The ASX 200 finished the financial year on a lacklustre note, falling 45 points to 8779 (0.5%) as the banks gained and gold miners came under renewed pressure. The Big Bank Basket rose to $273.04 (0.4%) despite CBA holding firm. Other financials fared well too with ZIP up 3.5% and SUN rising 1.2%. REITs struggled as ex-dividend stocks weighed on the sector, with GMG down 3.0% and SCG off 1.5%. Industrials were mixed. TLS fell 1.6%, while tech eased, with XRO up only 0.1% and WTC falling 2.4%. The All – Tech Index gained 1.3% as CPU rallied hard, up 4.0%. Retail stocks drifted lower, while ALL rose 1.3%. Healthcare succumbed to sellers, with CSL down 0.6% and RMD falling 2.2%.

Resources were a sea of red. Gold miners were whacked again as bullion slipped below US$4,000. NST fell 5.8% and EVN dropped 5.2%. Copper stocks were slightly firmer, with SFR up 1.0%, while lithium stocks enjoyed a better session, led by LTR, which ‘roared’ back, rising 1.5%. The big iron ore miners all fell, with BHP down 0.7%, FMG off 1.9% and BSL 3.8% weaker. Oil and gas stocks bucked the trend, with WDS up 0.9% and STO rising 0.8%. Uranium stocks drifted lower.

In corporate news, CKF fell 2.5% after reporting slowing sales in Germany. ALX was unchanged as IFM increased its stake to 55%.

On the economic front, RBA Minutes today. ANZ Consumer confidence picked up slightly.

Nikkei 225 up 1.3%, Kospi up 2.3% HK down 1.4% and Shanghai up 0.7%. US futures firm DJ up 4, Nasdaq up 76. European futures slightly higher.

HIGHLIGHTS

  • Winners: AYA, TVN, CBO, NEU, EOS, MP1, IPX, KAR, ELS
  • Losers: OPH, MI6, RSG, VAU, RSG, PRU, RRL, RF1
  • Positive Sectors: Banks. Financials. Tech. Oil and gas.
  • Negative Sectors: Iron ore. Gold miners. REITs. Healthcare.
  • ASX 200 Hi 8836 Lo 8779
  • Big Bank Basket: Better at $273.04 (+0.4%)
  • All-Tech Index: Up 1.3%. CPU the driver.
  • Gold: Lower at $5790
  • Bitcoin: Steady at US$59500
  • 10-year yields: Steady at 4.73%
  • AUD: Falls to 68.71c
  • Oil down 1.2%

MARKET MOVERS

  • AYA +14.7% media write up.
  • CBO +8.1% LW article.
  • SRL +3.9% bounces back.
  • NEU +6.9% kicks again.
  • EOS +6.6% volatility continues.
  • JDO +3.3% off the mat.
  • ZIP +3.5% pushing ahead again.
  • LTR +1.5% bargain hunters.
  • JIN +9.1% solid bounce.
  • SLD +12.2% FDA approvals for CAP24 surgical paddle lead.
  • OPH -10.4% ex dividend
  • RF1 -6.5% ex dividend.
  • MI6 -10.4% tax loss selling.
  • RRL -6.9% VAU -7.1% gold miners under pressure.
  • Speculative Stock of the Day: Nothing on any volume.

ECONOMIC AND OTHER NEWS

  • RBA Minutes – Members judged financial conditions to be restrictive, but said there was uncertainty around the precise stance of policy given uneven transmission across the economy.
  • Consumer confidence edged higher for a second straight week, with the ANZ-Roy Morgan index rising to its highest level since March. Falling petrol prices, a stronger jobs market and easing inflation expectations appear to be lifting sentiment. Good news for retailers if the trend continues.
  • Magnificent Seven stocks shed $2.3tn in Wall Street tech rotation.
  • Burnham vows to ‘rewire’ British state.
  • Yen hits 40-year low against the USD.
  • China factory activity grows faster than expected in June on tech export demand. Official PMI up to 50.3 in Jine.
  • Morgan Stanley cut oil forecasts for the second time in about two weeks as flows through the Strait of Hormuz return faster than expected, while strong US supply and weak Chinese demand raise the risk of a glut.
  • Susquehanna Investment Group is attempting to unmask the identities of individuals it claims made at least $100 million trading on inside information about a Chinese government crackdown on cross-border brokerages.

And finally….

If you ever need to scream and let all your feelings out, I highly recommend a cornfield.

There’s no judgment…
And they’re all ears.

Clarence

XXXXX