End of Day Report – Thursday 17 October: ASX 200 up 71 | Uranium and gold shine

Market Updates

ASX 200 closed off highs after jobs number but still up 71 points to a new record close 8356. Banks and industrials leading us higher again. The Big Bank Basket up to $245.49 (+1.7%) as results (and dividends) beckon. CBA up 1.6% and MQG up 0.7%. Insurers did well on higher bond yields following robust job growth and unemployment at 4.1%. REITs also in demand. GMG up 1.7% and SCG firing 1.9% better., Industrials rose, WES up 1.6% with retail and travel up, FLT up 1.4% with JBH up 1.6% and DMP rising 2.1%. Tech was flat as WTC came in for some selling down 3.0% and XRO up 0.6% with the All-Tech Index flat. Resources were spotty. Iron ore stocks slid as Asian trade saw futures down 2% on latest Chinese moves to prop up housing, BHP fell 1.3% after a solid production report, RIO fell 1.8% and FMG off 2.7% . MIN dropped 3.8% with lithium going nowhere. Gold miners better with NST up 1.3% and GMD better by 5.9% on quarterly. Uranium stocks were glowing following Amazon’s move into nuclear power and Eric Sprott buying more DYL and BOE. Off highs as short covering waned. PDN rose 11.0% and DYL up 7.3%. Coal eased, and oil and gas flared. In corporate news, AMP had a great update and rose 17.1% with SGR rising 13.7% on a small fine and allowed to keep their licence for now. OFX fell 35.8% on a sub-optimal update. On the economic front, good jobs numbers snuffed out any hope of a rate cut for Xmas. Asian markets mixed with Japan flat, HK up 0.8% and China +0.1%. 10Y yields jumped to 4.24%, and the AUD firmed to 66.9c on data. Dow Futures -0.2%, and NASDAQ Futures off 0.3%.
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