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ASX 200 finds the Easter Bunny. Up a huge 77 points at 7897 (+1.0%) hitting a record high. Seems appropriate. The end of the quarter and end of the month helped stimulate optimism. Banks took a breather with the Big Bank Basket up slightly to $210.48 (0.3%). MQG rose 0.9% with insurers mixed, REITs once again in demand. When aren’t they. GMG up another 1.9% with SGP rising 1.9%. TGP was a stand out on the sale of its HPI stake, up 17.8%. Industrials shot out of the box, WOW continuing its rally up 0.5% with TLS up 2.1% and WES up 1.2%. Utilities also finding friends, ORG up 1.3%. Retail sales helped the sector getting a boost from the Swift effect. JBH up 0.6%, SUL up 3.2% and BAP up 3.6%. Resources were the stars today, iron ore miners lifting, BHP up 1.4%, RIO up 0.7% and FMG rising 2.0%. Lithium stocks also in favour as auctions from Albemarle and SQM helping sentiment. PLS up 2.1% and LTR up 2.6%. Gold stocks enjoyed another solid day with NST up 1.7% and NEM rising 3.3%. Oil and gas stocks slightly better with old king coal stocks having a strong day, WHC up 5.3%. In corporate news, REA has ditched its deal to buy Dynamic Methods on ACCC concerns. BPT rose 3.7% after announcing savage job cuts. RMS has abandoned its potential takeover bid for Canadian miner Karora. On the economic front, Retail sales were slightly worse than expected despite a Swiftie bounce. Maybe brings rate cuts closer. Asian markets mixed, Japan down 1.7%, China up 1.0% and HK up 1.7%. 10-year yields fell to 3.96%.
HIGHLIGHTS
- Winners: MSB, RSG, STX, LTM, SLX, AWC. PMV
- Losers: ZIP, WC8, WA1, GEM, CU6, FPH, CTT
- Positive sectors: Iron ore. Lithium. Coal. Gold miners. Industrials.
- Negative sectors: Insurers.
- ASX 200 Hi 7901 Lo 7835
- Big Bank Basket: Up to $210.48 (0.3%)
- All-Tech Index: Up 0.5%
- Gold: Higher at $3361.
- Bitcoin: Steady at US$69853
- 10-year yields fell to 3.96%.
- AUD: Steady at 65.31c.
- Asian markets mixed, Japan down 1.3%, China up 1.1% and HK up 1.6%.
- Dow Futures down 1 Nasdaq futures down 4
MAJOR MOVERS
- MSB +12.1% punters piling in and no capital raise!
- RSG +10.3% Annual Report.
- LTM +8.3% lithium bounce.
- AWC +6.0% resource bounce in Alcoa.
- WHC +5.3% a merry old soul as coal remains crucial.
- PMV +5.6% broker upgrades on demerger plans.
- TGP +17.8% Sale of HPI stake.
- AGY +8.0% Rincon project EIA update.
- CPV +8.6% change of director’s interest.
- ZIP -7.3% comes undone.
- FPH -2.8% involuntary recall of limited pre 2017 devices.
- WA1 -3.3% West Arunta assay results.
- CKA -4.4% profit taking.
- BDM -9.3% director resignation.
- Speculative Stock of the Day: Allup Silica (APS) +89.7% good volume too on a presentation and announcement of high-grade silica sand results.
COMPANY NEWS
ECONOMIC AND OTHER HEADLINES
Australian Retail Sales – The Swift Lift!
The February 2024 seasonally adjusted estimate:
- Rose 0.3% month-on-month.
- Rose 1.6% compared with February 2023.
- The Swifties at Work. ABS says ‘Seven sold-out Taylor Swift concerts in Sydney and Melbourne boosted retail spending this month.’
- And household wealth rose for the fifth straight quarter (+2.8% or $419bn) in the December quarter 2023.
- Total job vacancies were 363,800, a decrease of 6.1% from November 2023.
- China’s economy is ending the first quarter on a “strong” note, according to a business survey published by the China Beige Book.
- China’s official data on retail sales, industrial production and fixed asset investment for January and February beat expectations across the board.
- Top Fed official says ‘no rush’ on rates after ‘disappointing’ data.
- Bank of Japan board members voice caution on interest rate hikes.
- Formula One owner closes in on €4bn deal for MotoGP.
- Economic experts slash growth forecasts for Germany.
- The share of made-in-China vehicles in Europe is expected to rise to 25.3% in 2024 as emerging Chinese brands like BYD expand their footprint in the region. About 19.5% of battery-powered EVs sold in the EU last year were from China.
- JPMorgan says stocks are so crowded they may crack at any time
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Finally, I have just discovered that there is a US Senator called Heidi Heitkamp. How good is that. Hi De Hi.
Have a great Easter. Drive safe. Double Demerit Points apply.
Clarence
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