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The ASX 200 fell 50 pts to 8793 (0.6%) again today, with most sectors heading lower. Banks were weak again as the Big Bank Basket fell to $288.80 (-0.8%). WBC dropped 0.7% and NAB off 0.2%. Financials generally were weak across the spectrum, insurers fell, QBE down 0.8%, MQG falling 0.6% off its recent highs. ZIP managed to hold fast, GQG fell 3.0% as tech continues higher. REITS slid, GMG down 1.1% and CHC off 2.5%. Retail fell too, JBH off 1.2% and KGN falling 2.2%. WES continued lower again. In the healthcare space, CSL steadied but COH ditched again, off 4.6% with RMD finding some buyers. PME also good, up 0.8%. Tech stocks eased again, WTC down 3.1% and REA off 1.4% with the All-Tech Index down 0.3%.

Resources tried to hold the line, oil and gas stocks were better, WDS up 3.2% and STO rising 3.7%. Uranium stocks doing ok, BMN screaming ahead, up 11.5% and NXG also doing well. Coal stocks flat.

In corporate news, TPW founder stepped back, it fell 8.2% LNW hit with a fresh lawsuit. The mistitled ‘Future Fund’ announced a new CIO. Plenty of quarterlies dropping, SFR production declined with the stock down 3.6% and MGR reported weakening residential demand.

Nothing on the economic front locally. 10-year yields back up to 5.0%

Asian markets flopped lower, Japan down 0.9%, China off 0.8% and HK down 1.1%. Oil up 1.3% in Asian trade

US Futures ease, Nasdaq down 85 Dow down 285 Europe is opening down.

HIGHLIGHTS

  • Winners: REG, BMN, KAR, ARU, SLX, BPT, NXG, EQR
  • Losers: BC8, TCG, TPW, CXO, STK, LYC, PRN, VGN
  • Positive Sectors:  Oil and gas. Uranium.
  • Negative Sectors: Banks. Tech. Retail. Insurers. Lithium.
  • ASX 200 Hi 8825 Lo 8749
  • Big Bank Basket: Falls to $288.80 (-0.8%)
  • All-Tech Index: Eases 0.3%.
  • Gold: Eases to $6582
  • Bitcoin: Slips to US$77943
  • 10-year yields: Jumps to 5.0%
  • AUD: drifts to 71.53c.

MARKET MOVERS

  • REG +16.4% broker upgrades.
  • BMN +11.5% uranium push.
  • KAR +7.8% oil price rise.
  • ARU +7.6% rare earths back.
  • EQR +5.6% Mt Carbine drilling supports reserve growth.
  • SLX +6.0% DYL +5.3% uranium.
  • EUR +16.3% potential merger with Critical Minerals
  • NMG +11.1% good drill results.
  • 6KA +10.0% low volume move. Q1 report.
  • IVZ +34.2% solid bounce after cap raise.
  • DRE +5.3% Star of Mangaroon key approvals.
  • TPW -8.2% founder steps back.
  • LYC -6.7% profit taking on broker downgrades.
  • COH -4.6% no recovery.
  • LIN -5.7% profit taking.
  • BC8 -9.9% loses a life.
  • RML -10.0% $20m placement.
  • Yesterday’s Hero: SLM – Unchanged
  • Speculative Stock of the Day: AI1 +80% secures $14m placement led by Regal and Meitav.

ECONOMIC AND OTHER NEWS

  • Iran says it has seized two ships in Strait of Hormuz after U.S. extends ceasefire.
  • US Navy secretary fired amid Iran blockade.
  • Iran war drives Panama Canal lane prices to record high.
  • SK Hynix posts record first-quarter profit, in line with estimates as memory prices climb. AI demand and HBM leadership drove pricing and profitability. Chip shortages may persist to 2030 due to slow capacity expansion.
  • Trump envoy seeks to replace Iran with Italy in football World Cup.    
  • An AI robot has beaten the best at table tennis. It will be coming for Pickleball  next!
  • Shakespeare’s Birthday.

And finally…..

I replaced my rooster with a duck…
Now I wake up at the quack of dawn

Clarence

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