The ASX 200 rallied 94 points to 8693 (1.1%) well off its highs as caution crept in. Banks were muted in the recovery with the Big Bank Basket up to $296.78 (1.5%). CBA up 1.4% and NAB up 1.7%. MQG bounced 1.6% and other financials also firmed but not getting too carried away. SUN up 2.8% with HUB gaining 0.4%. REITs firmed GMG up 0.9% and SCG up 1.1% with VCX falling 0.4%. Industrials firm without conviction, CSL up 1.7% and WES rebounding 1.5%. SGH rallied 1.1% and QAN gained 0.5%. Tech was slightly better, WTC up 0.8% and REA up 1.4% with the All-Tech Index up 1.9%.

In resources, BHP rallied 2.3% with RIO up only 0.6% as Mongolia questioning Oyu Tolgoi deal. Lithium stocks marched higher, PLS up 5.2% and LTR rising 5.4%. Gold miners rallied but muted, EVN up 1.7% and NEM up 2.0%. Copper stocks rallied, SFR up 5.8% and CSC rising 2.2%. Oil and gas stocks fell hard as crude dropped, WDS down 3.8% and STO off 3.5%. Coal stocks also feeling unloved, NHC down 2.7% and WHC off 1.2%. Uranium stocks bounced hard, PDN up 6.7%.

In corporate news, ORI dipped 3.4% on a $100m cost reduction program, TLX rose 7.8% on promising TLX591 news. CSL announced it was expanding its US manufacturing capacity.

In economic news, the Westpac–Melbourne Institute consumer sentiment index rose 1.2% to 91.6 in March, from 90.5 in February, whilst the ANZ Roy Morgan consumer numbers showed a drop of 3.7pts to 73.4.

10-year yields drop to 4.85%.

Asian market recover, Japan up 2.3%, HK up 1.6% and China up 1.1%. Korea KOSPI up 4.4%

US Futures down DJ down 111 Nasdaq down 56.

HIGHLIGHTS

• Winners: TVN, DTR, 360, LIN, NEU, 4DX.
• Losers: PNR, HLI, KAR, CRN, SX2, ALD, BPT.
• Positive Sectors: Banks. Gold miners. Tech. Lithium. Healthcare.
• Negative Sectors: Oil and gas. Coal miners.
• ASX 200 Hi 8751 Lo 8654
• Big Bank Basket: Rises to $296.78(+1.5%)
• All-Tech Index: Up 1.9%
• Gold: Steady at $7324
• Bitcoin: Rises to US$70027
• 10-year yields: Drops to 4.85%
• AUD: Firms to 70.57c.
• Dow down 188 Nasdaq down 99

MARKET MOVERS

• DTR +10.5% solid bounce.
• TVN +12.5% solid bounce
• NEU +9.2% buyback update.
• 4DX +9.1% LW article.
• EQR +5.0% volatility continues.
• DRO +8.4% kicks on LW article.
• SGI +12.4% change of director’s interest.
• POL +10.0% appendix 3-Y.
• PNR -22.5% guidance downgrade.
• KAR -6.8% oil price falls.
• BPT -4.3% oil price falls.
• SEK -3.5% broker downgrade.
• NHC -2.7% coal stocks under pressure.
• COL – 2.8% ex dividend.
• AT4 -16.1% Investor webinar.
• Speculative Stock of the Day: Nothing on any volume.

ECONOMIC AND OTHER NEWS

• The ANZ-Roy Morgan weekly consumer confidence index dropped 3.7 points to 73.4 in the past week, its weakest level since July 2023, while the four-week average slipped to 77.

• Bank of America is the first bank to tip a rate hike to 4.1% at next week’s policy meeting.
• Commonwealth Bank data shows wages growth remained stable in early 2026, with pays rising 0.7% over the three months to February and 3.1% over the year.
• The Westpac–Melbourne Institute consumer sentiment index rose 1.2% to 91.6 in March, from 90.5 in February, though consumers remain firmly pessimistic.
• Total dwellings approved in January 2026 fell 7.2% to 14,564, following a 14.9% drop in December.
• ABS data indicates that dwelling approvals declined 15.8% in the past year despite the country’s population rising by 420,100 during that time.
• China’s exports surge 21.8% in first 2 months of this year. Highest on record in the combined January-February period. The trade balance surged to $213.62bn, compared with expectations of $179.6bn.
• Mongolia presses Rio Tinto to rewrite ‘unfair’ terms of $18bn Oyu Tolgoi mine.
• Energy ministers from the Group of Seven nations will hold a virtual meeting Tuesday morning to discuss a potential release of oil reserves.
• Aramco Earnings – Buyback announced.

And finally…..

Clarence

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