The ASX 200 Jumped 67 points to close at 8,783 (0.8%), slightly off the day’s highs but a solid performance nonetheless. A recovery in the banking sector helping push things along, with CBA up 1.2%, NAB up 2.3%, and MQG also having a good day, up 2.1%. Insurers were generally positive, and other financials also in the green.
Elsewhere, REITs fell, with GMG down 1.9% and SCG also falling 1.2%. SGP fell on a broker downgrade. In the industrials, generally weaker across the board, with retail under a little pressure. JBH down 0.5% and APE down 1.4%. With TLS continuing to stumble after the SpaceX Spectrum deal last week, both WOW and REA slipped too. Tech stocks again showing some signs of life, although the sector was well off its intraday highs as well. XRO up 2.8% on a broker upgrade, and WTC also doing okay, although NXT continues to stumble, with MP1 up 4.8%.
Resources were a little mixed, with the iron ore majors doing well, led by BHP up 2.5% on copper prices pushing higher in Asia. Gold miners had a good day, with NST up 2.5% and GMD up 0.7%, but lithium stocks remained depressed, PLS down 3.7%, and rare earth stocks also falling, LYC down 3.1%. Not much happening in WDS or STO today, and uranium stocks continue to struggle somewhat.
In corporate news, MGH continues to slide on the Firmus fiasco last week. TWE announced it had sold the Rosemount brands back to the Oatley family.
Nothing significant today on the economic front.
10-year yields ease to 5.32%. US Futures showing solid gains. Bond markets closed for Colombus Day.
- Winners: CGS, SXE, DPM, ZIP, MP1, MAH
- Losers: MGH, LIC, EQR, CXO, NMG, A4N
- Positive Sectors: Banks. Financials. Tech. Iron ore.
- Negative Sectors: Telco’s. Retail. REITs. Lithium. Rare earths.
- ASX 200 Hi 8794 Lo 8735
- Big Bank Basket: Better at $262.07 (+1.7%).
- All-Tech Index: Up 0.6%
- Gold: Better at $6010
- Bitcoin: Steady at US$84078
- 10-year yields: Eases to 5.32%
- AUD: Steady at 69.78c.
MARKET MOVERS
- CGS +10.1% business update.
- SXE +7.8% profit guidance
- ZIP +5.6% tech bounce.
- MP1 +4.8% tech bounce.
- CTT +7.1% signs of life.
- EIQ +4.7% EchoSolv update.
- CXO -6.1% quarterly report.
- MGH -15.1% Firmus weighs.
- JNS -21.3% crashes again. Volatile.
- Yesterday’s Hero: ALV +7.1% three days running
- Speculative Stock of the Day: TM1 +34.5% trading halt pending drill results.
ECONOMIC AND OTHER NEWS
- Australian auction clearance rates stuck below 50.
- The latest CommBank Wage and Labour Insights series found monthly wage growth eased “noticeably” in September, suggesting the boost from recent pay rises and inflationary pressures has not translated into sustained wage growth.
- The U.S. threatens to block arms sales to Ukraine over attacks on Russian refineries.
- Poland says NATO should prepare for deadly Russia hybrid attacks.
- Oil chiefs spot of Riyadh energy conference after airport missile strike.
- IMF and the World Bank warning central bankers of a gathering storm.
- Copper rises on easing rate hike bets and a mine avalanche in Chile.
- TikTok CEO sees major scientific breakthroughs from AI within 3 years.
And finally……
Clarence
XXX
