart disease remained the leading cause of death, but less than 250 deaths separate it from dementia which was the second leading cause.
Manhattan’s apartment market is heading into its most competitive months of the year with rents already at record highs.
US poised to dial back bank rules imposed in wake of 2008 crisis.
UK GDP Q1 GDP +0.7% better than 0.6% forecast.
Vladimir Putin to skip Russia-Ukraine peace talks in Turkey.
Plans to reset UK-EU relations hit trouble over fishing rights and youth mobility.
The U.S. Department of Justice (DOJ) is carrying out a criminal investigation into UnitedHealth Group for possible Medicare fraud.
Dow futures down 172 Nasdaq down 60