ASX 200 finished up 27 points at 7749 (+0.4%) for a 1.6% rise this week. Bargain hunting from oversold levels in the banks and industrials after the rout yesterday drove the market higher. The Big Bank Basket up to $207.10 (+0.7%). WBC rebounded 1.3% with ANZ up 1.0%. MQG followed US Investment banks higher up 1.2%, other financials better, SOL up 1.2%, and MFG up 1.9%.  REITs rallying again, GMG down 0.3 % with SCG up 0.3%. Industrials mixed. TLS rallied 0.6%, REA up 1.4% on broker upgrades. CAR doing well, up 0.6%, ALL bouncing 0.7% and tech slightly higher. The All–Tech Index up 0.1%. In resources, the ‘Three Amigos’ going nowhere, FMG down 0.8%. Lithium stocks slipping slightly. Gold miners on the up, with bullion pushing higher, NST up 1.2% and NEM up 1.9%. Oil and gas better as Albo backing helps, WDS up 1.9% and STO up 2.1%. In corporate news, 360 fell 2.5% on an update, SBM jumped 14.6% on its outlook for Simberi. SUN fell 0.7% on bad loan news QBE up 0.1% on premium update. Nothing significant on the economic front. Asian markets benign, Japan up 0.5%, HK up 2.1% and China +0.1%. 10-year yields steady around 4.33%. Dow Futures up 51 points. NASDAQ Futures up 11 points.

HIGHLIGHTS

• Winners: JMS, RSG, NXL, IMU, SPR, DRO, HLI
• Losers: LNW, PMT, CCP, OML, CTT, RUL
• Positive sectors: Banks. Oil and gas. Gold miners.
• Negative sectors: Iron ore. Lithium.
• ASX 200 Hi 7769 Lo 7728
• Big Bank Basket:  Up to $207.10 (+0.7%)
• All-Tech Index:  Up 0.1%
• Gold: Nice jump to $3564
• Bitcoin: Rises to US$62760
• 10-year yields steady at 4.32%.
• AUD: Better at 66.10c.
• Asian markets benign with Japan up 0.5%, HK up 2.1% and China unchanged.
• Dow and NASDAQ Futures up 51 and 11 points, respectively. 
• European markets opening better.

MAJOR MOVERS

• JMS +11.9% manganese in demand.
• RSG +8.2% gold play. IMU +% bargain hunters,.
• HLI +6.0% solid business update.
• SPR +6.9% gold bounce.
• GOR +3.9% backs DEG fundraising.
• CSC +4.5% copper exposure.
• M4M +25.8% response to ASX Please Explain.
• KCN +13.0% Green light for Plant 1 at Chatree.
• 4DX +8.1% broker upgrade.
• LNW -6.0% too much light and not enough wonder in results.
• PMT -5.9% profit taking.
• WBT -0.4% no news is bad news.
• INR -2.2% profit taking. Centaurus Capital moves to 16.2%.
• ILU -2.0% slipping away.
• JBH -1.7% broker downgrades.
• DEG -1.3% ex-entitlement. GOR limits its backing.
• Speculative Stock of the Day: M4M +26%. ASX Query response.

COMPANY NEWS

ECONOMIC AND OTHER HEADLINES

• Australian business turnover in trend terms fell 0.1% in March according to figures released today. The strongest rises were from the Information media and telecommunications industry, up 3.7%, Manufacturing with a rise of 3.6%, and Mining, which grew 1.6%.”
• Joe Biden’s administration is poised to unveil a sweeping decision on China tariffs as soon as next week. EVs tariffs seem to be the target.
• UK Q1 GDP up 0.6% q/q v -0.3% in Q4.
• Trump donors warm to Marco Rubio as running mate.Stormy Daniels ruled out.
• Apple apologises after crushing backlash to iPad advertisement. Apple has had a rare marketing fail with its latest ad. “The destruction of the human experience. Courtesy of Silicon Valley,” was how British actor Hugh Grant described it.
• The U.S. is now Germany’s biggest trading partner, taking over from China. Combined exports and imports between Germany and the U.S. totaled 63bn euros between January and March on 2024. China came to just below 60bn euros.
• Chinese electric vehicle maker Zeekr priced its initial public offering at US$21 a share Thursday, at the top end of its range. It will sell 21m American depository shares to raise US$441m.

And finally…some words of wisdom from Steven Wright.

1 – I’d kill for a Nobel Peace Prize.

2 – Borrow money from pessimists — they don’t expect it back.

3 – Half the people you know are below average.

4 – 99% of lawyers give the rest a bad name.

5 – 82.7% of all statistics are made up on the spot.

6 – A conscience is what hurts when all your other parts feel so good.

7 – A clear conscience is usually the sign of a bad memory.

8 – If you want the rainbow, you got to put up with the rain.

9 – All those who believe in psycho kinesis, raise my hand.

10 – The early bird may get the worm, but the second mouse gets the cheese.

11 – I almost had a psychic girlfriend, ….. But she left me before we met.

12 – OK, so what’s the speed of dark?

13 – How do you tell when you’re out of invisible ink?

14 – If everything seems to be going well, you have obviously overlooked something.

15 – Depression is merely anger without enthusiasm.

16 – When everything is coming your way, you’re in the wrong lane.

17 – Ambition is a poor excuse for not having enough sense to be lazy.

18 – Hard work pays off in the future; laziness pays off now.

19 – I intend to live forever … So far, so good.

20 – If Barbie is so popular, why do you have to buy her friends?

21 – Eagles may soar, but weasels don’t get sucked into jet engines.

22 – What happens if you get scared half to death twice?

23 – My mechanic told me, “I couldn’t repair your brakes, so I made your horn louder.”

24 – Why do psychics have to ask you for your name

25 – If at first you don’t succeed, destroy all evidence that you tried.

26 – A conclusion is the place where you got tired of thinking.

27 – Experience is something you don’t get until just after you need it.

28 – The hardness of the butter is proportional to the softness of the bread.

29 – To steal ideas from one person is plagiarism; to steal from many is research.

30 – The problem with the gene pool is that there is no lifeguard.

31 – The sooner you fall behind, the more time you’ll have to catch up.

32 – The colder the x-ray table, the more of your body is required to be on it.

33 – Everyone has a photographic memory; some just don’t have film.

34 – If at first you don’t succeed, skydiving is not for you.

35 – If your car could travel at the speed of light, would your headlights work?

Clarence

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