ASX 200 fell 24 points to 8807 (0.3%) to be up 1.7% for the week. Not too shabby. As usual it was the perennial war between banks and resources. Banks down with CBA slipping %, results next week and the Big Bank Basket down to $279.64 (-0.8%). Insurers walloped, QBE down 8.8% on poor results. SUN off 3.2% and IAG sliding 2.7%. Other financials falling hard too GQG down 14.6% on FUM levels falling and performance lagging, HUB dropped 2.0% and PNI took a break, down 5.3%. REITs flat, healthcare slid, CSL running into reality, down 1.8% and PME falling 3.6% as TLX continued to drift lower. Industrials too fell, REA down 1.1% and ALL off 1.8% with LNW falling 11.2% on plans to delist from Nasdaq. Tech fell, XRO down 1.4% and 360 dropping 4.2% with the All Tech Index down 0.7%.

Resources were bid, Iron ore a lithium together with gold miners in the green. BHP up 0.9% with FMG rising 1.8%. NST bounced another 4.0% with NEM cruising 2.2% higher, LYC jumped 3.8% and PLS up 9.0%, buyers cover shorts as lithium pricing recovered. LTR returned from a mega upsized raise of $316m with the Chinese taking a slice and the Australian government, the stock unchanged. Coal stocks better, NHC up 2.5% and WHC rising 3.1%. Uranium stocks slightly firmer. PBH up 4.6% as its board recommended Mixi’s offer.

In corporate news, IRE bounced 12.2% on takeover approach from Blackstone at 1050c, QBE massacred, XYZ showed a clean pair of heels on a good result, NCK too better by 6.9% on numbers.

Nothing on the economic front locally. Asian markets mixed, Japan up 1.8% to new highs. China modestly lower and HK falling 0.9%.

HIGHLIGHTS

  • Winners: IRE, XYZ, PLS, AMP, NCK, PYC, WGX, IGO
  • Losers: GQG, LNW, CU6, WBT, QBE, PNI, CCL
  • Positive Sectors: Gold. Iron ore. Lithium. Rare earths.
  • Negative Sectors: Banks. Tech. Healthcare.
  • ASX 200 Hi 8829 Lo 8790. Narrow range.
  • Big Bank Basket: Down to $279.64 (-0.8%)
  • All-Tech Index: Down 0.7%.
  • Gold: rises to $5205
  • Bitcoin: Rises to US$116597
  • 10-year yield steady at 4.24%.
  • AUD: Steady at 65.17c.
  • Asian markets mixed, Japan up 2% to new highs. China modestly higher and HK falling 0.8%.
  • US futures – Dow up 23 and Nasdaq up 20
  • European markets set to open slightly firmer.

MARKET MOVERS

  • IRE +12.2% takeover talk.
  • PLS +9.0% the squeeze resumes.
  • XYZ +9.1% good results.
  • AMP +7.1% broker upgrades.
  • IGO +5.7% lithium stock.
  • ILU +4.2% rare earths exposure.
  • NST +4.0% gold miners doing well.
  • LTR – unchanged – shrugs off cap raise!
  • ARR +19.4% rare earth exposure.
  • AYA +16.1% annual Bioshares presentation.
  • WRK +14.6% capital raising presentation.
  • DRO -3.4% block trade steals thunder.
  • GQG -14.6% FUM slip.
  • CU6 -13.2% change in substantial holding.
  • LNW -11.2% Nasdaq listing.
  • QBE -8.8% missed expectations.
  • PNI -5.3% profit taking.
  • CCL -4.9% LW mention.
  • Speculative Stock of the Day: Nothing on any volume.

ECONOMIC AND OTHER NEWS

  • ASX 200 set to finish the first week of reporting season up around 1.8%. Outperforming US markets.
  • Copper is set for a weekly increase as traders assess the impacts of the closure of Codelco’s biggest mine in Chile following a fatal accident.
  • Gold was on track for its biggest weekly climb in a month as a slew of US tariffs came into effect and Trump continued to pile on the pressure to Jerome Powell for a rate cut. It is also spiking in NY trade as reports that US imports of one-kilogram bullion bars are now subject to tariffs.
  • European futures open slightly firmer.
  • Japan’s Topix hits a record high. Softbank hits record highs following the company’s higher-than-expected fiscal first-quarter profit, putting the stock on course to clock its best day in five years.
  • Israel’s cabinet approves Netanyahu plan to occupy Gaza City.
  • Intel’s CEO Lip-Bu Tan said he’s got the full backing of the company’s board.

And finally….

Me: Your shoes are on the wrong feet.
4 yr old: I don’t have any other feet.
Me: Fair enough.

Clarence

XXXXX