End of Day Report – Friday 12 June: ASX 200 hits Record. CBA bigger than BHP.

ASX 200 hits record high, up 70 points to 7959 (0.9%) as banks once again show a clean pair of heels. CBA pushed to a record, up 1.3% and a higher valuation than BHP!. The Big Bank Basket up to $226.11 (+1.4%). MQG remained stagnant, and insurers slipped back as bond yields fell after US CPI numbers. Other financials did well, ASX up another 1.6% with SOL kicking another 1.6%. REITs put in a solid day although GMG sidetracked as tech weighed slightly. SCG up 1.9% and GPT soaring 5.3%. Healthcare also doing well again. CSL bust through $300, up 1.5% and RMD shrugging off GLP-1 news and rising 4.4%. Industrials firm but not hugely interesting. WES a standout up 1.9% and Retail in demand on rate cut hopes. JBH up 1.5% and LOV up 3.6%. CTT had a significant bounce after its recent sell off although petered out to rise only 0.4%, tech stocks slipped slightly with WTC down 3.4% and XRO falling 0.7% with the All -Tech Index down %. In resources, the three amigos were flat, BHP losing its mantle to CBA fell 0.4% and lithium stocks showed signs of life. Gold miners were in demand as NST rose 4.3% on a bullion spike and EVN up 2.9%. Oil and gas doing little and uranium stocks consolidated after good gains yesterday and coal stocks slid slightly. In corporate news, REX revealed a boardroom stoush, LYC said that the BHP nickel suspension would hit sulphuric acid supply. Nothing locally on the economic front but Chinese exports rose to the highest in two years whilst imports fell. 10-year yields steady at 4.33%. Asian markets mixed, Japan down 2.3% as Yen strengthens, China unchanged and HK up 2.2%.

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