Market Updates

The ASX 200 closes down 20 at 7417 (0.3%) after early losses were recouped. Banks slid with the Big Bank Basket off to $182.95. Healthcare doing well, bouncing back from losses yesterday led by CSL up 1.4% and RMD up 1.8%.

Industrials too were firm with REITs and other interest rate sensitive stocks better. Even TCL rose 0.4% despite being pregnant with news. Resources and energy stocks weakened with the exception of ‘green resource’ stocks in uranium and lithium. Crazy times and moves in both sectors, LTR up 7.5%, PLS hitting records up 8.4% and PDN up 7.9%. In corporate news, CXL rewarded the true believers with its announcement today of a US investor taking 7% of LEILAC for $24.5m, the stock rose 39.7%, MYE fell 18.1% after an incident and UWL was quietly 0.5% better after the insider trading issues were clarified.

On the economic front, Westpac-Melbourne Institute Consumer Confidence Index for September rose 2% to 106.2. China’s retail sales grew 2.5% in August, far slower than 7% expected. Industrial production growth was also slightly below expectations, up 5.3% in August versus predictions of 5.8% growth.

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The ASX 200 closed up 12 points (+0.2%) to 7437.  RBA governor comments on rates turn things around. BHP Group (BHP) and Rio Tinto (RIO) up around 0.6% a piece bucking the negative trend in iron ore, though FMG is faring a little worse down 1.79%.

Banks joining in the bounce back today with the Big Bank Basket up to $183.24 as MQG rose 1.9% with CBA leading up 0.3%. Healthcare stocks in the casualty ward today with CSL off 0.7% and RMD falling 2.9% with FPH also lower by 3.6%. Tech stocks were weaker led by APT following Square lower down 1.4% and the All-Tech Index down 1%.

Industrials were mixed as TLS gained 1.3%, SCG up 3.2% and TCL up 0.1% ahead of a possible capital raise. Uranium stocks which ran hard yesterday saw some profit taking in places but buyers appearing at lower levels, ERA up 9.5% and CXO doing nicely putting on 27.1%. Lithium stocks remain in favour as do oil and gas stocks for a change. STO up 5.2% and WPL up 6.2%. 

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ASX 200 rallies 19 points to close at 7425 a drifting day after gains early saw seller re -emerge before closing buys. Resources which had been the trailblazers gave up some gains in iron ore with BHP up 0.6% and RIO off 0.2% on US Oak Flat news, FMG managed a 0.8% gain. Uranium was the huge winner today, anything that glowed was red hot, PDN, BOE, BNM, ERA and AGE leading the charge. Base metal stocks firmed with lithium in focus too, PLS up 7.3% and LYC rallied 5.4%.  Banks were flat with the Big Bank Basket down to $182.74. Insurers slipped, MFG fell another 2.5% and MAF dropped 4.9%. Industrials mixed with ALL up 2.9% and TCL down 1.3%. Tech stocks were flat as the All-Tech Index fell 0.1%. APT off 2.0% following the Square Dance down. In corporate news, SYD got another bid at 875c from IFM and agreed to DD, CDM updated the market on the recent SPC listing and NTA falling 9.9%. Sell the fact again in play.  Nothing on the economic front today.

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ASX 200 up 37 points to 7407(0.5%).  Miners and resources doing well as BHP rose 0.8% and FMG put on 2.6%. Base metals following the positive leads from LME prices overnight, AWC up 6.3% and MIN better by 5.6%. Coking coal hits a five-year record of US$300, WHC up 2.7%. Industrials mixed with CSL off 1.0% and gains in some tech stocks helping. XRO up 2.6% and WTC doing well up 2.6%. The All-Tech Index up 1.1%.

Banks stable with CBA the best of the bunch up 0.5%. The Big Bank Basket at $182.78. MQG giving back some of this weeks’ gains down 0.6%.

In corporate news, STO and OSH have agreed on the merger terms, but the PNG government is proving a hurdle. AMA has launched a $150m capital raising with an entitlement issue and IRE has extended the Due diligence period for EQT. Citi is a little bearish on Z1P up 2.7% after a US visit on the brand change and MFG falls 1.9% on a broker downgrade. No economic news.

European futures opening stronger. US PPI tonight.

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ASX 200 crashes 143 points to 7370 as pent up selling and growth pessimism takes hold. All sectors were hit with the banks under serious pressure and the Big Bank Basket down to $182.06 with MQG falling 2.1%. Insurers too under pressure, QBE down 1.7% and IAG falling 2.4%. Healthcare sold off except RMD which was one of the few spots of green on screens up 1.8%.

Industrials smacked, TLS down 1.5%, WES off 1.9%, WOW down 0.5% and SEK down 4.1%. Tech stocks under serious pressure with APT following the Square Dance down 3.1% and the All-Tech Index down 2.9%. Resources whacked too on iron ore falls, BHP off 1.7% and FMG down 0.6%, holding up quite well considering. Gold miners and oil and gas on the nose, WPL down 2.1% and STO off 2.6%. In corporate news, WBT rose 27.3% on its first commercial agreement with SkyWalker and NVA rose 3.9% on a confirmed gold discovery.

