Market Updates

1The ASX 200 soared another 85 points to 8878 as US markets hit records. The Japanese market breached 62,000 for the first time ever, and resources rebounded hard on the back of falling oil prices. The banking sector was firm, with the Big Bank Basket rising to $295.43 (+0.5%), despite NAB going ex-dividend today, which wiped around 12 to 14 index points off. Other financials also had a good day, with the likes of HUB doing well, MQG up 0.5% and NWL also doing well. The Macquarie Conference continues, and ZIP rose 4.8% following an update which was pretty well known, given the results have only just come out. Industrials, though, were a little wishy-washy across the board, with healthcare once again under some pressure, as CSL fell another 2.1%, SIG also falling perhaps on its UK expansion plans, and utilities also under some pressure, as ORG fell 2.6% as well. Retail sector was better, with WES rising 1.4%, together with JBH up 2.0% as well. One that did disappoint was SUL, down 2.9%, as it updated the market on disappointing trading conditions. Over in the gaming space, ALL fell slightly, but the big fall of the day was TAH, which was smashed 23.5% after news that AUSTRAC was investigating the bookie. LNW also fell 8.3% on the back of their results today. Technology shares were once again under pressure, with WTC down 0.9% and XRO falling 2.0%  and the All -Tech Index down 0.1%.

The stars of the show today, though, were the iron ore majors in the resource sector, together with the gold miners as bullion rallied hard as the oil price has fallen. NST up 4.4%, EVN up 6.3%, and NEM up 2.8%, helping the index. BHP had a great day, up 3.8%, as it looks to rise towards $60. Uranium shares were also flying today, as their international counterparts rallied hard, PDN up 8.5%. In the coal sector, not such a merry old place to be. NHC fell 4.3%. WDS and STO both hit hard today, as the crude price fell. In corporate news today, BFG bounced hard on better profit numbers, A1N dropped and entered a trading halt as the fallout from the Kyle and Jackie ‘O’ show continues. FPR had a strong first half, but SUL struggled on the sales front. In economic news today, we had the international trade in goods numbers, which decreased by $6.867bn in March.

Asian markets saw big gains as they returned from Golden Week holidays and played catch-up. Japan soared 6% on the Nikkei, HK up 1.4% and China up 0.3%. US futures slightly higher. 10-year yields drifted to 4.93%

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The S&P 500 advanced 1.46% to 7,365.12, while the Nasdaq Composite gained 2.02% and ended at 25,838.94. Both indexes touched new highs and closed at records. The Dow Jones Industrial Average added 612.34 points, or 1.24%, to close at 49,910.59. 

Axios reported, citing sources, that the U.S. and Iran were getting close to a deal that would bring a resolution to the conflict. According to the report, the agreement would include a moratorium on nuclear enrichment. An Iranian foreign ministry spokesperson also told CNBC that Iran was evaluating a U.S. proposal toward a resolution.

Chipmaker Advanced Micro Devices added to the gains, soaring 18.6% after the company issued a rosy outlook for the second quarter. AMD also beat expectations on the top and bottom lines in the first quarter. The report lifted the broader chipmaker sector. The VanEck Semiconductor ETF (SMH) jumped 5%. Intel climbed 4.5%.

Stocks posted strong gains Tuesday, lifted by solid earnings and the ceasefire between Iran and the U.S. remaining in place.

SPI up 95 – Gold up nearly 3% - ORI results – CCP reaffirms.

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The ASX 200 popped 64 points higher today to 8730, up 0.7%. Ends longest losing streak since 2018. Down 0.7% for the week. Banks were flat following a slightly disappointing outlook from the CEO of ANZ as the first bank to deliver its profit result. The Big Bank Basket closed at $286.93 (-0.6%). The rest of the finance sector did well, though, with MQG pushing up another 1.3% ahead of results next week. Insurers also did better, with QBE rising 0.6% and IAG having a very solid day. Whilst over on the REIT sector, we saw good strength across the board, with GMG up 1.3% and GPT up 1.3%. Industrials were a mixed picture, with WOW still smarting after its comments yesterday on earnings guidance down %, whilst COL rose 3.7% after its own trading update. Tech stocks were once again mixed, with WTC rising 2.4% and XRO also slightly firmer, with the All-Tech Index up 0.8%. Health care once again had another mixed picture, with RMD falling 3.5%. Although CSL managed to hold firm, COH found some friends up 5.1%.

The real action today was in the resource sector, as we saw a bounce back in the iron ore majors, with BHP up 2.3% and RIO doing very well, up 2.7%. Once again, lithium stocks were in demand, with LTR featuring very strongly and PLS also up 2.0%. The gold miners were better, as the bullion price picked up and some end-of-week book squaring with EVN up 2.1%. In the oil and gas space, WDS slipped 1.3% and STO was unchanged, with coal stocks slightly firmer and uranium stocks picking up some ground after a volatile week.

In corporate news today, we had the ANZ result, with COL also delivering an in-line result. Nothing on the economic front, though analysts are falling over themselves to predict that the RBA will raise rates next week.

Asian markets mixed as Japan up 0.6% and China and HK easing back. 

US Futures pushed slightly higher with the 10-year yields easing to 5.02%

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Stocks rose on Thursday, with the S&P 500 reaching a fresh all-time high, as investors reacted to upbeat earnings from Caterpillar and Alphabet and moved past fears of a possible escalation between the U.S. and Iran.

The broad market index rose 1.02% to close at 7,209.01, its first close above the 7,200 threshold. The tech-heavy Nasdaq jumped 0.89% to 24,892.31, hitting new intraday and closing records as well. The blue-chip Dow Jones Industrial Average added 790.33 points, or 1.62%, to settle at 49,652.14. 

Caterpillar shares popped nearly 10% on Thursday after the company reported better-than-expected quarterly figures, boosting the Dow. The industrial name, which is viewed as a bellwether for the global economy, also upped its annual revenue outlook.

SPI up 127 - ANZ - RMD results - Gold up - Oil down.

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Disclaimer
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