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The ASX 200 recovered some 60 pts to close at 8674 after yesterday’s drubbing, ahead of a long weekend in some states in Australia. The ASX rose 10 pts this week. Banking sector recovered slightly after yesterday’s drubbing, with CBA up 1.2%, NAB being the best of the bunch, up 1.6%. The Big Bank Basket rose to $261.64 (+1.1%). Insurers also seeing a little bit of buying, especially in QBE, which was up 4.2%. Other financials also slightly firmer, with MPL up 0.4% and ASX up 0.9%. The REIT sector still under pressure, with GMG down 2.6%, SCG down 1.6%, although CHC managed to put on 0.3%. We saw TCL recover, and retail stocks pushed slightly ahead: WES up 0.8%, WOW up 0.8%, and JBH flat.

In the tech space, we saw buying following a positive move in software stocks in the U.S., with WTC up 6.4% and TNE up 4.5%. MP1 was another big winner today, along with DTL after its big run yesterday. The All -Tech Index rose 2.4%

In the resource space, BHP and RIO both rose today, and we did see some buying emerge, although tentatively, in PLS and MIN. LYC recovered 1.7% after the bid yesterday for MEI, and the gold miners also put on a slight rise, with NST up 1.6% and RRL up 1.7%. Coal stocks recovered, with WHC up 3.8%, and the oil and gas space was better too, with WDS rising 1.2%, together with STO up over 2%.

In corporate news today, PPS jumped 9.1% after its CEO stepped down. SRL is planning to move to the US, and TWE is also doing better on a broker upgrade. LLC fell slightly on news of its Italian sale update, whilst AYA jumped on a 5-year contract in the US.

We await U.S. non-farm payrolls tonight.

Asian markets pushed higher with Japan down 1%, China closed for Golden Week.

10-year yields back to 5.34% .US Futures lower. Nasdaq up 96 and Dow up 160.

HIGHLIGHTS

  • Winners: ELS, MP1, HSN, SHA, AYA, DTL, NXL
  • Losers: EQR, MAH, DPM, CXO, KLS, VGL, COH
  • Positive Sectors: Banks. Materials. Gold. Tech. Oil And gas.
  • Negative Sectors: Healthcare. REITs
  • ASX 200 Hi 8681 Lo 8631. ASX 200 up 10 pts this week.
  • Big Bank Basket: Higher at $261.64 (+1.1%).
  • All-Tech Index: Up 2.4%
  • Gold: Higher at $6043
  • Bitcoin: Steady at US$86015
  • 10-year yields: Falls to 5.34%
  • AUD: Easier at 69.38c.

MARKET MOVERS

  • ELS +13.0% follows CDA
  • MP1 +10.3% broker upgrades.
  • HSN +9.6% becoming a substantial shareholder.
  • AYA +7.9% US contract.
  • DTL +7.8% kicks on research.
  • WTC +6.7% software kicks.
  • PPS +9.1% CEO resigns.
  • APX +7.3% tech bounce.
  • KLS -6.1% dividend update.
  • EQR -10.1% profit taking.
  • LLC -2.9% Italian update.
  • JNS -4.1% profit taking.
  • Speculative Stock of the Day: M24 +57.8% Investor presentation.

ECONOMIC AND OTHER NEWS

  • Copper heads for its biggest weekly loss since May.
  • 84k 4.1%
  • SRL to relocate to US.
  • ANZ drops KPMG as auditor after 57 years.
  • Putin has told military leaders to abandon rules of war, Zelenskyy says.
  • Amazon seeks to offload $8bn of Nvidia chips to investors.
  • Nike to cut jobs as it forecasts revenue decline in the coming year.
  • Quant hedge funds reap big gains from global bond sell-off.
  • U.S. trade representative Greer says deal with India not ‘imminent’ after Modi-Trump call.
  • Barclays hikes its Q4 oil forecast to US115.

That is all

Clarence

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