The ASX 200 jumped another 63 points to 7356 (+1.0%) as commodity and energy stocks led the charge. Well off highs of nearly 100 points up. Miners leading the way, BHP up 5.1% accounting for 35 points alone. RIO up 3% and FMG up 1.2% joined in with lithium and base metal stocks in demand. PLS up 4.5% and MIN up 4.9%. S32 put in another good day up 3.1% with gold miners also in demand despite no bullion movement, NCM up 2.8% and NST rallying 1.9%. Energy stocks in demand, oil up again in Asian trade, STO up 2.2%, WPL up 1.6% and YAL doing well rising 3.0%. NHC ran 8.5% better on news of a special dividend and increased interim as higher coal prices turbo charging results. Banks were the other movers and shakers with the Big Bank Basket up to $188.59 (+0.45%), CBA up 0.4% and NAB up 1.1% as 10-year bond yields soared to 2.72%. MQG up 1.3% on a broker upgrade and Insurers better too, QBE up 2.5%. Industrials missed the fun with healthcare up flat with CSL down 0.6% and RHC up 1.3% after an approach for its Asian business.  Tech slightly sloppy, SQ2 down 5.1% taking Z1P down 4.1% and XRO down 2.6%. The All-Tech Index fell 0.9%. In corporate news, BLD fell 3.5% after an update on heavy rain recently. In economic news, ANZ Consumer confidence fell 4.8% last week as fuel price rises hit. Asian markets skipped higher in Japan by 1.2% and HK by 1.2% with China up slightly.

End of Day Podcast – Tuesday, March 22

Major Movers:

  • Winners: RNU, NHC, AMI, SYR, AGY, SYR, SWM
  • Losers: BFL, 5EA, SM1, SQ2, NEU, 360, ZX1P
  • Positive sectors: Banks. Insurers. Resources. Lithium. Energy
  • Negative sectors: Healthcare. REITS. Industrials
  • High 7377 Low 7312
  • Oil up over 3% in Asian trade
  • Big Bank Basket: Rises to $188.59 (+0.45%)
  • All-Tech index: Down 0.9%
  • Gold: Lower at $2602
  • Bitcoin: Steady at US$40899
  • Aussie Dollar:  Steady at 73.89c
  • 10-Year Yield: Kicks to 2.72%. RBA under pressure on rates.
  • Asian markets better, with Japan up 1.2% and HK up 1.2% with China missing the memo and flat.
  • US Futures: Dow down 49, Nasdaq down 67

Stocks on the Move

  • RNU +13.79% graphite and uranium exposure.
  • SMR +7.78% coal and energy stocks on the rise.
  • NHC +8.53% special dividend.
  • SYR +7.25% change of director’s interest.
  • AGY +7.59% lithium stocks on the charge.
  • MCR +6.70% nickel stocks attracting attention.
  • TIG +16.67% coal bounce.
  • STA +14.49% Tajiri project environmental approvals.
  • 360 -4.80% profit taking.
  • Z1P -4.08% follows the Block down.
  • SQ2 -5.10% Blocks fall.
  • BET -3.79% tech under pressure
  • CXL -3.73% profit taking.
  • BLD -3.48% rain damaged.
  • GL1 -6.48% profit takers move in.
  • IXR -5.63% Tranche 6 drill results.
  • Speculative stock of the Day: Blast from the past ResApp (RAP ) +35.48% CV19 Investor presentation following positive results from CV19 screening test.

In the News

  • Ramsay (RHC) confirms it received an offer for its Asian JV.
  • Mayne Pharma (MYX) has made some management changes.
  • KGL Resources (KGL) has entered into a binding agreement with Glencore for the sale of copper from its Jervois project.
  • Boral (BLD) expects $23m earnings hit from ‘extreme rainfall’ in NSW.
  • New Hope Corporation (NHC) has declared a special dividend of 13c per share. On the back of high coal prices, the company reported a $330m profit for the 6 months to January 31, compared to a $55m loss for the period last year.
  • Amcor (AMC) has provided an update on its Russia operations. AMC currently has three factories in Russia that generate 2% to 3% of total sales. The company stated it will be focusing on supporting only existing multinational customers, will be suspending new projects and investments, and discontinue exports from Russia as soon as possible.

Economic News/Bond Markets

  • ANZ consumer confidence fell 4.8% last week, its lowest level since early September 2020 when Victoria was suffering its second wave of COVID-19.

Asian Markets

  • All 132 passengers onboard a China Eastern flight are presumed dead after the crash.
  • Tencent expected to report slowest growth on record.
  • Alibaba hikes its Buyback to US$25bn.
  • Evergrande Group property services unit said it was investigating how 13.4 billion yuan (US$2.1bn) of its deposits were used as security for pledge guarantees and enforced by banks.
  • Russia will stop negotiations with Japan on a peace treaty that would officially end a conflict dating back to World War II, after Tokyo imposed unprecedented sanctions over President Vladimir Putin’s assault on Ukraine.
  • Japan is scrambling to keep the lights on in Tokyo, as freezing temperatures and power plant outages puts the nation’s capital at risk of rolling blackouts

US and European News

  • Biden has warned US companies that a cyberattack is coming.
  • Nestle staying in Russia despite criticism.
  • Russia has reregistered US$10bn worth of plane grounded in the country belonging to other nations and airlines.
  • EU considering oil sanctions against Russia. Germany still a hold out.
  • Elon Musk opens the first EU Gigafactory in Berlin.

And finally….

Clarence