Industrials also enjoyed a strong session, with SGH up 2.5% and BXB gaining 1.9%. The healthcare sector was particularly buoyant, led by CSL, which rose 3.6%. REITs were also solid, with CHC up 2.2% and SGP adding 1.4%.
Technology stocks continued to build on recent gains, with XRO up 3.5% and WTC rising 3.1%. Even the data centre sector joined the rally, with NXT up 4.2%.
Resources were firmer across the board. LYC rose 6.6%, while the lithium sector also enjoyed a better day, with PLS up 4.9% and MIN gaining 2.8%. The iron ore majors edged higher despite softer iron ore prices in Singapore trading, while gold miners also had a good session, with NST up 2.1% and NEM rising 2.1%. Iron ore minres were better mostly, FMG up 1.6% and RIO up 1.7%.We also saw buying in the copper sector, with CSC up 3.5% and SFR gaining 3.9%. Oil and gas stocks moved higher, led by WDS, up 1.4%, while uranium and coal stocks were also firmer.
In corporate news, we got a taste of what reporting season has in store, with CCP missing expectations and falling heavily, down 7.0%. MGH enjoyed a strong session after announcing a major contract with Firmus, rising 8.1%. We also saw solid gains in DRO following a substantial shareholder notice.
On the local economic front, household spending surged ahead of expectations in June, helped by strong EV sales.
Asian markets were mixed, with the Nikkei 225 down 0.1%, Hong Kong down 0.8%, China up 1.3%, and Korea off 0.35%. US futures were firmer, with the Dow up 118 points and the Nasdaq up 147 points. European markets are set to open around 0.4% higher.
HIGHLIGHTS
- Winners: DRO, MEI, 360, EQR, PYC, EOS, CQE, 4DX.
- Losers: FFM, CCP, RXL, WEB, VEA
- Positive Sectors: Banks. Tech. Industrials. Gold. Lithium.
- Negative Sectors: Gaming. Utilities.
- ASX 200 Hi 9146 Lo 9023 Closes on high again.
- Big Bank Basket: Rises to $300.56 (+1.9%)
- All-Tech Index: Up 3.4%
- Gold: Steady at $5788
- Bitcoin: Higher at US$63755
- 10-year yields: Steady at 4.96%
- Oil up 1%.
- AUD: Rises to 70.15c
MARKET MOVERS
- DRO +14.6% short covering.
- EOS +8.9% short covering.
- 4DX +8.6% solid jump.
- CQE +8.6% good result.
- MEI +13.2% broker research.
- MGH +8.1% Firmus order.
- DXB +11.5% risk back.
- FFM -8.9% broker downgrade.
- CCP -7.0% underwhelming results.
- WEB -3.7% profit taking.
- MTM -10.3% Webinar presentation.
- WJL -4.8% Buyback notification.
- Yesterday’s Hero: CDR +2.6%
- Speculative Stock of the Day: LDX +23.8% FEbriDX order from PHASE Scientific.
ECONOMIC AND OTHER NEWS
- Australia’s household spending surged beyond estimates in June as consumers accelerated a shift to electric vehicles in response to persistently elevated fuel prices.
- Spending jumped 0.8% from the prior month, four times stronger than economists’ estimate of a 0.2% rise.
- BHP’s Pilbara Union to strike despite ongoing talks.
- HSBC results Pre Tax Profit $19.5bn up 23%. US$1bn buyback. Solid beat.
- Aramco results due.
- SpaceX earnings due today.
- The Kodex single-stock ETF tracking SK Hynix Inc., the biggest of its kind in the country, saw its trading volume drop to 59m shares on Monday, the lowest since June 4. The Kospi is still up 48% this year.
- Morgan Stanley upgrades Korea.
- Revolut chief Nik Storonsky sued by broker over €350mn superyacht.
- Italy and Germany’s censure of Spain’s migrant amnesty is ‘hypocritical’ .
- The Diamond industry misjudged threat of lab-grown gems, says Anglo American CEO.
- Hugging Face CEO says China is winning the AI race and dominating on open models.
And finally….
Clarence
XXX
Beeks Downunder-Because not all financial news is boring! 