The ASX 200 closed up 120 points at 8,844, a gain of 1.4%..Banks led the charge as pressure on interest rate expectations eased, with CBA up 2.4%, ANZ up 1.4%, and MQG finding a few buyers, rising 0.6% as well. Insurers QBE, SUN and IAG all eased following a broker downgrade. The Big Bank Basket rose to $274.54 (1.4%). REITs also firmed, with SGP up 1.3% and CHC gaining 1.8%, although GMG continued to struggle as data centre-related stocks remain under pressure.

The industrial sector also had a good session, with WES recovering from yesterday’s losses. JBH pushed higher, while WOW and COL also found some buyers. The tech sector was modestly stronger, with REA up 2.0% and XRO gaining 1.4%, while TLS was little changed. Healthcare was another winning sector, with CSL up 3.5% and RMD pushing higher alongside SIG.

Resources were where the real action was. Gold stocks surged on the back of a modest rise in the gold price and a solid round of quarterly production reports, with most companies tracking in line with guidance. NST gained 11.8% following increased agitation from Elliott Investment Management. EVN rose 8.8%, while the standout performer was GMD, which surged 16.7% after strong quarterly production numbers. We also saw buying in the iron ore sector, with BHP up 1.6%, although FMG fell 3.2% following developments out of China.

Lithium stocks returned to favour, with PLS up 2.0% and MIN rising 2.1%, while oil and gas stocks eased, with WDS lower. Uranium stocks finished the day mixed.

In corporate news, PXA fell 21.3% after the NSW regulator announced changes, SUN also fell after warning of lower growth in gross written premiums. VAU popped 8.1% after it announced its June quarter production. Nothing in the economic news today.

Asian markets – Kospi up 6%, Japan up 1.4% and China up 0.7% – US futures – DJ up 123 Nasdaq up 321.

HIGHLIGHTS

  • Winners: GMD, CYL, NST, TVN, CMM, NST, CXO, EVN
  • Losers: PXA, OCL, MAQ, EIQ, PYC, IPG, SUN
  • Positive Sectors: Gold miners. Banks. Tech. Healthcare.
  • Negative Sectors: Insurers. Datra centres.
  • ASX 200 Hi 8854 Lo 8751 – Up 0.9% for the week.  
  • Big Bank Basket: Rallies to $274.54  (+1.1%)
  • All-Tech Index: Up 1.0%.
  • Gold: Jumps to $6005
  • Bitcoin: Higher at US$61615
  • 10-year yields: Lower at 4.79%
  • AUD: Better at 69.47c
  • Oil up 0.6%

MARKET MOVERS

  • CYL +19.2% production update.
  • GMD +16.7% quarterly results
  • CXO +9.4% lithium bounce.
  • DTR +7.7% US court developments
  • GMD +16.7% quarterly.
  • CMM +10.1% Nevada gold deal.
  • TLG +33.3% first anode sale.
  • CHN +11.3% solid bounce.
  • ATR +6.4% director’s interest.
  • PXA -21.3% NSW changes.
  • OCL -13.5% reverse again.
  • MAQ -6.0% data centre pressure.
  • SUN -3.7% warning on GWP.
  • EIQ -5.7% profit taking.
  • QOR -11.1% tech under pressure.
  • KMD -5.8% share consolidation.
  • Speculative Stock of the Day: TLG +33.3% first anode sales.

ECONOMIC AND OTHER NEWS

  • US markets closed tonight. Futures still open.
  • Kopsi up 6.0%, Europe opening better.
  • The SEMI industry association warned the Trump administration that government attempts to address the global memory chip shortage by influencing prices or production capacity would worsen the supply squeeze.
  • Anthropic moves to close loopholes that allow Chinese access to Claude
  • Surging Wall Street profit forecasts fuel fears of ‘earnings bubble’
  • Iran readies mega-funeral for slain supreme leader.
  • Down the back of the sofa perhaps? UK finds lost US Declaration of Independence copy after 250 years.
  • Canada unveils plans for new oil pipeline to break dependence on US.
  • Heat dome’ over eastern US sends electricity prices soaring.
  • Citi says oil may fall to $60 as Hormuz shock fades.

And finally….

I just saw Beyonce on her way to Wimbledon to watch the tennis.

She’s going to see all the ladies singles, all the ladies singles…

Clarence

XXXX