End of Day Report – Monday 18 November: ASX up 15 to 8300 | Iron ore and uranium rally

Market Updates

ASX 200 recovered from a cautious start to close up 15 points to 8300 (+0.2%) as iron ore futures kicked back above $100. BHP up 0.7% and RIO rallying 2.2%. Resources generally were solid as uranium stocks glowed hot after moves by Russia to limit exports. PDN rose 5.5% DYL up 7.0% and BOE up 7.3%. Gold too rallied with NST up 2.5% and EVN rallying 2.6% on better commodity prices and Chinese stimulus hopes. MIN a standout up 5.8% with PLS dragging the chain in the lithium space down 2.2%. Oil and gas slightly firmer, WDS up 0.4% and coal doing well, WHC up 3.3% with NHC also 2.3% better. Banks were mixed, news on NAB being sued by ASIC and leaks over a regional levy didn’t help. CBA down 1.4% and NAB off 0.2% with the Big Bank Basket $257.88 (-0.8%). Insurers and financials were better again, MQG up 0.2% and SQ2 rising 1.9%. REITS mostly better, and industrials firmed. WES up 0.4% and ALL up 0.5%. Retailers a little subdued with LOV down 3.8% on a broker downgrade on store openings and CTD rising 2.3% on Conference pick. Healthcare was an interesting space with CSL down again as RFK Jnr appointment to US Department of Health would be sub optimal. Not a great lover of vaccines and looking to rip costs out of the system. Other biotechs feeling some pain as well. In corporate news, 360 fell 6.7% as the founder offloaded a parcel. NHC provided an upbeat guidance, CUV bounced 2.2% on a shift in business focus. RSG fell 5.6% after announcing a sort of settlement with the Mali government. ELD launched a rights issue and an acquisition, coupled with disappointing numbers. Nothing on the economic front, Goldman Sachs lowered its forecast for Australia’s economic growth in 2025, due to “negative spillovers” from the incoming Trump term. Asian markets mixed, Japan down 0.7%, HK up 0.9% and China rallying 1%. 10-year yields 4.60%.
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