The ASX 200 drifted around to close down 5 points at 8,791, as the banks paused after last week’s rise and resources came back into focus. US futures sliding lower sapped early enthusiasm.

The Big Bank Basket was flat at $283.68 (-0.7%) with MQG falling 0.8% and NWL down 2.2%. Insurers were slightly firmer, with QBE up 1.8% and MPL rising 0.6%, although REITs eased, with SGP down 1.0% and GMG off 0.9%. Industrials were mixed again, with defensives such as the supermarkets slightly firmer, along with TLS and REA, which continued to find some friends. Retail was also mixed, with WES up 0.2%, while others failed to keep pace.

In the tech space, selling continued, with XRO down 2.1% and WTC off 3.6%, although there were buyers in MAQ.

Resources were mixed. BHP steadied, RIO slipped 1.9%, lithium stocks remained depressed, and the gold sector bounced back from earlier losses, with WGX up 2.1% and WAF rising 2.6%. S32 had a good day, up 4.6%, after beating quarterly guidance.

Oil and gas stocks were firmer as crude prices continued to push higher, with WDS up 1.4% alongside STO. Coal stocks also edged higher, with WHC up 2.7%, while uranium stocks posted modest gains.

It was a relatively quiet day on the corporate front. PPT rejected the latest proposal from EQT, while CEH surged 15.2% on plans to develop its Queensland site. We also saw interim chairman of WJL spend $1 million buying shares, lifting his stake to around 5%, or approximately 24.5 million shares. EQR rallied 34.1% after Andrew Forrest’s Tattarang disclosed a 16.8% stake.

It was a quiet day on the economic front.

Asian markets were weaker, Nikkei 225 down 4%, HK up 2% and China up 1.4% – Korea down 4.5%

US futures mixed – Dow down 42 and Nasdaq up 8. Oil above $90. European markets set to fall 0.3%

HIGHLIGHTS

  • Winners: EQR, SGR, DTR, 4DX, DYL, YAL, SRL
  • Losers: AXQ, WBT, EIQ, SKS, AEF, PXA, LTR, MIN
  • Positive Sectors: Oil and gas. Coal. Telcos.
  • Negative Sectors: Tech. Lithium. Healthcare. Utilities.
  • ASX 200 Hi 8836 Lo 8792 Narrow range.
  • Big Bank Basket: Falls to $283.68 (-0.7%)
  • All-Tech Index: Down 0.7%.
  • Gold: Rises to $5737
  • Bitcoin: Rises to US$64093
  • 10-year yields: Higher at 4.95%
  • AUD: Down at 69.96c
  • Oil up. US Futures down.

MARKET MOVERS

  • EQR +34.1% Twiggy takes a stake
  • 4DX +7.2% solid bounce.
  • DTR +7.7% bargain hunters.
  • DYL +6.1% contracts awarded.
  • SRL +5.3% shorts covering.
  • CEH +15.2% Dreamworld development.
  • AMI +9.4% quarterly update.
  • AXQ -22.6% sell off continues.
  • EIQ -7.3% AI-related sell down.
  • SKS -6.1% profit taking.
  • WBT -7.4% revenue upgraded.
  • PNC -10.1% equity raise.
  • CUF -6.6% West Arunta fieldwork completed.
  • Yesterday’s Hero: TAT -24%
  • Speculative Stock of the Day: EQR +31.8% Twiggy takes a 16.8% stake.

ECONOMIC AND OTHER NEWS

  • Andy ‘Cap’ Burnham becomes UK PM.
  • Ryanair misses profit forecasts.
  • Crude hits $90 as US hits Iran for the ninth night.
  • Merz pitches Germany as ‘Europe’s bedrock of stability’ to investors
  • Morgan Stanley becomes Wall Street’s top bank for AI debt deals.
  • Chinese helium ban threatens supplies to Europe.
  • Moonshot AI has told investors it’s preparing to list in as early as six months. Kimi K3 was priced at roughly Anthropic Sonnet levels, signalling Moonshot believes it can charge a premium to other Chinese models.
  • DeepSeek is planning an IPO in 2027
  • Rise of delivery apps takes a bite out of sales for Big Pizza
  • Russia pounds Kyiv as NATO military chief warns Moscow would ‘lose a lot’ by attacking Baltics.

And finally

Clarence

xxxx