The ASX 200 hit a new record high at 8959 (+0.2%) as banks gathered strength. NAB results were in line, with the CEO sounding a little contrite — unlike QAN, which was hit with a record fine for “not being sorry enough.” QAN fell % while NAB rose 2.7%. The Big Bank Basket climbed to $280.06 (%).

Insurers were firmer, with IAG up 0.8%. Other financials were less enthusiastic. REITs gained ground with MGR up 3.5% and GPT up 1.9%, while DGT fell sharply after missing expectations. Down 14.1%.

Industrials firmed, with SGH up 2.6% on bargain hunting. REA rallied 4.5% on news of a new CEO, while CAR lost its CEO. Tech was flat, while retail was mixed: WES rose 1.1%, CTD did well rallying 3.9%, TPW continued to crater, down another 5.3%, and KGN fell 2.5% on write-offs at Mighty Ape.

Resources were mixed. Gold miners slipped on fading hopes of a US rate cut, with EVN down 1.5% and CMM off 1.6%. Iron ore miners also weakened, with BHP down 1.2% ahead of results tomorrow. Lithium and rare earths were in demand, with PLS up 3.2% and LTR gaining 6.5%, while ARU raised capital at 19c. Oil and gas edged lower, as did uranium and coal stocks.

In corporate news, A2M rose 3.1% on better results, ADB crashed 20.8% after lifting capex guidance by 25%, BSL fell 3.1% on US write-offs, while LLC climbed 6.7% on stronger-than-expected results.

Nothing notable on the economic front.

Asian markets mixed, Japan up 0.9%, HK up 0.6% and China up 1.3%

 10-year yields steady at 4.27%

HIGHLIGHTS

  • Winners: WBT, SRV, CU6, BVS, ALK, LLC, LTR
  • Losers: AD8, DGT, OML, DRO, TPW, NHC, COH
  • Positive Sectors: Banks. Tech. Lithium. Rare earths.
  • Negative Sectors: Iron ore. Uranium. Coal. Gold.
  • ASX 200 Hi 8963 Lo 8912.
  • Big Bank Basket: Rises to $280.06 (%)
  • All-Tech Index: Up 0.8%.
  • Gold: steady at $5133
  • Bitcoin: Falls to US$115398
  • 10-year yield rises to 4.27%.
  • AUD: Rallies to 65.21c.
  • Asian markets better, Japan up 0.9%, HK up 0.6% and China up 1.3%
  • US futures – Flat.
  • European markets set to open up around 0.2%

MARKET MOVERS

  • WBT +14.8% good jump.
  • DTR +5.3% running again.
  • BVS +7.5% bargain hunters.
  • LTR +6.5% some dip buying.
  • TCG +2.0% Macquarie research.
  • LLC +6.7% results cheer.
  • ALK +7.4% project finance facility repaid
  • TMG +11.7% patent claims fast track antimony.
  • AD8 -20.8% results disappoint – Capex up.
  • DGT -14.1% underwhelming results.
  • OML -10.2% results and guidance miss.
  • DRO -5.9% give peace a chance.
  • TPW -5.3% rout continues.
  • HFR -44.9% update on strategic investment.
  • AL3 -11.1% final results.
  • BBN -6.9% broker downgrades.
  • Speculative Stock of the Day: BCN +34.5% – assay results from Iguana.  Honourable mention to KLR +2900% and AOA +125% with rare earth drilling in SA.

ECONOMIC AND OTHER NEWS

  • Zelenskyy touches down in Washington.
  • China’s capital outflows rose to a record in July, driven by mainland investors’ aggressive buying of Hong Kong assets following new market liberalisation measures.
  • The Shanghai Stock Exchange Composite Index jumped as much as 1.2% on Monday, putting it on course for its highest finish since August 2015.
  • Investors lose billions on US penny stocks as ‘pump and dump’ scams multiply.
  • South Korean stocks fall over 1.2% ahead of Ukraine talks.
  • Singapore’s non-oil domestic exports shrank 4.6% year-on-year in July, worse than the 1.8% contraction forecast in a Reuters poll.

And finally…..

At a local bar in Kingaroy 

The owner & bartender, was so sure that he was

the strongest man around, that he offered a

standing $1000 bet.

The bartender would squeeze a lemon until all the juice ran into a glass, and then hand the lemon to a patron.

Anyone who could squeeze two more drops of juice out of it, would win the money.

Many people had tried, over the years:

weightlifters, longshoremen, football players etc., but nobody had ever been able to do it.

One day, this scrawny little fellow came into the bar,

wearing thick glasses and a polyester suit.

He sat down, ordered a glass of draft, & started looking around the bar.

After reading the sign on the wall about the lemon challenge, he said in a meek voice:

“I was just reading your sign, and I’d like to try the bet.”

After the laughter in the pub had died down, the bartender

grabbed a lemon and squeezed the heck out of it…..

Then he handed the wrinkled remains of the rind to the little fellow.

The Crowd’s laughter turned to total silence….

as the man clenched his little fist around the lemon….

and six drops fell into the glass.

As the crowd cheered, the bartender paid the guy his $1000, and then asked little man:

“Do you mind if I ask what do you do for a living?

Are you a lumberjack, a weight-lifter, or what?”

The little fellow quietly replied:no “I work for Australian Tax Office”.