The ASX 200 built on a solid open, but as we approached a shortened week next week, the index sold back off to close only 16 points up at 8,908 (0.2%). ASX 200 up 1.3% this week. not a bad effort, all things considered, as it does appear that Australia, given its limited AI exposure, is being bought as a defensive haven currently.

Once again, though, it was a ‘Dickens’ of a market, with the best of times and the worst of times. Resources certainly were experiencing the worst of times, with BHP, RIO, and FMG all losing ground, but the real damage was done in the likes of LYC and PLS as lithium and rare earths once again came under pressure. We did also see the gold miners slip again: NEM down 2.0% and EVN down 2.0%. Meanwhile, uranium stocks saw selling, with oil and gas better, as WDS and STO both rose. Banks held relatively steady, with CBA up 0.2%, but WBC slipping 1.1%. Insurers also gained, led by QBE, and the REIT sector was also back in demand, although GMG slipped 1.1%. Industrials and defensives were back in the shopping cart today, as TLS rose 0.8%, TCL rose 0.9%, and WES led retailers higher, rising 3.6%, with JBH also having a good day, up over 6%. Technology shares were once again under pressure, with XRO down 2.4% and TNE down 1.4%. The All-Tech Index slid 0.8%. Healthcare stocks were looking in rude health again, with CSL up 1.6% and RMD up 0.4% after quarterly results pleased the market.
In corporate news, DXN tumbled 47.2% after a US contract was cancelled. COL slumped 7.7% on sales numbers.
Nothing on the economic front.

HIGHLIGHTS
Winners: SGR, REH, G6M, JBH, TCG, JHX
Losers: 4DX, CYL, ELS, KCN, VUL, IPX
Positive Sectors: Retail. Healthcare. Industrials. Oil and gas.
Negative Sectors: Iron ore. Lithium. Rare earths. Gold miners.
ASX 200 Hi 8993 Lo 8904 Profit taking in PM.
Big Bank Basket: Steady at $285.86
All-Tech Index: Down 0.8%
Gold: Slips to $5682
Bitcoin: Lower at US$78276
10-year yields: Falls to 5.12%.
AUD: Steady at 70.39c

MARKET MOVERS
SGR +10.7% good week.
REH +8.4% AGM and Trading update.
JBH +6.2% LW article.
TWE +4.1% finding some love.
SPL +4.7% bargain hunting.
WES +3.6% final director’s interest.
4DX -25.6% crashes out.
KCN -12.7% quarterly
VUL -12.6% quarterly.
SRL -11.6% no sun today.
APX -21.3% volatility.
DXN –47.7% US customer walks out.
Speculative Stock of the Day: CUP +23.5% New JV. No NUP to the CUP here.

ECONOMIC AND OTHER NEWS
Copper slipped in Asian trade as the tech sell-off affected sentiment.
In China, BYD earnings dampened hopes for the sector, with its shares falling in Hong Kong after reporting third-quarter profits and revenue that missed analyst estimates.
The Bank of Japan kept interest rates steady but revised up its inflation forecast and stressed readiness to continue pushing up borrowing costs in its fight against inflation.
HSBC economist Paul Bloxam now expects the RBA to raise cash rates again on Tuesday and assigns a 50% chance of recession in Australia.
Binance has frozen US$3.5 bn after a suspected hack, with Bitcoin sinking on the back of that.
There is growing uproar in Alaska on the issue of the real ‘Dan Sullivan’ on the ballot ticket.
Evonik set to reject BASF’s sweetened €11bn takeover bid.

And finally…..

Clarence

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