The ASX 200 rose 26 points to 8641 (0.3%) as confidence increased for an end to the war as oil prices fell slightly in Asia. A mixed session with the banks steady as CBA rose 0.6% with the Big Bank Basket steady at $302.98 (+0.1%). MQG jumped 0.9% on news of a Kuwait pipeline deal not proceeding. Other financials slightly firmer, MFG up 1.9% and GQG up 1.8%. Healthcare was slightly better with SIG up 0.8% and RMD gaining 0.8%. CSL still struggling down 2.2%. Tech mixed, XRO up 2.3% with WTC falling 1.3% and the All-Tech Index up 0.7%. Utilities were firm.

In resources, BHP rose 0.7% on its succession plan, rare earths stocks mixed, LYC up 1.9% and ARU up 1.9%. Lithium stocks slid, CXO announced a funding package to allow its project to reopen. Gold miners were mixed, BGL up 1.3% and NST gaining 1.4% with WGX falling 1.1%. Coal miners found some friends, NHC up 5.9% and uranium stocks pushing a little higher. PDN up 1.2% and BMN rising 2.2%.

In corporate news, SGM rallied 9.9% on a positive trading update, NVX fell 3.6% after a Nasdaq warning on closing price requirements. WDS has a new boss, same as the old boss.

Nothing on the economic front as banks, and other raised rates in unison today.

10-year yields lower at 4.89%.

Asian market better on oil prices, Japan up 2.6%, HK down 0.2% and China down 0.3%. Oil slightly lower in Asian trade.

US Futures: Dow up 225 Nasdaq up 130

HIGHLIGHTS

• Winners: WBT, DRO, SGM, EOS, WEB, DTR, TLX
• Losers: SGQ, AUC, ELV, EQR, MEK, IPX
• Positive Sectors: REITs. Tech. Financials. Rare earths.
• Negative Sectors: Gold miners. Insurers.
• ASX 200 Hi 8655 Lo 8602 Narrow range again.  
• Big Bank Basket: Rises to $302.98 (+0.1%)
• All-Tech Index: Up 0.7%
• Gold: Eases to $7006
• Bitcoin: Higher at US$74333
• 10-year yields: Slips to 4.89% on RBA.
• AUD: Rises to 71.14c on RBA hike.
• Oil pulls back on Iraq – Turkey agreement.
• Dow up 140 Nasdaq up 148

MARKET MOVERS

• WBT +10.5% chip shortage.
• SGM +9.9% trading update.
• DRO +10.5% EOS +9.0% defence spending on drones.
• DTR +6.3% rally continues
• NHC +5.9% solid bounce on broker research.
• RPL +4.9% buyback update.
• RAC +10.2% presenting to AACR annual meeting.
• CSL -2.2% wins South America flu vaccine tender.
• AZY +11.0% nice rally.
• CXO unchanged – secures $170m funding package to reopen.
• TTX -14.8% profit taking.
• DXB -5.2% reverses rally.
• EQR -6.5% profit taking.
• ELV -6.5% files tech report for NAL expansion.
• BTR -6.9% cleansing notice.
• SGQ -7.4% under pressure from a dragon.
• Yesterday’s SSOTD AL3 +5.9%
• Speculative Stock of the Day: LSR +46.2% confirms high grade heavy rare earths at Virgin Mountain USA.

ECONOMIC AND OTHER NEWS

• Japan exports beat forecasts with 4.2% growth in February, but shipments to China and U.S. slump.
• Aluminium, one of the metals most directly affected by the war in Iran, is struggling to attract buyers in China after prices surged to a four-year high.
• US diesel prices are now up 34% since the excursion began.
• All about the Fed tonight.
• Many Asian and European airlines have cancelled flights in and out of Dubai. Some until September!
• Iran has now launched attacks against every Gulf nation.
• Iran launches retaliatory strikes on Israel and U.S. assets after security chief Larijani is killed.
• Drone company backed by Erik Prince surges 500% in Wall Street debut
• Oil dipped as Iraq signed a deal to resume exports via Turkey that avoids the Strait of Hormuz.
• JPMorgan halts $5.3bn Qualtrics debt deal as AI fears chill demand.
• The USS Gerald R. Ford aircraft carrier is heading back to port after a fire broke out in its laundry area. It is the most expensive US warship ever built.
• With all eyes on Iran, hostilities continue between Afghanistan and Pakistan. Another British map line from 1893, causing problems. 400 killed in attack on Kabul.

And finally…..

Someone asked me how you weigh an elephant. It’s quite like weighing a person, but on a much larger scale.

Clarence

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