The ASX 200 rose 31 points to 8614 (0.4%) despite the RBA raising rates as expected. The vote was close though, 5-4, a dovish hike. Banks were firm on the rate hike, CBA up 0.3% and the Big Bank Basket up to $302.60 (0.5%). Insurers better, even REITs firmed with GMG up 1.2% and SCG rising 1.1%. Healthcare under pressure, RMD falling another 0.6% and SIG down 1.1%. Industrials mixed, WES down 1.6% and ALL off 2.0% with REA and CAR falling again. Tech remains on the nose, WTC down 3.0% and XRO off 1.7%. The All -Tech Index down 1.4%.

In resources, iron ore stocks steadied, BHP up % and gold miners showing gains with bargain hunters emerging. EVN up 3.7% and GGP up 3.9%. Lithium and rare earths slid slightly, PLS down 1.9% and LYC off 4.6% on profit taking. Oil and gas mixed, STO up WDS down. Coal stocks under pressure with uranium stocks slightly firmer.

In corporate news, PPM fell 14.9% as CGF amended its NBIO downwards. PXA also slightly firmer on a deal to divest ‘Informed Decisions’. WAF rose 5.8% after stronger results and OBM gained on a broker upgrade.

On the economic front, the RBA increased rates by 25bps as anticipated. Close call though. Consumer confidence has fallen to the lowest since March 2020. The ACCC is talking to fuel companies too.

10-year yields steady at 4.92%. Asian market better on oil prices, Japan up 0.3%, HK up 0.7% and China up 0.2%. Oil slightly higher in Asian trade.

US Futures: Dow down 95 Nasdaq down 57

HIGHLIGHTS

• Winners: PNR, KCN, OBM, NMG, CYL, BOE, TLX
• Losers: PPM, EOS, EQR, SRL, TPW, NHC, TVN
• Positive Sectors: Banks. Gold Miners. Iron ore.
• Negative Sectors: Healthcare. Lithium. Tech.
• ASX 200 Hi 8633 Lo 8577 Narrow range.  
• Big Bank Basket: Rises to $302.60 (+0.5%)
• All-Tech Index: Down 1.4%
• Gold: Eases to $7120
• Bitcoin: Higher at US$74269
• 10-year yields: Slips to 4.92% on RBA.
• AUD: Falls to 70.85c on RBA hike.
• Dow down 125 Nasdaq down 62

MARKET MOVERS

• PNR +12.0% rethink
• OBM +9.1% gold miners jump.
• KCN +9.4% gold buyers.
• WAF +5.8% $567m NPAT delivered.
• DXB +10.0% nice bounce.
• NYR +7.1% buyers back.
• MEK +9.1% processing upgrade to 800ktpa.
• TTX +10.0% kicks again.
• SRL -10.0% volatility continues. No reason.
• PPM -14.9% Challenger amends price.
• TPW -7.6% sliding again.
• NHC -6.4% results underwhelm.
• EIQ -13.0% cleansing notice.
• QOR -7.5% change of director’s interest.
• FRS -7.2% sold off again.
• EOS -17.0% CEO to sell shares.
• Speculative Stock of the Day: AL3 +25.9% Record $9.9m US Navy order sends stock higher.

ECONOMIC AND OTHER NEWS

• RBA hikes rates 25bps but the board was a little spilt. 5-4.
• Global gold mine production hit a record 3672 tonnes in 2025, up 1% from a year earlier.
• Fed meeting begins tonight.
• Most actively managed Australian funds failed to outperform their benchmarks over the long term despite mixed results in 2025, according to the latest SPIVA Australia Scorecard.
• Consumer confidence has fallen to the lowest since March 2020, when the first pandemic lockdowns were announced, according to an ANZ and Roy Morgan survey. Consumer confidence fell 4.9 points last week to 68.5.
• Australian consumer spending rose 0.4% in February, taking total gains in the past year to 6.7%, driven by goods and services, according to NAB.
• Goods spending increased 0.4% as gains across most categories offset a 3% fall in fuel spending, while services spending rose 0.5% led by recreation and personal services.
• Travel spending declined for a third consecutive month.
• The European Union said it’s close to finalising a trade deal with Australia after years of negotiations.
• Hundreds feared dead in strike on Kabul hospital.
• Donald Trump says he will have the ‘honour’ of ‘taking Cuba in some form’ . Cigars all round!
• US diesel prices soar to almost $5 as Iran war pinches global supplies.
• British Airways cancels Dubai flights until summer.

And finally…..

My friend claims he glued himself to his autobiography. I don’t believe him, but that’s his story and he’s sticking to it.

Clarence

XXXXX