The ASX 200 finished the week on a firm note up 105 points to 8697(1.2%). Across the board gains with banks surging as CBA rose 2.1% and NAB up 1.8% after its AGM. The Big Bank Basket rose to $272.70 (+1.8%). Other financials also did well, MQG bouncing 2.7% and insurers too better. QBE and SUN up over 1%. REITs bounced, GMG up 0.8% and VCX up 2.4% with healthcare too also doing well, CSL rallying 2.9% with SIG up 1.4%. Industrials better but not flying. Retail saw some shoppers out and about, JBH up 2.7% and MYR up 4.4% with losses in LOV and TPW continuing.  Tech remained a sub-optimal place to be, TNE down 1.6% with XRO continuing to fall, down another 0.5% with the All-Tech Index off 0.2%.

Resources again was the place to be. Gold miners soared as brokers started to amend forecasts for metal prices higher as 2026 comes into view. NST up 2.9%, GMD up 7.6% and NEM rising 5.7%. BHP and RIO also strong on copper exposure, and uranium stocks gained ground. PDN up 4.8% and DYL rising 4.9%. Lithium stocks were a little depressed.

In corporate news, former ANZ CEO is suing the bank for his lost $13.5m bonus. ASB dropped 3% on news that Jim Chalmers will allow Hanwha to increase its stake to near 20%. 4DX jumped 8.8% on an options deal and BMC Minerals debuted.

Nothing on the economic front.

Asian markets pushed higher, Japan up 0.7% with HK up 1.4% and China up 0.2%

10-year yields rose to 4.73%. US Futures firmer. European futures positive too.

HIGHLIGHTS

  • Winners: ELS, PDI, MEK, GNP, GGP, 4DX, BOE, TCG
  • Losers: NAN, MTM, BVS, SLX, QOR, FCL
  • Positive Sectors: Banks. Iron ore. Gold. Uranium. REITs.
  • Negative Sectors: Tech. Oil and gas.
  • ASX 200 Hi 8702 Lo 8658 – Narrow range. Index up 0.7% this week.
  • Big Bank Basket: Better at $272.70 (+1.8%)
  • All-Tech Index: Down 0.2%.
  • Gold: Rises to $6406
  • Bitcoin: Rises to US$92417
  • AUD: Better at 66.61c.
  • Asian markets pushed higher, Japan up 0.7% with HK up 1.4% and China up 0.2%
  • 10-year yields higher at 4.73%.

MARKET MOVERS

  • PDI +16.0% takeover play.
  • BOE +8.6% Honeymoon back on? Change in substantial holding.
  • 4DX +8.8% Bell Potter option deal.
  • GGP +9.9% Livewire article.
  • GMD +7.6% gold price rally.
  • ELS +16.6% defence trade.
  • HZR +19.5% selected for Whyalla clean steel bid.
  • BTR +13.7% lifts MRE at Menzies.
  • NAN-8.8%Not sure.
  • ASB -3.0% South Lorea gets the nod.
  • MTM -8.7% strategic US gallium and Scandium red mud collab.
  • MEI -9.4% rare earths under pressure.
  • MEU -7.7% yesterday’s hero. Livewire article.
  • DXB -3.2% profit taking. Change of director’s interest.
  • Speculative Stock of the Day: Nothing today on any volume.

ECONOMIC AND OTHER NEWS

  • Asian stocks heading for highest close in a month.
  • Thailand heading to an early election.
  • HSBC axes 160-year-old management scheme in bid to cut costs.
  • Crypto founder Do Kwon sentenced to 15 years in prison.
  • US trade deficit shrinks to smallest since 2020 as gold exports jump.

And finally….

I wonder if the guy who came up with the term “One Hit Wonder” came up with any other phrases?

Clarence.

xxxxx