ASX 200 falls 13 points to 6955 (-0.2%) rallying quietly from the open as US futures stayed positive.ASX 200 down 0.55% this week. Feels like more. Resources turn to be modestly stronger today. Lithium stocks bounced but not convinced, PLS up 3.8% and MIN up 0.6% with LTR rallying 4.2%. Iron ore stocks better, RIO up 0.2% and gold stocks doing well as AUD gold approaches $3000. EVN up 2.8%, NST up 0.8% and SBM up 4.0%. Oil and gas stocks drifting lower, coal eased. Banks were weaker again, CBA dropping 1.2% with NAB under pressure down 1.6% as the media continues to focus on the banking sector and echoes of the GFC. The Big Bank Basket down to $166.74 (-1.2%). MQG giving back a little down 0.8% and wealth managers mixed. MFG up 2.5%. Insurers eased. Industrials mixed, WOW up 0.2% and EDV up 0.3% with ALL still doing well up 1.1% with REITs mixed. Tech eased with the All–Tech Index down 0.6%. In corporate news, EHE attracted the interest of PE with a 300c bid, Block Inc (SQ2) was attacked by Hindenberg and dropped 18.4% on the allegations. WBT returned after its excellent adventure on being front run and dropped 10.3%. Nothing on the economic front locally. Japanese CPI at highs. Asian markets modestly weaker. 10-year yields down to 3.22%. Dow futures up 29 points. NASDAQ futures up 8 points.

HEADLINES

• Winners: EHE, TUA, TIE, A4N, BRN, AGL, LKE
• Losers: SQ2, WBT, BKW, HLS, CRN, APM, ECX
• Positive sectors: Lithium. Gold. Iron ore. Base metals.
• Negative sectors: Banks. Oil and gas. Coal.
• High 6961 Low 6923
• ASX 200 down 0.55% for the week.
• Big Bank Basket down to $166.74 (1.2%)
• All-Tech index: Down 0.6%
• Gold higher to $2983
• Bitcoin: rises to US$28265
• Aussie Dollar: Lower at 66.80c
• 10-Year Yield: Pushing lower to 3.22%.
• Asian markets: Japan weaker down 0.2%, China down 0.5% and HK down 0.2%.
• US Futures: Dow up 29 Nasdaq up 8

MAJOR MOVERS

• EHE +14.1% private equity bid at 300c.
• AGY +4.88% slight bounce.
• TUA +12.13% rally continues.
• SBM +4.03% BGL +4.72% gold miners ok.
• PRN +4.11% buy back update.
• SZL +15.75% low volume rally.
• KCN +11.67% updated first gold pour at Chatree.
• MGV +11.11% 3D interactive model and PFS update.
• GL1 +5.77% Wave International appointed lead DFS engineer.
• SQ2 -18.40% Hindenberg report.
• WBT -10.29% share placement and SPP.
• BKW -4.59% broker reaction to results.
• RAC -8.27% leadership change.
• 88E -16.67% gives back gains.
• BET -unchanged -Tom Waterhouse sells down stake.
• OFX -5.00% broker downgrades.
• Speculative Stock of the Day:  Nothing today on any volume.
• Above average volume – C7A, NTL, C79, RCW

COMPANY NEWS

• Life360 (360) reported a $91.6m loss in 2022, up 173% from 2021’s loss of $33.6m. However, revenue jumped 103% to $228.3m from $112.6m.
• Medibank Private (MPL) – Technology and operations executive John Goodall has retired after over six years with MPL.
• IPH (IPH) expects its investigation into a recent cyberattack on its systems to take several weeks to complete.
• Chalice Mining Ltd (CHN) identifies two new priorty Ni-Cu-PGE targets at Ventures South West project. The two new targets have already been infilled sampled with Auger Soil Geochemistry with results still pending. Further follow-up work will likely include a ground electromagnetic (“EM”) survey and/or drilling subject to approvals.
• Westpac Banking Corporation (WBC) announces updates on reporting changes in the first half of 2023. Net profit will be the single measure the Group will use to assess overall financial performance simplifying financial reporting and providing greater transparency of performance.
• Estia health Ltd (EHE) confirms it has received a non-binding takeover proposal from Bain Capital at 300c cash. Board says take no action.
• Global Lithium Resources Ltd (GL1) anticipates the completion of the Manna Lithium Project Definitive Feasibility Study in Q4 CY23.

ECONOMICS & OTHER NEWS

• Judo Bank’s Australia Manufacturing PMI fell to 48.7 in March, from 50.5 in the previous month, signalling the sharpest contraction since May 2020, due to falls in new orders and outputs as higher interest rates and inflationary pressures affected demand. Labor demand continued to ease while the overall level of business confidence declined further, the lowest in almost three years.

• Ex-ASIC commissioner Cathie Armour will join the board of exchange operator Cboe Australia as a non-executive director.

ASIAN MARKETS

• Japanese CPI, which excludes volatile fresh food prices, rose 3.1% as expected in the 12 months to February, falling sharply from January’s reading of 4.2%. The reading was at its lowest level since September 2022, but was still well above the Bank of Japan’s 2% annual target.
• The au Jibun Bank’s purchasing managers index of activity in Japan’s service sector rose 0.2 points to 54.2, for its highest reading since October 2013.

• A young zebra named Sero, walked and ran around for hours in the busy streets of Seoul before emergency workers tranquilised the animal and brought it back to a zoo. True Gangnam style.

US AND EUROPEAN HEADLINES

• European markets expected to open around 0.5-1% lower.
• Spare a thought for Jack Dorsey. His net worth was slashed $US526m on Thursday as the Hindenberg struck an ice Block.

• Accenture to axe 19,000 jobs.
• Bids are in for Manchester United.
• China calls on urged Europe to play a role in supporting peace talks for Russia’s war in Ukraine.

And finally….

Clarence

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