Monday 11th August – ASX 200 up 38 – JBH falls – Banks rise – Lithium booms – CAR steady – RBA tomorrow | Beeks Downunder-Because not all financial news is boring!

The ASX 200 marched another 38 points higher to 8845 (0.4%) led by the banks and resources. CBA up % leading the charge and the Big Bank Basket to $282.97 (+1.2%). WBC up 1.9% with MQG down 0.3% and insurers still suffering from post QBE fall out. Financials a little lacklustre, PNI down 2.8% and XYZ giving back Friday’s gains. ZIP down 2.7%. AMP smacked 7.2% lower on broker downgrades. REITs firmed, DGT up 9.1% on certification news, with CMW up 2.3%. Industrials becalmed, ALL down 1.1%, WES fell 1.8% and retail under pressure following JBH off 8.4%. Slightly disappointing numbers and CEO to retire. WEB fell 4.3% and LNW bounced 3.6%. Tech mixed, XRO continue to drift lower, off 1.3% and WTC up 0.7%. The All-Tech Index down 0.6%.

In resources, it was all about a lithium renaissance following news that CATL is closing a large mine for three months, LTR rallied 18.3% despite recent cap raise, PLS boomed up 19.7% and MIN up 12.2% as shorts were forced to cover. Gold miners under a little pressure on the switch to lithium, NST down 1.8% and NEM off 1.1%. Uranium stocks showing little interest and WDS up 0.7% with STO extending DD to ADNOC and fell 0.1%.

In corporate news, CAR held steady after in line results. Not even a special dividend could save JBH as valuations look toppy, IRE disappointed on results, falling 7.2%, iron ore futures in Asia jumped 1.4% as several steel mills in China will be forced to close next month on pollution concerns. BHP up 1.2% and FMG up 3.0%.

Nothing on the economic front as we await the RBA tomorrow and US CPI this week.

Asian markets better, Japan up 1.9%, HK up 0.1% and China up 0.6%.

HIGHLIGHTS

Winners: PLS. LTR, MIN, DGT, IGO, VUL, IEL
Losers: XYZ, JBH, IRE, AMP, PYC, WEB, TLX
Positive Sectors: Lithium. Banks. Iron ore.
Negative Sectors: Insurers. Financials.
ASX 200 Hi 8852Lo 8815
Big Bank Basket: Up to $282.97 (+1.2%)
All-Tech Index: Down 0.6%.
Gold: slips to $5175
Bitcoin: Rises to US$121,981
10-year yield steady at 4.24%.
AUD: Steady at 65.25c.
Asian markets better, Japan up 1.9%, HK up 0.1% and China up 0.6%.
US futures – Dow up 71 and Nasdaq up 25
European markets set to open slightly firmer.

MARKET MOVERS

PLS +19.7% LTR +18.3% MIN +12.2% spot lithium erupts on CATL move.
VUL +8.1% boom.
DGT +9.1% data centre gets HCF cert.
IEL +7.8% short squeeze.
INR +21.7% lithium bounce.
BCN +23.6% Stage 2 grade control program.
VTM +12.8% updated MRE identifies HREO and TREO.
XYZ -9.0% profit taking.
JBH -8.4% CEO to retire.
IRE -7.2% profit miss.
AMP -7.2% profit taking.
TLX -4.3% resumes sell off.
ZIP -2.7% profit taking.
AVH -6.4% slide continues.
DXB -5.8% on the nose.
Speculative Stock of the Day: ETM +67.3% – Good volume on reinstatement to trade.

ECONOMIC AND OTHER NEWS

RBA Meeting begins – The Conclave. Smoke suggest 25bps.
Nvidia, AMD to pay US 15% of China AI chip sales.
European markets set to open slightly higher. European leaders rally behind Ukraine ahead of Trump-Putin meeting.
Foreign criminals to be deported from England immediately after sentencing.
The Reserve Bank New Zealand (RBNZ) is proposing a net reduction of 142 positions, or 21% of its roughly 660 staff due to budget cuts.

And finally….