Tuesday 10th November – ASX 200 soars 100 to 11-week high – Banks improve – Resources rally – Industrials push higher. | Beeks Downunder-Because not all financial news is boring!

The ASX200 powered ahead today, rising 99 points to 9,129 (1.1%). An 11-week high and within striking distance of the record close. All sectors were positive today, with the banks leading the charge: CBA up 1.2%, ANZ up 1.0%, and WBC also having a good day. The Big Bank Basket better at $284.84. The rest of the financials were also stronger, with CGF up 2.2% and NWL up 1.8%. We also saw good gains in the REITs, with SCG bouncing back 1.5% and GMG leading the pack higher on hopes that interest rates have peaked, especially given weakening consumer sentiment. Insurers were also better, with MPL up 2.7% and SUN up 1.7%. Meanwhile, industrials had a good day, with QAN rising 6.3% on falling oil prices and WES continuing to push higher. Some defensive sectors eased off, with WOW and COL falling. Healthcare stocks also were relatively flat, with RHC up 0.8%. In the tech space, it was a mixed picture, with WTC up 1.5% and XRO down 1.4%. We did see a continued bounce in NXT, and the All-Tech Index was up 0.6%.

Resources didn’t want to miss out today, and we saw a good rise again from BHP up 1.1% and FMG up 0.5%. Gold miners too pushed higher on the back of bullion rising above $4,100, with EVN putting on the ritz up 2.1% and GMD up 3.1%. Rare earth also had a rare day in the sun, with LYC up 4.2%, although lithium stocks still remain unloved, with PLS only up 0.7%. Oil and gas stocks eased off on crude falls, but uranium stocks once again glowing with PDN up 5.0%.

In corporate news today we saw another bid for INA. 360 fell despite results in line with consensus. MND flagged strong operating conditions throughout the first 4 months of the year and flagged $1.7bn in half-year revenue. SSM confirmed a $400m raise for its acquisition of Programmed.

In economic news today, we had weak consumer sentiment figures, pointing to potentially a peak in interest rates.

Asian markets firmed, with the Nikkei 225 up 2%, Hang Seng up 0.3%, and China unchanged.

HIGHLIGHTS

Winners: LIN, MND, IPX, A4N, WBT, MLX, SKS
Losers: 360, NXL, SLC, SSM, CHI, NMG, OBL
Positive Sectors: Nearly Everything.
Negative Sectors: Oil and gas.
ASX 200 Hi 9160 Lo 9088
Big Bank Basket: Better at $284.84
All-Tech Index: Up 0.6%
Gold: Rallies to $5969
Bitcoin: Falls to US$74556
10-year yields: Falls to 5.05%.
AUD: Eases to 68.85c.

MARKET MOVERS

LIN +17.1% 30k tonne Monazite offtake
MND +15.3% guidance maintained at $1.7bn.
WBT +9.3% chips with that.
SKS +7.7% bargain hunters.
BHM +10.6% kicks again.
INA +1.5% bidding war continues.
360 -15.3% results disappoint.
SLC -10.2% guidance light.
SSM -4.7% capital raise and acquisition.
SPL -8.9% still falling.
Speculative Stock of the Day: FTI +30.6% No reason.

ECONOMIC AND OTHER NEWS

Australian consumer sentiment tumbled to a four-year low in November, with the Westpac Melbourne Institute Consumer Sentiment Index falling 2.7% to 78.2. The tightening squeeze was most marked across the mortgage belt on job loss concerns as well.
The ANZ Roy Morgan consumer confidence gauge fell 3.1 points to 63.1, its third-lowest result since the series began in 1973.
Chinese trade surplus exceeds U.S. $1 trillion for the first 10 months of the year.
In the U.S., a Republican lawmaker moves to impeach U.S. Defense Secretary Pete Hegseth.
France accuses Iran of cyberattacks on its fridges.
Anthropic retracts filing that showed its IPO target price range of $70 to $80 a share.
South Korean chip stocks roared back with a vengeance, with the Kospi up more than 5%. Softbank shares surged 13% as Asian tech stocks rebound.
Qantas announces 850 head office jobs to go.
Trump says the FBI is looking into Jensen Huang’s affair.

And finally….