On the economic front, payroll jobs fell by 0.7% in the fortnight to August 14. Total wages paid decreased by 1.0% according to the ABS.

ECB news tonight.

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ASX 200 down 18 points in lacklustre trade closing at 7512 (-0.24%). Once again resource stocks weighed with BHP down 1.0% and RIO down 0.5%. Gold miners under pressure as bullion fell, NCM down 2.9% and NST off 5.3%. Banks were firm with MQG updating the market and pushing 4.7% higher.

Elsewhere insurers eased and other financials led down by a 2.1% fall in ASX. Healthcare stocks eased except CSL with RHC down 1.6%, COH deaf to the bulls down 1.8% and FPH falling 2.2%. 

Industrials a little soggy and Tech off slightly with the All-Tech Index down 0.8% as APT fell 1.6%. In corporate news, plenty of begging bowls out for more cash, ABB returned after a $120m raised in a canter, rising 3.7%. Plenty of mining minnows also mopping up surplus shareholder funds.

European futures pointing to a weaker open.

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ASX 200 closes up 2 to 7530 after RBA leaves rates unchanged. Early weakness sees buyers return grinding out a positive day on better Chinese data and RBA comments on rate rises. Banks were slightly lower with the Big Bank Basket down slightly to $184.92, NAB being the worst, performer off 0.7%. Insurers and other financial held fast, healthcare better with CSL up 1.5% and COH up 2.0%.

Resources and iron ore stocks under pressure still. FMG down 3.1%

Industrials mixed, Tech stable with the All-Tech Index up 0.5% and APT off 0.1%. Iron ore miners eased again, FMG continued to slide down another 3.1%, RIO off 1.8% and BHP down 0.4%. Base metal stocks eased too and oil and gas plays barely changed. Not much corporate action today although MMM failed to deliver falling 10.3% as WOW sold down its holding and MCR raised $65m returning to trade 8.3% lower.

European markets looking at a slightly weaker open.

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ASX 200 fights back from over 80 down to close up 6 points to 7529. FMG ex dividend is nearly 20 points negative alone. Across the board, bargain hunters stepped back in with the banks doing well up to $185.12 for the Big Bank Basket.

Industrials and healthcare also turned around as CSL rose 0.6%, GMG up 0.9% and TLS rebounded 1.3%. Iron ore stocks were a little on the nose, FMG fell % on its dividend. BHP and RIO drifted lower and losses in lithium stocks as PLS placement depressed prices. Oil and gas shares fell with STO down 1.8% and WPL off 1.7%. Tech stocks better with APT up 1.7% following Square higher and Z1P up 3.0%. In corporate news, ABB are pushing into key regional Victorian towns up 7.7%, BGH a private equity firm walked from its HSN takeover and it fell 9.2% and MIN sold out of PLS rocking it 5.3% lower.

US markets closed tonight.

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ASX 200 rallied hard, but interest waned a little to close up 37 points at 7523 ahead of crucial jobs numbers tonight. Uranium stocks in focus and huge pops in some like PDN up 24.0% and VMY doing well up 23.1%.

Banks were firm with the Big Bank Basket up to $184.43. Iron ore stocks also recovering, BHP up 1.0% and RIO up 2.5%. Base metal stocks and lithium doing well, ORE up 7.0% and MIN up 2.7%. Healthcare better as CSL rose 0.1% and SHL up 1.2%. Industrials rose with consumer stocks firm though tech fell led by APT down 2.8% and the All-Tech Index down 0.4%. 

On the economic front, retail trade for July fell 2.7% month-on-month, to be down 3.1% over the year. FCAI reports Australia August new vehicle sales of 81,199, +33.1% from a year ago.

Happy Father's Day 

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ASX 200 dropped 41 points to 7486 rallying off its lows with half of the fall BHP going Ex- Dividend. This will be a feature of the market as company dividends drop creating a headline headwind. BHP fell 6.9% to be lower than its 2021 open though it has paid around $4 in dividends thus year.

Other resource stocks were in the doghouse, NCM down 1.5%, RIO off 0.7% and BSL easing 1.4%. Healthcare slipped with CSL down 1.8% and RMD off 1.7%. Banks were mixed with the Big Bank Basket steady at $183.80.

Industrials mixed too with tech better as APT rose 0.9% and TLS slipped 1.0%. Consumer staples lower as WES, WOW and COL all fell. Uranium stocks doing well with PDN, BMN and even ERA firming.

On the economic front, a record trade surplus of $12.1bn was recorded in July, beating market estimates of $10bn. Exports +5% vs estimates of 3% with imports +3%, beating estimates of 2%. China’s manufacturing PMIs slips in August. The surprise fall in the Caixin PMI into contraction territory was driven by both weaker production and demand.