End of Day Report – Monday 2 December: ASX 200 up 12 in quiet trade | NST/DEG dominates

ASX 200 closes up 12 points at 8448 (0.1%) in lacklustre trade. Banks were mixed with the Big Bank Basket flat at $262.13. Insurers eased back as yields eased to 4.32%, QBE down 0.3% and MPL off 0.3% on NSW hospital changes.  REITs were mixed, GMG down 0.4% and CHC falling 1.4% as funds locked in some of the year's gains. Industrials mostly stronger, WTC up 1.1% on the new White deal with Isaacs. XRO rose 0.4% and the All-Tech Index unchanged. Retail is a little mixed on better than expected retail sales, PMV up 0.5% and HVN up 0.4%. In resources, iron ore stocks pushed higher with BHP up 0.4% and FMG up 0.3%. Gold miners were hit hard as NST announced a takeover of DEG. NST fell 5.3% and DEG up 29.6%. GOR rose 0.4% as a 18% holder of DEG. Energy stocks rallied, WDS up 1.2% and PDN up 0.8%. In corporate news, MTS rallied 2.2% on better than expected 1H results. NWL fell 5.0% as it announced $100bn FUA. On the economic front, retail sales jumped 0.6% in October. Housing approvals picked up too, total approvals up 4.2% lifted by units and apartments. Asian markets firmed, Japan up 0.7%, China up 0.7% and HK up 0.2%.10-year yields fell to 4.32%.

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