The ASX 200 closed down 13 points at 8,831 (0.2%) after drifting from positive to negative throughout the day. The banks were a little sloppy, with WBC down 1.1% and the Big Bank Basket falling to $273.60 (-0.3%). The insurance sector also eased, while the rest of the financials were mixed.

REITs also had a mixed session, with CHC down 0.7%, while GMG edged slightly higher. Industrials lacked direction. Healthcare was the standout sector, with CSL up 2.0%, RMD rising 1.3% and SIG adding 1.1%. Technology stocks also found support, with solid gains in WTC and XRO, both up 7.3% and 1.8% respectively, while REA and CAR also finished higher.

Resources were mixed, with BHP down 0.8%, while FMG rebounded 0.9% from Friday’s losses. The gold sector was in focus after GMD launched a rival bid for VAU, joining RRL in the takeover battle. Despite the M&A activity, NST fell 1.8% and EVN eased 1.6%. Lithium stocks were also slightly weaker, with PLS down 1.7% and LTR falling 2.9%.

In the oil and gas sector, despite little movement in crude oil futures, positive broker commentary helped WDS rise 0.8% and STO gain 1.4%. Coal stocks drifted lower, while uranium stocks were little changed.

In corporate news, it was all about the new VAU bid from GMD. We also saw a solid quarterly from GGP, while WOR firmed 0.2% after securing a new consultancy agreement. In the tech space, IFT edged 1.4% higher following an independent valuation of its holding in CDC.

There was nothing of note on the economic front today.

Asian markets mixed, Nikkei 225 down 0.5%, HK up 1%, China up 0.2%. Kospi down 1.5%.

US futures: Dow up 8 pts, Nasdaq up 223.

HIGHLIGHTS

  • Winners: CU6, VAU, SHV, WTC, PWH, BOE, SX2
  • Losers: DTR, TEA, EQR, GNG, SRL, WBT
  • Positive Sectors: Healthcare. Oil and gas. Tech.
  • Negative Sectors: Banks. Utilities. Gold miners. Lithium.
  • ASX 200 Hi 8857 Lo 8818 Narrow range.  
  • Big Bank Basket: Drifts to $273.60(-0.3%)
  • All-Tech Index: Up 0.5%.
  • Gold: Steady at $5993
  • Bitcoin: Higher at US$63059
  • 10-year yields: Steady at 4.79%
  • AUD: Drifts to 69.33c
  • Oil up 0.6%

MARKET MOVERS

  • CU6 +19.0% kick continues.
  • VAU +11.6% GMD enters the fray.
  • WTC +7.3% nice pop.
  • SHV +% going nuts.
  • DRO +4.6% short covering.
  • SX2 +5.5% drills 7.9m at 19.9g/t AuEq.
  • DXB +8.3% continuing to run.
  • NTU +15.4% new disposal order date.
  • DTR -7.1% slips lower.
  • WBT -5.8% chip profit taking.
  • SRL -6.1% NSW critical metals list.
  • EQR -6.7% quotation of securities.
  • CXU -14.3% vesting of performance rights.
  • Speculative Stock of the Day: NPM +40% first hole discovers large-scale gold, zinc and silver system.

ECONOMIC AND OTHER NEWS

  • EQT agrees to acquire Smart Parking company, Orikan.
  • Growing unease over Korea leverage trades in ETFs. Opposition calls for delisting.
  • A China spot gold ETF has overtaken the Huatai-PineBridge CSI 300 ETF to become the country’s largest exchange-traded fund, highlighting the extent at which state-backed support for the stock market has faded.
  • NATO summit to kick off this week. Greenland and Ukraine to dominate talks.
  • US voters say Trump’s Iran war not worth the cost — FT poll.
  • EasyJet reaches outline agreement on £5.5bn takeover by Castlelake.
  • Nvidia’s next-gen AI rack system delayed to 2028 on manufacturing snags
  • Defence heavyweight Lockheed Martin is leading the race to buy naval defense group Ultra Maritime for around US$3.5bn.

And finally…

Hey Jude, You’re my wonderwall!

Clarence

XXX