The ASX 200 had a quiet day bucking the downdraft from US markets rising 9 to 7387 (0.1%). It was a tale of two sectors, banks down, resources up. The banks weakened ever so slightly despite another $2.5bn buyback from NAB, CBA down 0.1%, ANZ off 0.6% and the Basket down to $190.75. MQG down a little, off 1.7% and insurers flat. Healthcare slid with CSL flat, RMD copping a downgrade after FPH guidance down 3.5% and RMD off 4.2%. Industrials sideways today, WES fell 0.4%, JHX down 3.4% as US housing slipping in latest numbers. Tech stocks fell with SQ2 down 2.3%, WTC down 0.1% and XRO off 0.2%. The All-Tech Index down 0.8%. Resources doing ok, BHP up 1.8%, RIO up 2.0% and MGX up 8.1%. Lithium took a break, S32 better by 1.0% and BKY smashing it up 21.7% chasing the Spanish listing higher. Energy stocks as expected better, STO up 1.5%, WPL up 2.8% and WHC up 6.5%. In corporate news, JBH rose 4.3% after another set of good numbers, bullet proof it seems. BKW up 5.0% after record numbers and raising prices, and UWL back and down 0.6% despite Macquarie and PSP circling. CWN looks to have clung on to its Perth licence, just up 0.2% on the news. Asian markets slightly weaker with Japan down 0.5% with China down 0.7% and HK up 0.2%. 10-year yields at 2.73%
- Winners: MGX, AVZ, WHC, BKW, JBH, YAL, OCL, DDR
- Losers: 88E, TLX, IHL, RED, OML, ADT, AMI, CVN
- Positive sectors: Iron ore. Oil and gas. Coal. Gold miners.
- Negative sectors: Techs. Sleep machines.
- Hi 7399 Lo 7356
- Big Bank Basket: Steady at $190.79
- All-Tech index: Down 0.8%
- Gold: Rallies to $2595
- Bitcoin: Rises to US$42890
- Aussie Dollar: Rises to 74.73c 10-YEAR YIELD: Eases back to 2.73%.
- Asian markets slightly weaker with Japan down 0.5% with China down 0.7% and HK up 0.2%
- US Futures: Dow up 70- Nasdaq up 70
STOCKS ON THE MOVE
- AVZ +7.28% lithium rally continues.
- MGX +8.11% iron ore play.
- WHC +6.51% coal price rises.
- BKW +4.96% results and price increases.
- JBH +4.34% bullet proof.
- BKY +21.74% Spanish uranium stock, follows overseas listing higher.
- CWN +0.24% company retains Perth licence.
- TIG +16.67% coal prices.
- AVL +15.25% vanadium stocks doing well.
- SEK -1.19% downgraded by Macquarie.
- 88E -8.11% disappointing drill results.
- ADT -6.15% sovereign risk maybe.
- CVN -5.48% profit taking.
- IHL -6.43% acquisition of APIRx Pharma.
- AMI -5.71% presentation.
- EOS -11.89% profit taking.
- Z1P -5.17% comes undone.
- CTT -4.83% slide continues.
- Speculative stock of the Day: Blue Energy (BLU) +25.35% oil and gas allure. Decent volume. 17.3m shares.
IN THE NEWS
- Helloworld Travel (HLO) expects break-even or slightly better June quarter and modest profitability throughout FY23.
- Uniti Group (UWL) confirms receipt of competing bid at 500c from Macquarie Asset Management and PSP Investments.
- Qube Holdings (QUB) CFO Paul Lewis to step-down, Mark Wratten appointed replacement.
- JB Hi-Fi (JBH) reports solid sales growth in the third quarter. Management said it continues to see heightened customer demand and strong sales growth. Cost control and inventory management helping gross margins, particularly in The Good Guys. Share price stuck in a sideways trading range.
- Janus Henderson Group (JHG) announces Ali Dibadj as its next CEO. He joins the company from AllianceBernstein Holding L.P. where he was CFO & Head of Strategy since February 2021.
- National Australia Bank (NAB) has completed its $2.5bn on-market share buyback, and announced it will start a further on-market buyback of up to $2.5bn following its 2022 half-year results on 5 May. NAB said the buyback would help to reduce its core equity tier one ratio to between 10.75% and 11.25% over time, from 12.34% at the end of December 2021.
- Brickworks (BKW)– Results today show$581m in after-tax profits for six months to the end of January, its largest first-half result on recordhas lifted prices across its bricks, roofing tiles and masonry range to take into account inflationary pressures. The biggest price increase has been in roof tiles, where the installed price of those products is now 20% above last year.
- Soul Patts (SOL) – revenues soaring to $1.3 billion as the company integrated Milton, a rival investment group it acquired last year.
- EBO – The ACCC says it will not oppose the proposed acquisition of Australian Pacific Health Supplies and its subsidiaries by EBOS Group through its subsidiary EBOS Medical Devices Australia.
- Synlait Milk (SM1) has increased its forecast base milk price for the 2021/2022 season to $9.60 per kilogram of milk solids (kgMS) from $9.25/kgMS.
- Southern Cross Media Group (SXL) is intending to conduct an on-market buyback to purchase up to $40m. The company also said it had received unsolicited approaches from several parties indicating potential interest in acquiring SCA’s regional television assets.
ECONOMIC NEWS/ BOND MARKETS
- Private sector expansion continues despite record prices. Flash manufacturing and services PMIs both moving further into expansion territory.
- Singapore moves to live with CV19. Travel and mask rules eased.
- Toshiba shareholders reject plan to Break into two parts
- Authorities said the device appears to be a cockpit voice recorder and sent it to Beijing for analysis.
- Tencent posts its slowest revenue growth of US$22.6bn up 8%. Not enough. Stock down 4.2% in Asian trade.
US AND EUROPEAN NEWS
- If you though the LME Nickel reopening was chaotic, wait until the Russian stock market reopens. Shortened four-hour trading session will have 33 stocks including some of the nation’s biggest companies, such as Gazprom PJSC and Sberbank PJSC return to trade. However, foreigners won’t be allowed to sell equities in a ban scheduled to last until April 1, and short selling won’t be permitted.
- Major Russian oil pipeline could be closed for up to two months after ‘storm damage’.
- Biden meeting with allies and NATO members today. Additional support coming including nuclear and biological defences.
- ‘Chelski’ is to be allowed a GBP30m cash injection from parent company.
- Wall Street average bonus last year was US$257,500.
- UK Chancellor gives little away in Spring Statement, saves ammo for electioneering. Sound familiar.
- MacKenzie Scott donates US$3.86bn to charity.
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