ASX 200 closed up 3 points at 7311 (0.05%). A good effort considering the downdraft of around 28 points from BHP and RIO ex-dividends. Solid gains across the board in a tight trading range with US jobs on Friday now the focal point after Powell. Banks higher again with CBA up 0.3% and WBC leading the charge up 1.2% with the Big Bank Basket up to $175.48 (0.6%). MQG flat, Insurers slightly higher with wealth managers mixed, AMP up 1.0% and MAF down 0.9%. Industrials better led by XRO in the tech space as it announced a new growth policy by cost-cutting. CPU up 0.9% with the AllTech Index doing well up 2.3%. Staples better, WES up 0.7% and TLS up 0.5% with BXB up 1.0%, and QAN continue to cruise at altitude up 0.4%. REITs positive too, healthcare eased CSL ex-div down 2.2% and RMD off 1.2%. Resources bounced back except for BHP and RIO, which fell on ex-divs, lithium stocks were better, LTR up 4.3% and PLS up 4.4% with MIN better by 1.9% and LYC finding some friends after JARE deal up 1.6%. Gold miners were slightly firmer on some bargain hunting, and energy stocks better WDS up 1.2% and STO up 1.1% and WHC bouncing hard up 5.6%. In corporate news, MYR stunned retail watchers with a great set of numbers and a special dividend. Solly will be happy. Up 18.3% on the news. XRO cut 800 jobs, Alta Fox reduced its stake in EML. 29M sank 4.7% on rain closing production in QLD, and lithium hopefuls A11 and PLL in a halt pending a response to a short seller attack. Nothing local on the economic front, but Chinese CPI coming in weaker than expected. 10-year yields 3.70%. Dow futures down 25 points and Nasdaq futures down 24.


  • Winners: MYR, WBT, XRO, RNU, ADT, NHC, WHC, ARU
  • Losers: HLI, BFL, MMS, 29M, TER, VSL, IMU, PPT, BRG
  • Positive sectors: Tech. REITs. Industrials. Banks.
  • Negative sectors: Nothing.
  • High 7329 Low 7290 Narrow range
  • Big Bank Basket: Rallies to $175.48 up 0.6%
  • All-Tech index: Up 2.3% XRO the star.
  • Gold steady at $2748
  • Bitcoin: Falls to US$21760
  • Aussie Dollar: Steadies to 65.97c
  • 10-Year Yield: Falls to 3.70%.
  • Asian markets: Asian markets mixed, Japan up 0.5%, China down 0.4% but HK up 0.2%
  • US Futures: Dow up 25 Nasdaq down 24


  • MYR +18.32% great update.
  • XRO +10.76% Cost cutting wins friends.
  • WBT +10.76% rally continues ahead of retail briefings next week.
  • ARU +5.31% bargain hunters.
  • WHC +5.55% becoming a substantial shareholder.
  • PLS +4.39% lithium not so depressed.
  • LIN +18.37% high grade REE extension at Kangankunde.
  • SLC +9.24% block trade relieves pressure,
  • EML +5.62% substantial shareholder notice.
  • AMA +4.08% smashed repaired.
  • 29M -4.70% heavy rain halts production.
  • GCY -37.21% re-instatement after capital raising.
  • NEU -2.67% nerves ahead of D-Day next week.
  • MMS -5.15% ceasing to be a substantial shareholder.
  • FZO -11.90% presentation to Hartleys Rottnest conference
  • Speculative Stock of the Day:Solstice Minerals (SLS) +12.90% after drill results at GSP revealed high-grade nickel sulphide.
  • Above Average Volumes: SLC, KAU, SEQ, MNG, AUN, COS, BUY


  • Atlantic Lithium (A11) has entered a trading halt after US-based Blue Orca Research launched a short attack, causing its shares to fall 32.2% on the London Stock Exchange will allegations of corruption. PLL also suspended on same report..
  • Myer Holdings (MYR) has reported a 101.4% jump in interim profit to $65m as sales rose 24.2% to $1.9bn over the 26-week period to January 28. The firm also declared a special dividend of 4c, on top of its interim dividend of 4c. MYR Warned of macro conditions and economic uncertainty.
  • Xero (XRO) plans to cut 700-800 roles globally and exit cloud-based lending platform Waddle, as part of a cost reduction program to achieve “disciplined growth”. The company expects to incur a write-down of $30-40m in FY23, and management is targeting an operating expense-to-revenue ratio in FY24 of around 75%.
  • 29Metals (29M) has suspended all production and non-essential activities at its Capricorn Copper operations in QLD following extreme rainfall. The suspension may last up to three-to-four weeks.
  • EML Payments (EML ) – Alta Fox Capital Alta Fox has reduced its stake in bombed-out EML Payments to 8.14%.


  • National Australia Bank and Westpac both passed through the full 25bps rise to mortgage borrowers. They also lifted some interest rates on deposit accounts as competition heats up for savers.
  • Australia is expected to buy as many as five US Virginia class nuclear-powered submarines in the 2030s as part of a landmark defence agreement between Washington, Canberra and London according to several US defence officials.
  • Bitcoin fell to a three-week low, sapped by the collapse of crypto-friendly bank Silvergate Capital and the prospect of higher-than-expected central bank interest rates.


  • China’s consumer inflation slowed sharply in February as economic activity let up following the end of Lunar New Year, while factory prices continued to decline.
  • CPI rose 1% last month from a year earlier, the National Bureau of Statistics said Thursday, down from 2.1% in January and well below an economists’ median estimate of 1.9%.
  • Core inflation, which doesn’t include volatile food and energy prices, ease to 0.6% from 1%.
  • Producer prices dropped 1.4% last month, following a 0.8% fall in January. Economists had expected a 1.3% decline.
  • Shares in Chinese suppliers of materials for semiconductors surged after unsubstantiated reports of impending Japanese export curbs circulated on social media.
  • Japanese GDP expanded at an annualised 0.1% in the fourth quarter from the year-earlier period, the Cabinet Office said on Thursday.
  • Bank of Japan will conclude Governor Kuroda’s final meeting Friday. Could be a surprise in store according to some. Goldman Sachs and BNP Paribas are among the minority flagging the risk of Kuroda adjusting or scrapping the central bank’s yield curve control program.


  • Crypto bank Silvergate to shut down in face of market turmoil.
  • Chinese AI groups use cloud services to evade US chip export controls.
  • VW puts European battery plant on hold as it seeks €10bn from US.
  • Total sales at the Amelia Island auction reached US$178.4m — a record for the event, topping the 2016 record of US$140m, according to classic-car insurance and events company Hagerty. A total of 43 cars sold for over US$1m, up from 33 last year, according to Hagerty. No sign of any slowdown here.
  • The most expensive car sold at Amelia Island was a 1962 Ferrari 250 GT SWB California Spider, sold at Gooding & Company for US$18m. Never get that for a Tesla.
  • Cathie Wood’s flagship Ark fund tops US$300mn in fees despite losses. Maybe she can afford a Ferrari now.

And finally…….