End of Day Report

ASX 200 rose 7 points in quiet range-bound trade to 8205 (+0.1%). Banks flat with the Big Bank Basket unchanged at $232.40; financials were slightly firmer as SOL rose 1.1% and ASX up 1.2%. Insurers eased back, QBE down 0.3% and REITs bounding ahead, GMG up 1.6% and SCG up 1.7%. Industrials drifted around, BXB up 0.5% and ALL down 0.6% with GYG under pressure on a broker downgrade. Retail stocks fell, PMV down 0.9% and LOV off 0.8%. IEL slid 2.9%. Resources were generally weaker, gold miners fell with EVN off 1.3%, NST down 1.0% and RMS down 2.3%. BHP bucked the trend up 0.7% with FMG easing back slightly. Lithium stocks were under pressure again, PLS saw a large block traded and fell 4.8% with LTR down 4.4% and IGO off 2.2%. MIN dropped 1.5%. Uranium stocks saw a little profit-taking. Coal down and oil and gas mixed, WDS up 0.6%. In corporate news, WBC completed the sale of its car loan book to RMC. ORG has abandoned its hydrogen plans. Apparently, a lot of hot air. In economic news, BoP numbers out. The IMF also passed judgment on the Federal government and said the rates may have to go higher whilst touting tax reform. Asian markets saw profit-taking in HK, China closed, and Japan +1.2% ahead as rates seem in limbo. 10Y yields steady at 3.99%. Dow Futures down 65 points and NASDAQ Futures down 60 points. 

MAJOR MOVERS

• MSB +8.4% quietly pushing higher.
• SIG +8.1% Chemist Warehouse deal still positive.
• LNW +2.9% statement of beneficial ownership.
• LTP +10.6% firming again.
• AZY +4.6% appointment of Mark Rodda.
• NHC -5.6% ex-dividend.
• SGR -5.5% falling back to earth.
• PLS -4.8% large line sold from Ganfeng.
• LRS -4.4% follows PLS down.
• CHN -3.6% poisoned today.
• SYR -9.0% giving it back.
• WC8 -8.3% another life gone.
• 29M -7.3% profit taking.
• LRV -6.3% backing and filling.
• Speculative Stock of the Day: Island Pharma (ILA) +31.3%. Capital raising to fund trials.

ECONOMIC AND OTHER NEWS

Australian BoP

• The seasonally adjusted balance on goods increased $8m in August.
• Goods credits (exports) fell $66m (0.2%) driven by Other rural.
• Goods debits (imports) fell $75m (0.2%) driven by Non-industrial transport equipment.

• The Hang Seng China Enterprises Index fell as much as 4.8%, the most in two years and set to snap a 13-day run of gains.

• Twiggy Forrest says it is time for the world to walk away from the “proven fantasy” of net zero emissions by 2050 and to embrace “real zero” by 2040 instead.
• OpenAI asks investors not to back rival start-ups such as Musk’s xAI.
• BoE head says rate cuts could be more aggressive.
• OPEC + Criticises WSJ on article suggesting $50 oil is possible.
• Toyota to invest $500m in flying taxi start-up Joby.
• Amazon to increase number of ads on Prime Video.
• UK and EU pledge to hold regular leaders’ summits from 2025.
• European stocks are expected to open lower Thursday as the conflict in the Middle East weighs on regional investor sentiment.

MARKET MAP