The ASX 200 fell 17 points to 8824 (0.2%) as CBA stumbled 6.6% lower on trading update.  Every 1% is a 10-point fall. This wiped any thoughts of gains off the table. The Big Bank Basket fell to $284.31 (-3.8%). WBC bucked the trend in the banks, up 1.3%. Financial generally flat, MQG up 0.7% and QBE rising 0.6%. Industrials generally firmer, TCL up 1.0%, WES up 0.6% and WOW and COL slightly firmer. REITs firmed, GMG up 1.5% and SGP rising 1.3%. TLS also had a good day up 1.0%. Tech remained becalmed, XRO flat and WTC off 0.3%. The All -Tech Index flat.

Resources were firm. BHP, RIO and FMG were steady, but gold miners showed strength, NST up 3.2%, NEM up 4.3% and GMD rising 2.8%. Lithium stocks were also very strong, PLS up 7.5% and MIN up 6.0%. Oil and gas better, WDS up 1.6% and uranium stocks steady.

In corporate news, CBA was the focus. Comments from Matt Comyn on competition and a reduction in NIM sent the stock down %. SCG rose 0.7% on a trading update. BEN also falling hard on cash earnings of $120,7m down 8.5%.  COL flat on CEO comments at the AGM. EDV announced a new head of Dan Murphy’s.

On the economic front, the Westpac-Melbourne Institute Consumer Sentiment Index surged 12.8% to 103.8 points in the past month.

Asian markets easing back slightly.

HIGHLIGHTS

  • Winners: LNW, ELV, FML, LTR, PLS, SBM, BGA
  • Losers: CRN, BEN, CBA, VGL, 360, EOS, JIN, EQT.
  • Positive Sectors: Gold. Lithium. REITs. Oil and gas.  
  • Negative Sectors:  Banks.
  • ASX 200 Hi 8876   Lo 8817
  • Big Bank Basket: Down to $284.31 (-3.8%)
  • All-Tech Index: Down 0.1%
  • Gold: kicks to $6330
  • Bitcoin: Steady at US$105846
  • AUD: Steady at 65.26c.
  • In Asian markets – HK down 0.4%, China off 1.0% and Japan down 0.4%.
  • 10-year yields steady at 4.39%.
  • US futures – Dow up 9 Nasdaq down 42.
  • European markets set to open flat.

MARKET MOVERS

  • LNW +11.0% follows US higher.
  • ELV +9.7% LTR +7.8% PLS +7.5% lithium stocks in demand.
  • BGA +6.6% half-year results.
  • MYG +18.1% broker presentation.
  • LDX +16.7% back in favour.
  • PMT +9.6% lithium bounce.
  • BEN -8.5% results weigh.
  • CBA -6.6% NIM to contract.
  • 360 -5.2% results.
  • EOS -4.1% defence back on the nose.
  • WTM -17.1% trading halt – Chairman’s address.
  • EUR -15.2% lithium bounce fails to inspire.
  • Casualty of the Day:  CRN -28.4% substantial shareholder change.
  • Speculative Stock of the Day: CBL +60.9% integrates with Apple BCI protocol.

ECONOMIC AND OTHER NEWS

  • The Westpac-Melbourne Institute Consumer Sentiment Index surged 12.8% to 103.8 points in the past month – the first “net positive” read in the best part of four years.
  • US Senate votes to end shutdown. What exactly did the Democrats achieve by this in the end? Now to the House.
  • Sony raises profit forecast after earnings beat, lifted by music and imaging divisions.
  • The most-active futures for lithium carbonate extended gains in Guangzhou on Tuesday morning after jumping 5% in the previous session. Energy storage systems demand is driving prices higher.
  • Goldman Sachs earns record $110mn fee in Electronic Arts deal.
  • Syria’s President Sharaa visits White House for historic Trump meeting.
  • Switzerland nears deal to cut US tariffs to 15% after business push.
  • Gautam Adani plans to build a multibillion-dollar battery energy storage system in western India to support his group’s renewable energy ambitions. The group aims to scale its storage capacity to 50 GWh within five years according to reports.

And finally…

Have you ever played quiet tennis? It’s like regular tennis except without the racket.

Clarence

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