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END OF DAY

The ASX 200 started badly down some 40 points but rallied to close up 13 at 8892 (0.2%). Once again it was the banks that led the turnaround with WBC numbers pleasing and the sale of the RAMS Home Loan book also a positive. The bank closed up 2.8% with the Big Bank Basket at $297.33 (%). CBA kicked 2.3% and other financials were mixed. REITs slid with GMG down 0.2% and SGP off 0.8% and insurers also fell, QBE down 1.2%. Industrials ended up mixed, after a sluggish start, WES up 0.3% and REA bouncing 1.1%. Tech stocks did better, WTC up 0.6% and XRO rallying 2.3%. In the healthcare space, RMD fell 4.3% on its results, CSL continued to drag the sector down, off another 1.7%.

Resources were weaker on Chinese data, BHP down 0.2% and rare earths spluttered lower, LYC off 8.1% and lithium depressed, PLS down 5.2% and LTR off 0.4%. Gold miners eased back as bullion tested $400, NST down 2.0% and EVN off 2.5%. Oil and gas stocks rose as crude pushed ahead, WDS up 1.3% and STO up 1.1%, uranium drifted lower, PDN down 2.0%.

In corporate news, DRO steady on a Latin American order, DMP rose 0.2% after selling its printing business.

Asian markets mixed, HK up 0.6% China down 0.5% and Japan up 2.1%

10-year yields 4.34%. US Futures not doing much really.  

HIGHLIGHTS

  • Winners: NGI, MP1, PPM, HMC, C79, SRL
  • Losers: BOC, DTR, 4DX, CRN, LYC, SDF, MI6.
  • Positive Sectors: Banks. Tech. Oil and gas.
  • Negative Sectors: Gold. Lithium. Rare earths. Healthcare. REITs.
  • ASX 200 Hi 8895   Lo 8829
  • Big Bank Basket: Rose to $296.33 (+0.1%)
  • All-Tech Index: Up 0.7%
  • Gold: rises to $6120
  • Bitcoin: falls to US$107841
  • AUD: Eases to 65.61c.
  • In Asian markets – HK up 0.6% China down 0.5% and Japan up 2.1%
  • 10-year yields higher at 4.34%.
  • US futures – Dow up 45 Nasdaq up 25
  • European markets set to open flat.

MARKET MOVERS

  • NGI +8.8% UBS initiates as a buy.
  • PPM +6.7% buys RAMs loan book.
  • MP1 +7.6% tech bounce.
  • LDX +17.1% good rally.
  • MYX +7.5% Hedge fund manager sends a letter to Dr Chalmers.
  • AVR +13.0% FDA approval.
  • DTR -12.3% volatility continues.
  • BOC -15.8% under pressure.
  • LYC -8.1% rare earths stumble lower again.
  • SDF -7.0% Appendix 3z – Frank O’ Halloram.
  • TRE -22.1% letter to shareholders.
  • TM1 -18.9% Quotation of securities.
  • Speculative Stock of the Day:  MRD +75% Appointment of CEO. Allister Caird. Ex Allister of Locksley. Gallium project in WA remember.

ECONOMIC AND OTHER NEWS

  • Australian job ads falls 2.2% m/m in October, ANZ-Indeed data shows. Job ads in October were 7.4% lower than a year earlier, and remained just 8.4% higher than pre-pandemic levels. RBA tomorrow.
  • The ASX announced former Reserve Bank of Australia governor Philip Lowe will chair its corporate governance advisory group.
  • China’s manufacturing activity expanded less than forecast in October, a private survey showed. The RatingDog China General Manufacturing Purchasing Managers’ Index slipped to 50.6 from 51.2 in September.
  • BYD shares neared the lowest in almost nine months on Monday after the car maker posted its second consecutive drop in sales, again falling to No. 2 in the Chinese market.
  • Opec+ to pause oil output rises next year after warnings of glut.
  • China’s Baidu says weekly robotaxi rides hit 250,000 — same as Alphabet’s Waymo this spring.

And finally…..

I didn’t think I needed orthopedic shoes but I stand corrected.

Clarence

XXXXXX