The ASX 200 gained 18 points to 9,251 (+0.2%), with a slight flip higher as the RBA kept rates unchanged. Once again, we saw banks under some modest pressure, with ANZ down 1.3% and the Big Bank Basket down 0.3% to $287.50. Insurers also slipped, with QBE down 1.1% and IAG having a bad day, down 4.0%. Elsewhere, industrials were mainly firm, with healthcare a star, CSL up 2.9% and RMD up 3.8%. TLS managed a small loss, while CAR had a small loss after yesterday’s results, falling 1.1%. We also saw QAN dropping 3.2% as the oil price headed higher, and both WOW and COL fell away as traders embraced more risk in the tech space. XRO rose slightly, and NXT was up as well.

Meanwhile, resources did well, especially in the gold sector, with the gold miners heading higher. NEM was up 2.8% and GMD up 0.7%. BHP rose 0.7%, and coal stocks were also firm, as were uranium stocks, with PDN up 2.6% and DYL up 2.8%. WDS rose 3.8% and STO was up 5.4%. In corporate news, 360 fell 19.4% after offering no guidance, and SGH also tumbled 10.3% as the Coats business disappointed.On the economic front, the RBA kept rates on hold, as was widely anticipated, with a slight hawkish tinge. The economic team at ANZ also predicted the end of the world for housing over the next two years. The oil price continued to push higher, with the gold price coming off its highs.

Asian markets were mixed, with Japan closed, Hong Kong down 0.7%, China down 0.1%, and Korea flat. US futures were mixed, with the Dow down 17 points and the Nasdaq up 43.

HIGHLIGHTS

  • Winners:  ASB, C79, CXO, HLI, AYA, TVN, EOS
  • Losers: 360, AOV, ARF, SGH, THL, 4DX
  • Positive Sectors: Gold miners. Oil and gas. Uranium. Healthcare. Coal.
  • Negative Sectors: Banks. Insurers. Supermarket.
  • ASX 200 Hi 9283 Lo 9235
  • Big Bank Basket: Falls to $287.50 (-0.3%)
  • All-Tech Index: Down 0.4%
  • Gold: Higher at $6222
  • Bitcoin: Slips to US$63975
  • 10-year yields: Steady at 5.00%
  • Oil up 0.2% Gold up 0.2%
  • AUD: Steady at 70.47c

MARKET MOVERS

  • ARU +4.8% nice to see.
  • ASB +17.5% Hanwa bids for US business.
  • CXO +11.5% good drill results.
  • AYA +8.8% nice bounce.
  • HLI +10.2% better results.
  • EOS +6.5% short squeeze.
  • BNZ +4.3% Livewire write up.
  • BPT +5.5% every dog has its day!
  • LKE +26.7% lithium bounce.
  • SVL +6.7% silver price rise.
  • 360 -19.4% no guidance.
  • AOV -13.5% results disappoint.
  • SGH -10.3% results disappointment.
  • 4DX -7.3% profit taking.
  • AR1 -8.5% bids for HMX.
  • BAP -5.6% that sinking feeling.
  • Yesterday’s Hero: BET – Unchanged.
  • Speculative Stock of the Day: C79 +17.2% FY results.

ECONOMIC AND OTHER NEWS

  • RBA keeps rates unchanged – No surprise there.
  • In its quarterly economic outlook, released on Tuesday, the RBA said conditions in the housing market had softened more than expected when it last updated its staff forecasts in May.
  • ANZ has revised its forecast of just two months ago to predict a deeper decline in Australia’s housing markets on the back of faster-than-expected falls in prices and as market weakness has spread to smaller capital cities beyond Sydney and Melbourne. ANZ said it now expected capital city housing prices to fall 4.3% this year, more than double the 2.1% decline it predicted in June, and that it also tweaked its expected decline next year to 3.4% from 3.3%.
  • US SPR crude oil has fallen below 300m barrels for the first time since 1983.
  • OpenAI’s head of ethics leaves start-up less than one year after joining.
  • Trump media group racks up losses and pushes into nuclear fusion.
  • Chile grants unprecedented reprieve to state copper miner.
  • CBA re-enters deposit wars as housing slump makes mortgages harder. A $50 cashback promotion at CBA targets customers who open a Smart Access account by September 18.

And finally….

My cell phone accidentally took a 10 minute video of my shoes yesterday. It was some pretty good footage.

Hallmark Researchers Say They Are Close To Developing A Second Movie Plot.

Clarence

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