End of Day Report – Monday 26th May

Market Updates

The ASX 200 finished unchanged at 8361, as US futures improved on the Latest Trump backflip. Gold and uranium are the stand-out sectors, with BOE up 7.3% and PDN rising 8.8%. NST and EVN are both doing well, and Cu pricing is helping, too. Iron ore missed, oil and gas flat, interest stirring in base metals, S32 up % and NIC up %. Banks drifted slightly lower, ANZ down 1.4% and NAB off 0.8%. The Big Bank Basket eased to $271.19 (-0.3%) MQG gained 0.5% with insurers slightly better. Industrials were uninspiring, ORG fell 4.9% on an Octopus downgrade, in the tech space, WTC announced its biggest acquisition to date, debt funded, up 4.7% with the All-Tech Index up 0.4%. In corporate news, ELD dropped 6.7% on more underwhelming results., AX1 announced its chair would retire and GMD bought a gold project from FML. Nothing exciting on the economic front. Asian markets mixed, Japan up 0.9%, China down 0.7% and HK off 1.1%. 10-year yields falling to 4.39%.

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