The ASX 200 once again fought back early losses to close down just 6 points at 9,147, with the banking sector once again holding firm as CBA rose 2.9% and WBC rose 1.9%. We also saw gains in the REITs, with SCG up 0.6% and CHC also doing well on an update. Healthcare stocks rose, led by CSL up 1.4% and RMD up 1.8%. Industrials were somewhat mixed, with TCL up 1.4% and TLS up 0.8%, but ALL falling 1.3% despite solid results. Tech stocks were better, led by XRO, which had a good day following a guidance update and a buyback announcement. WTC fell 1.2%, and the All-Tech index fell slightly.

Weakness again in resources kept things in check, with BHP down 1.3% as its CFO steps down, RIO down 2.1%, and FMG down 2.4%. Rare earth and lithium stocks gave back some of the gains in recent days, with PLS down 8.1% and MIN down 5.2%. Gold miners too fell after the bullion price slipped below $4,000: NST down 2.2%, EVN down 4.2%, and NEM down 2.8%. In the oil and gas space, WDS and STO both rose slightly, and uranium stocks were under a little pressure as PDN announced a $525m capital raise at $7.80.

In corporate news today, CHC raised guidance. XRO is also in the same boat, with GYG maintaining forward guidance at its AGM. In takeover news, GEM saw a 26-cent bid, and the stock is responding very positively. DMP did well following a sales update late last night, and ORI posted its highest earnings in more than 15 years. Nothing on the economic front, as all eyes are on Nvidia and the future of its CEO.

Asian markets mixed, Japan down 0.2%, CSI 300 up 0.1% and HK down 0.9%

HIGHLIGHTS

  • Winners: CU6, DMP, G6M, XRO, AUB.
  • Losers: AXQ, BOE, FRS. VUL, GQG, PLS, LTR.
  • Positive Sectors: Banks. REITs. Healthcare.
  • Negative Sectors: Iron ore. Gold miners. Lithium. Rare earths.
  • ASX 200 Hi 9147 Lo 9101
  • Big Bank Basket: Rallies to $288.14 (1.2%)
  • All-Tech Index: Down 0.4%
  • Gold: Falls to $5809
  • Bitcoin: Steady at US$73692
  • 10-year yields: Drifts to 5.02%.
  • AUD: Eases to 68.40c.

MARKET MOVERS

  • CU6 +23.5% FDA news.
  • DMP +12.9% sales update last night.
  • XRO +6.1% guidance upgrade and buyback.
  • AUB +5.1% AGM address.
  • AXQ -18.4% 3Q earnings
  • PLS -8.1% lithium flops.
  • VUL -7.0% profit taking.
  • BOE -9.4% DYL -7.4% PDN cash raise.
  • GQG -9.0% no fun here.
  • LTR -7.0% slides again.
  • MTM -11.1% back down again.
  • INR -10.2% lithium slides.
  • Speculative Stock of the Day: GEM +90% PE takeover.

ECONOMIC AND OTHER NEWS

  • Nvidia Chief Financial Officer Collette Kress is favoured to replace Jensen Huang as the company board continues its meetings.
  • CoreWeave plans to raise at least US$4 billion in a high-grade loan.
  • Anthropic’s IPO said to be multiple times oversubscribed.
  • Another data centre, this time near Adelaide, has been suspended following community opposition.
  • Democrats pledge to expose the absolute avalanche of corruption under Trump.
  • Thousands of schools across Italy, Scotland, and Ireland have received bomb threats.
  • Saudi oil production rebounds close to pre-war levels.
  • UK chip startup Fractile hits a US$7 billion valuation.

And finally….

Clarence

XXXX