End of Day Report – Tuesday 12 November: ASX 200 drops 11 points | PDN stumbles

ASX 200 dropped another 11 points to 8256 (-0.1%) as the bifurcation between banks and resources continued. Resources again on the nose, BHP off 1.8% and RIO falling 1.6% with FMG holding up after yesterday’s drubbing. Gold miners also saw across the board selling as hot money left bullion and chased bitcoin towards US$90k. EVN down 3.5% with NEM off 4.6% and GMD down 1.3%. Lithium stocks perked up a little, PLS up 5.7% with MIN better by 1.9% too. Uranium was not a happy place as PDN announced production issues plaguing Langer Heinrich, the stock dropped 28.9%. Oil and gas steady. Banks were a little mixed, NAB ex-dividend today with ANZ up 1.3% ahead of its XD tomorrow. Insurers better, QBE up 0.4% and IAG up 1.3% with financial generally doing well. REITs better too, SGP +1.0%.  Industrials also firmed with tech in demand, WTC up 1.8% and XRO up another 1.0%. The All-Tech Index rose 1.8%. Retail better too, JBH up 2.4% and SUL up 2.5%. In corporate news, ALL sold a US mobile gaming business, VUL announced funding from the German government up 12.7%,  PTM saw a second strike and have allowed Wilsons in the data room. On the economic front, consumer sentiment has risen as inflation has fallen. Asian markets mixed as usual, with China down 0.1%, HK down 1.7% and Japan down 0.2%. 10Y yields steady around 4.56%. Dow Futures down 58 points. NASDAQ Futures flat.

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