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The ASX 200 slipped a modest 8 points today to 8,728 in quiet trade. Banking stocks were generally easier, with CBA down 1.3% and WBC down 1.2%, and the Big Bank Basket falling slightly to $260.96. Insurers had a better day again, with QBE up 1.3% and IAG also doing well, up 0.9%. REITs were better too, with SCG up 0.9% and VCX up 1.3%. Healthcare once again a positive sector, with CSL up 1.9% and FPH up 1.0%. Meanwhile, in industrials, retail stocks gained, with WES up 0.6% and JBH up 0.1%. Tech stocks had a small positive day today, with WTC rising 0.6% and TNE also up slightly. The All-Tech index up 0.1% today.

Resources were mixed, with the big iron ore miners easing back, FMG down 2.4%, but gold miners perked up slightly, with NST up 1.9% and EVN up 2.5%. We also saw gains in lithium and rare earth stocks, with PLS up 1.8% and LYC up 1.6%. Not much happening in the oil and gas space, with WDS up 0.8%, but uranium stocks were better after the deal in the U.S. with Constellation Energy, with PDN up 2.5% and NXG up 4.3%.

In corporate news today, ARF had a good day following a deal for the Edge Early Learning business with GoodStart to acquire the centres. TWE is cutting 7% of its workforce, and CYC had a good day on reports that 7 Chinese medical bodies had published a recommendation on its lung imaging technology. TLX is also rising today after it said its first U.S. patients have been dosed with Pixclara.

Nothing locally on the economic front, and we do get Fed minutes tonight in the U.S.

10-year yields steady at 5.40%. US Futures drifting lower.

HIGHLIGHTS

  • Winners: ARF, BMN, RXL, AYA, BOE, DYL
  • Losers: A4N, SKS. PYC, SMI, CXO, MGH, ELS
  • Positive Sectors: Healthcare. Gold. REITs. Uranium. Tech.
  • Negative Sectors: Banks. Iron ore.
  • ASX 200 Hi 8754 Lo 8703. Quiet day. Again. Same range as Tuesday.
  • Big Bank Basket: Easier at $260.96 (-1.0%).
  • All-Tech Index: Up 0.1%
  • Gold: Rallies to $5932
  • Bitcoin: Eases to US$84104
  • 10-year yields: Steady at 5.40%
  • AUD: Steady at 69.69c.

MARKET MOVERS

  • ARF +13.0% Goodstart buys Edge Learning.
  • BMN +8.6% uranium stocks advance. Conference presentation.
  • RXL +6.4% stope planning and high-grade drilling.
  • WBT +4.1% denies press speculation.
  • ARU +3.0% signs of life.
  • AGE +8.3% makes it snappy – extends area of mineralisation.
  • SKS -12.3% founder sell down.
  • MGH -5.8% Firmus cools?
  • MI6 -4.7% substantial shareholder.
  • Speculative Stock of the Day: DAL +107% maiden drilling strikes 18m at 7.31g/t high grade gold.

ECONOMIC AND OTHER NEWS

  • ASIC is suing an advisor for an alleged $34 million in Shield First Guardian kickbacks.
  • Metrics flags compensation for investors after valuation downgrades.
  • A Deutsche Bank strategist has suggested that Australian households are more resilient to higher interest rates than their higher debt loads might suggest. I’m not sure what Kool-Aid he has been drinking.
  • Reserve Bank of India raise rates by 25bps.
  • Iran ramps up attacks in ships in Hormuz.
  • Ray Dalio is warning that the AI bubble is at a point where it might burst, thanks to rising interest rates and the need to turn wealth into cash.
  • SpaceX looks to raise $40bn to buy Nvidia chips in financing led by Apollo.
  • Donald Trump says he is considering suspending federal petrol tax.
  • HSBC plans sweeping job cuts across UK wealth business as AI advances lead to cost-cutting.
  • Korean investors lose around US$1.7bn from leverage ETFs.

And finally…

I saw some flavored candles without wicks. That makes no scents at all.

I was kidnapped by mimes once. They did unspeakable things to me

Clarence

XXX