ASX 200 claws its way up 29 points to close at 6995 (+0.4%). Some mid-morning jitters before Asian markets opened and steadied the ship. Modest gains across the board, Banks better with CBA up 1.1% and NAB gaining 1.5% with the Big Bank Basket up to $168.78 (+1.0%). Insurers better with QBE up 2.1% and SUN up 0.8%. Fund managers are better too, MFG up 3.7% and PTM rallying 6.7%. Industrials firmed, TLS up 0.5% with WOW up 1.2% and WES up 0.5%. Nothing spectacular but solid. Healthcare eased slightly as CSL drifted 0.7% lower. REITS off slightly as 10-year yields rose and retailers doing better, HVN up 0.3% and LOV gaining 1.7%. In resources, lithium stocks rebounded nicely, PLS up 2.8% and AKEup 1.5% with LTR strong, up 8.2%. Gold miners slid, no surprise there as bullion fell a little. Iron ore stocks better led by FMG up 1.8% and oil and gas stocks did well as crude rebounded. WDS up 2.7% and STO rallying 1.6%. Coal stocks, slightly merry, NHC up 1.4%. In corporate news, IHR got another bid, KCN announced it had reopened Chatree after 6 years of legal battles. KLS returned to trade following the placement and acquisition. Nothing on the economic front ahead of Fed next week. Asian markets better, Japan up 1.1%, China up 1.6% and HK up 1.9%. 10-year yields up to 3.40%. Dow futures up 1 point. NASDAQ futures up 19 points.
- Winners: LTR, RSG, PRN, HPI, PDN, ADT, NEU
- Losers: SM1, KLS, INR, CTT, EVN, CMW, GOR
- Positive sectors: Lithium. Oil and gas. Coal. Banks. Insurers.Tech
- Negative sectors: REITs. Gold miners.
- High 6997 Low 6954 – Down 2.1% for the week.
- Big Bank Basket up to $168.78 up 1.0%
- All-Tech index: Up 0.9%
- Gold eases to $2876
- Bitcoin: Pushes ahead to US$27786
- Aussie Dollar: Rallies to 67.12.
- 10-Year Yield: Higher at 3.40%.
- Asian markets: Better with Japan up 1.1%, China up 1.6% and HK up 1.9%.
- US Futures: Dow up 1 Nasdaq up 19 – Quadruple Witching tonight.
- PRN +7.39% update on buy back.
- NEU +6.52% kicks again now up from 800c in five days.
- RF1 +6.0% bounces back.
- PDN +6.90% interest stirring.
- LTR +8.20% roaring ahead again.
- PTM +6.65% stirring.
- KCN +13.25% Chatree is open.
- CLG +21,21% ISP Tek Service acquisition.
- ASO +8.25% drilling commences along strike.
- CTT -5.74% luxury on the nose.
- KLS -7.43% placement and acquisition.
- HM1 -1.27% down and dirty.
- SM1 -7.93% two-year recovery and three-year guidance.
- Speculative Stock of the Day (So Far) intelliHR (IHR) +20.59% – Increased offer from TAG of 20c cash. The market obviously is hoping for a higher offer as it is trading above that.
- Magnis Energy (MNS) – Awarded $25m funding by SBC Global Investment Fund, which could potentially increase to $50m. This will help Magnis strengthen its financial position and speed up the development of its AAM business.
- Close the Loop (CLG) – Announced its acquisition of US-based ISP Tek Services and Captive Trade Corp, a trading platform, for up to $US66m. The move will enable Close the Loop to focus on resource recovery in North America.
- Regional Express (REX) – Deputy chairman John Sharp has questioned why rival regional airline Bonza has opted to fly between Coffs Harbour and Maroochydore, stating that both destinations are leisure locations and that Coffs Harbour has business connections with Sydney.
- Auckland International Airport (AIA) – To invest billions of dollars in building a new domestic terminal that will be integrated with the international terminal, creating a more sustainable airport that can handle increasing air traffic and meet climate change goals.
- Kelsian Group (KLS) – Completes Institutional Placements of $135m and Institutional Entitlement offer worth $98m. Offers were for $6.35 per share.
- Life360 (360) – Reports CY22 revenue of $228.3m, up 103% YoY with a net loss of $91.6m. Guidance has been provided with more than 50% YoY growth in subscription revenue for CY23. The company’s annualised monthly revenue was up 61% YoY to $224.4m, and they saw record growth in monthly active users, with almost 50m by year-end.
