A mixed session on the ASX with the index rising 3 points to 8588. The banks held up with CBA rising 0.7% and the Big Bank Basket rising to $271.08 (). Insurers better too, other financials drifting lower, REITs better with VCX up 0.8% and SCG up 1.0%. Industrials mixed, ORG fell 2.5% with WOW and COL pushing around 1.0% better, retail was mixed, JBH up 1.6% and APE down 1.4%. Tech stocks making some gains after significant losses, WTC up 1.6% and XRO finding support up 2.5%. REA and CAR also finding support.

Resources were mixed, gold miners gave back some of the gains with EVN down 1.1% and NEM off 1.5% with iron ore miners better, BHP moved 1.1% ahead with RIO doing well too. Lithium stocks gave back some gains and uranium stocks under pressure after BOE fell 24.6% on a Honeymoon update. DYL down 7.8% and PDN down 4.8%. In oil and gas, the big news was the surprise resignation of WDS CEO to take up the helm at BP. WDS dropped 2.7% on the news, STO rose 1.0% as crude rose.

In corporate news, BAP rallied 15.5% from lows on the CEO resignation. APA rose 1.2% after selling 20% interest in GDI. BEN fell 1.5% on AUSTRAC news as it continues to investigate.

On the economic front, NZ GDP grew at 1.1% last quarter.

Asian markets weaker again, Japan down 0.9%, HK down 0.3% and China off 0.3%.

US futures slightly mixed. DJ down a bit Nasdaq up a bit!

10-year yields steady at 4.74%.

HIGHLIGHTS

  • Winners: BAP, SGR, 29M, ARU, OBM, LFG, BVS, CHN
  • Losers: BOE, DTR, BMN, DYL, CDA, BRE, PDN, LTR
  • Positive Sectors: Iron ore. Insurers. REITs. Tech.
  • Negative Sectors: Gold miners. Lithium. Telcos.
  • ASX 200 Hi 8588 Lo 8553 – Narrow range.
  • Big Bank Basket: Steady at $271.08 (-0.2%)
  • All-Tech Index: Unchanged.
  • Gold: Rises to $6566
  • Bitcoin: Rallies to US$86661
  • AUD: Easier at 66.05c.
  • Asian markets fell hard on AI fears, Japan down 1.3%, HK down 1.9% and China off 1.4%.
  • 10-year yields steady at 4.74%.

MARKET MOVERS

  • BAP +15.5% CEO resigns.
  • 29M +11.2% big kick.
  • CHN +5.1% metal price rise.
  • OBM +6.1% exploration results.
  • ARU +6.8% exit the doghouse.
  • CCR +16.7% acquires SaaS business.  
  • CNB +7.3% streaks ahead on Trek 1 New Footwall lode extension.
  • DTR -15.9% continues to fall.
  • BMN -8.5% DYL -7.8% follows BOE down.
  • LTR -4.6% profit taking.
  • BOE -24.6% Honeymoon DFS gets ripped up.
  • PGC -13.5% Administrators appointed to Infinity Pharmacies.
  • STN -10.5% change of director’s interest.
  • Speculative Stock of the Day:  ROC +50% transformational contract win.

ECONOMIC AND OTHER NEWS

  • ECB tonight.
  • Meg O’Neill (WDS) becomes first female CEO of a major oil company, BP.
  • China revoked 27 expired permits in its major lithium mining hub for the battery material. The news sent carbonate futures on the Guangzhou Futures Exchange rocketing to 109,860 yuan a tonne on Wednesday, the highest level since June 2024, before ending the session up 7.6%.
  • Tech sell-off spills over to Japan as Softbank falls over 7%.
  • Medline shares leap 41% after raising $6.3bn in biggest IPO of 2025.
  • Fed governor Waller says rates could be cut by as much as a full point.
  • US prosecutors call subprime lender Tricolor a ‘financial crimes enterprise’.
  • German fintech hits €12.5bn valuation in deal backed by Peter Thiel.

And finally….

I made a playlist for hiking. it has music from The Peanuts, The Cranberries and Eminem. I call it my Trail mix.

Went to a trivia night they said what rhymes with orange I said no it doesn’t.

Clarence

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