The ASX 200 gave back most of its gains to end up only 16 points to 6970 (0.2%). After a strong start, caution prevailed, US futures pointed to a negative open and confidence was sapped. Events in the Middle East in focus with gold miners and oil stocks in demand. NCM up 4.7%, NST up 4.0% and EVN up 6.3% leading the charge, lithium stocks on the nose again except for LTR unchanged on the latest assault from Camp Gina. Iron ore stocks mixed, FMG dropped 1.9% despite an announcement on power, RIO unchanged and BHP up slightly. Oil and gas stocks also doing well as crude prices held the 4% gains on the war, WDS up 3.1% and STO rising 4.2% with KAR up 5.7%. Coal stocks also benefitted, WHC up 2.2%. Banks were slightly higher with ANZ up 0.4% the standout. The Big Bank Basket pretty much unchanged at $175.84. Insurers slipped and MQG fell back again, down 0.6%. REITs also off slightly, GMG down 0.1%. Industrials lacklustre with TLS off 0.3%, tech slipping as the All-Tech Index dropped 0.2%. Travel stocks are down, QAN falling 3.8% on higher oil and war issues. In corporate news, MYR appointed a new chair, and on the economic front, the RBA ordered the ASX to “redouble its efforts” to improve its corporate governance and risk management culture. Asian markets ease with China back from holiday break, Japan closed for Sports Day China off 0.6% and HK closed for a typhoon. 10-year yields ease to 4.52%.

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