- Link Group (LNK) has agreed to sell its Banking & Credit Management (BCM) business to LC Financial Holdings Limited for up to €30m in cash. The sale is expected to be completed in the second half of 2023, subject to regulatory approval.
ECONOMICS & OTHER NEWS
- The Treasurer, Jim Chalmers, described the Australian banking system as “well-regulated” and “well-capitalised”.
- Direct exposure of the collapsed Silicon Valley Bank and Signature Bank to Asia-Pacific banks appear “limited,” according to credit ratings agency Fitch Ratings.
- ANZ Bank expects the Reserve Bank to continue to raise interest rates by 0.25% at both its April and May meetings, giving a terminal cash rate of 4.1%.
- Westpac says it now expects the Reserve Bank to keep interest rates on hold in April before a final increase of 0.25% at the May meeting.
- New Zealand will ban TikTok on devices with access to the parliamentary network because of cybersecurity concern.
- Baidu surged more than 14% after brokerages including Citigroup tested the company’s just-unveiled ChatGPT-like service and granted it their preliminary approval.
- Kim Jong Un Says ICBM Launch Before South Korea-Japan Summit Was to ‘Strike Fear’.
US AND EUROPEAN HEADLINES
- Quadruple witching tonight in US. Fed next week.
- European regulators criticise US ‘incompetence’ over SVB collapse.
- Treasury Secretary told senators that government refunds of uninsured deposits will not be extended to every bank that fails, only those that pose systemic risk to the financial system.
- Poland to send MiG-29 fighter jets to Ukraine ‘in coming days’.
- Pornhub owner sold to Canadian private equity firm.
- Microsoft is pitching the new AI technology as being “usefully wrong” when it stuffs up and gives the wrong answer.
- The world’s best airports have been named. Changi is #1. Doha came in second, Haneda in Tokyo third. Sydney nowhere. Melbourne #19.
These are from a book called Disorder in the American Courts and are things people actually said in court, word for word, taken down and now published by court reporters that had the torment of staying calm while these exchanges were actually taking place.
ATTORNEY: What was the first thing your husband said to you that morning?
WITNESS: He said, ‘Where am I, Cathy?’
ATTORNEY: And why did that upset you?
WITNESS: My name is Susan
ATTORNEY: This myasthenia gravis, does it affect your memory at all?
ATTORNEY: And in what ways does it affect your memory?
WITNESS: I forget..
ATTORNEY: You forget? Can you give us an example of something you forgot?
ATTORNEY: Now doctor, isn’t it true that when a person dies in his sleep, he doesn’t know about it until the next morning?
WITNESS: Did you actually pass the bar exam?
ATTORNEY: The youngest son, the 20-year-old, how old is he?
WITNESS: He’s 20, much like your IQ.
ATTORNEY: Were you present when your picture was taken?
WITNESS: Are you shitting me?
ATTORNEY: So the date of conception (of the baby) was August 8th?
ATTORNEY: And what were you doing at that time?
WITNESS: Getting laid.
ATTORNEY: She had three children, right?
ATTORNEY: How many were boys?
ATTORNEY: Were there any girls?
WITNESS: Your Honor, I think I need a different attorney. Can I get a new attorney?
ATTORNEY: How was your first marriage terminated?
WITNESS: By death…
ATTORNEY: And by whose death was it terminated?
WITNESS: Take a guess.
ATTORNEY: Can you describe the individual?
WITNESS: He was about medium height and had a beard
ATTORNEY: Was this a male or a female?
WITNESS: Unless the Circus was in town I’m going with male.
ATTORNEY: Is your appearance here this morning pursuant to a deposition notice which I sent to your attorney?
WITNESS: No, this is how I dress when I go to work.
ATTORNEY: Doctor, how many of your autopsies have you performed on dead people?
WITNESS: All of them… The live ones put up too much of a fight.
ATTORNEY: ALL your responses MUST be oral, OK? What school did you go to?
ATTORNEY: Do you recall the time that you examined the body?
WITNESS: The autopsy started around 8:30 PM
ATTORNEY: And Mr. Denton was dead at the time?
WITNESS: If not, he was by the time I finished.
ATTORNEY: Doctor, before you performed the autopsy, did you check for a pulse?
ATTORNEY: Did you check for blood pressure?
ATTORNEY: Did you check for breathing?
ATTORNEY: So, then it is possible that the patient was alive when you began the autopsy?
ATTORNEY: How can you be so sure, Doctor?
WITNESS: Because his brain was sitting on my desk in a jar.
ATTORNEY: I see, but could the patient have still been alive, nevertheless?
WITNESS: Yes, it is possible that he could have been alive and practicing law.