The ASX 200 rose 37 points to 9056 (0.4%) after flirting with a new record high. Banks came off the early boil somewhat, CBA up 0.8% and the Big Bank Basket up to $291.17 (+0.7%). Financials generally were firm, ZIP up 3.0% and XYZ 1.8% higher. REITS too were a little better, GMG up 0.9% and SCG up 0.2%. Industrials generally were solid, ALL up 1.8% and QAN took off, up 3.4% with BXB also doing well, up 1.2%. COL and WOW slightly better and tech mixed, WTC down 0.6% and XRO up 0.9% as the All-Tech Index rose 0.4%.

In resources, it was a mixed picture, iron ore majors firmed, BHP up 0.7%, gold miners were mixed on quarterly results, NEM continued to see profit taking post the quarterly, down 3.1% and RMS fell 5.7% on quarterly. Rare earths remain under pressure as the US and China edge closer to a trade deal. LYC down 2.4% and ILU off 6.9%. Oil and gas stocks slightly higher, STO up 1.4% with uranium mixed.

In corporate news, NXL dropped 16.8% on the CEO resigning, PNV bounced 3.9% as the chair fell on his sword and VEA fell 4.3% on cigarette sales drop. AUB jumped 12.1% on takeover rumours from Swedish PE.

On the economic front, Chinese industrial companies saw their earnings surge the most in nearly two years.

Asian markets firmed on trade hopes. Japan up 2.1% China up 1.1% and HK up 1.0%.

HIGHLIGHTS

  • Winners: AUB, FFM, EOS, FML, SLX, SDF, ASG, 360
  • Losers: LIN, NTU, NXL, MEI, SRL, MTM, ARU
  • Positive Sectors: Banks. Industrials. Iron ore.
  • Negative Sectors: Healthcare. Rare earths.
  • ASX 200 Hi 9083 Lo 9043.
  • Big Bank Basket: Rises to 291.17 (+-0.5%)
  • All-Tech Index: Up 0.4%
  • Gold: slips to $6246
  • Bitcoin: rises to US$115249
  • AUD: Better at 65.32c.
  • In Asian markets – Japan up 2.1% China up 1.1% and HK up 1.0%
  • 10-year yields higher at 4.18%.
  • US futures – Dow up 280 Nasdaq up 259
  • European markets set to open higher.  

MARKET MOVERS

  • FFM +12.3% drilling results.
  • DRO +2.0% bargain hunting.
  • SLX +6.8% enrichment continues.
  • PNV +3.9% chairman resigns.
  • SFR +2.8% quarterly results.
  • ELS +13.9% investor presentation.
  • LIN -23.0% IMARC Presentation.
  • NTU -22.2% rare earths exposure.
  • NXL -16.8% CEO resigns.
  • ARU -9.6% rare earths stumble.
  • MEI -15.2% rare earths.
  • SGQ -16.7% IMARC Presentation.
  • OFX -14.0% trading update.
  • IPO of the Day: TIO +30.0%
  • Speculative Stock of the Day:  NYR +24.7%. No news except recent quarterly. Decent volume.

ECONOMIC AND OTHER NEWS

  • The Bank of Japan is widely expected to hold interest rates on Thursday at its first meeting since Sanae Takaichi, an advocate of easy monetary policy, became prime minister.
  • Japan’s benchmark Nikkei 225 rose over 2%, crossing the 50,000 mark for the first time while the Topix added 1.61%.
  • Chinese industrial companies saw their earnings surge the most in nearly two years. Industrial profits climbed for the second straight month in September and rose 21.6% from a year earlier, their biggest gain since November 2023.
  • Early results in Argentina’s legislative elections on Sunday showed a landslide victory for President Javier Milei as voters overwhelmingly backed his free-market reforms and deep austerity measures.
  • Geely targets 100,000 UK sales in push to take on Tesla and BYD.
  • Copper advanced towards an all-time high.

And finally…….

Did you know that Atheism is a non-prophet organisation?

Clarence

XXXX