The ASX 200 jumped 87 points to close at 8,807, up around 90 points for the week, on better U.S. markets and comments from the Federal Reserve chief, Kevin Warsh, in Bangkok. Banks saw profit-taking today, with CBA down 1.1% and NAB down 1.0%, with the Big Bank Basket slipping 1%. Elsewhere in financials, though, MQG rose 1.1%, and financial stocks rose, with the ASX up 0.7% and PNI up 5.6%. REITs were a little weaker today, with SCG down 0.9% and VCX down 0.8%. Healthcare was once again a standout sector, with CSL up 2.8%, PME up 7.4%, and also RMD doing well.
Industrials were back in favour, with the tech sector leading the charge, as WTC rose 9.0%, TNE rose 4.2%, and even NXT had a good day, up 3.6%. The All – Tech index rose 4.4%. Retail stocks also did well after the jobs number yesterday helped the bond market, with WES up 1.0%, JBH up 1.3%, and PMV up 1.6%.
In the resource sector, we had a good bounce back, with BHP up 3.5%, RIO up 1.5%, and the gold miners also showing good gains, with NST up 3.3% and GMD up 4.9%. Rare earths and lithium stocks remained on the sidelines, although we did see some small gains. After a torrid week, buyers were back covering shorts in PDN and DYL, with oil and gas stocks easing slightly.
In corporate news, MGH rallied 14.8% after an update from the company, while CWY fell 6.1% ahead of Monday’s deadline on the takeover approach. MSB rose 2.6% despite a 44% increase in net revenue. New listing OWL fell 12.5% after an $8m raise. MYX rose 1.2% after reaching a patent settlement.
Nothing locally on the economic front, with all eyes on Kevin Warsh in Bangkok.
10-year yields ease to 5.21%. US Futures – Dow up 40 Nasdaq up 44

HIGHLIGHTS
Winners: WBT, MGH, SRL, EUR, SDR, EOS, DRO, PDI
Losers: CWY, BRE, GDG, VEA, INA, NIC, CIA
Positive Sectors: Iron ore. Gold miners. Tech. Data centres. Healthcare.
Negative Sectors: Banks. REITs. Telcos.
ASX 200 Hi 8825 Lo 8775
Big Bank Basket: Lower at $267.74 down 1%
All-Tech Index: Up 4.4%
Gold: Steady at $6006
Bitcoin: Higher at US$81981
10-year yields: Steady at 5.23% on unemployment figures.
AUD: Falls to 69.47c

MARKET MOVERS
WBT +17.1% company update.
MGH +14.8% company update.
SRL +12.8% book squaring.
EOS +10.1% shorts covering.
DRO +9.9% shorts covering.
WTC +9.0% tech back for now.
A4N +9.8% volatility continues.
CTT +9.1% rally continues.
MYX +1.2% patent win.
BAP +8.2% big winner recently.
BRE -5.8% not so rare after all.
CWY -6.1% nerves ahead on D-Day Monday.
GDG -4.8% profit taking.
CIA -2.1% contra-ed on broker research.
Yesterday’s Hero: ID1 -11.1%
Speculative Stock of the Day: TAT +27.3% High-Grade Cu-Au hits.

ECONOMIC AND OTHER NEWS
The long-awaited speech by Federal Reserve Chief Kevin Walsh helps U.S. futures push higher. He announced a task force on productivity and jobs, but no comment on monetary policy or his outlook for the U.S. economy.
Wash also says AI development path will be very bumpy but ultimately be very good.
Asian markets advance as the sell-off in chip stocks ease.
Tesla gives a preview of its new roadster, capable of doing 0-60 in under 1 second.
KFC ditches Pepsi for Coca-Cola in its U.S. restaurants.
Indonesian stocks fall after MSCI says market could be cut from indices.
Trump weighs easing restrictions on Russian and Iranian shadow fleet.
The order to limit Star Shield for Ukraine came from inside the White House, according to Reuters.
Netflix replaces its chief content officer in an effort to arrest its declining share price.
Russia is returning to the G20 table in Bangkok at the American invitation.

And finally….

Clarence

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