ASX 200 rose 72 points to 7122 (+1.0%), hitting three-week highs during trade, piggybacking off the tech rally on Wall Street overnight. Tech stocks led the market today, NXT up 1.8%, MP1 +4.3%, WBT +7.2%, and SQ2 +2.4%. All-Tech Index up 1.5%. Most sectors were positive. REITS only negative sector, down 0.2%. Financials regained their footing, with big banks clawing back yesterday’s losses CBA +1.5%, NAB +2.3%, ANZ +0.9%, and WBC +1.5%. The Big Bank Basket rose to $169.98 (+1.5%). Base Metals and Resources in demand, BHP +2.4%, FMG +2.1%, and RIO up 1.8%. Lithium stocks solid, PMT up 1.7% on strong lithium drilling results. Telecoms better, led by Telstra (TSL), hitting $4.24 today its highest level since July 2017 before closing down 0.2%. Elsewhere, GMG was down 0.5%, WES off 0.5%, and CHC fell 0.9% as capital flowed to resources and tech stocks. On the corporate front, ZIP up 3.7% on news it plans to sell its Middle East operations, and it signed deals to sell its European business Twisto and Payflex in South Africa. In economic news, job vacancies in February fell 1% from November, showing signs the labour market is tightening, but demand for labour remains high. Employers across Australia in all industries reported Job vacancies in February are nearly double what they were three years ago before the start of the pandemic. Asian markets down, Japan plunged 1.0%, HK down 0.7%, and China off 0.2%. 10-year yields at 3.34%. Dow Jones futures up 2 points. NASDAQ futures down 8 points.

HEADLINES

• Winners: A4N, IMD, RNU, PDN, WBT, GNE, IRE
• Losers: 29M, MCR, GOR, CMM, 360, CMW, APM, AGY
• Positive sectors: Iron Ore. Banks. Lithium. Tech.
• Negative sectors: REITs. Gold Miners.
• High 7127 Low 7072 Holding at higher levels.
• Big Bank Basket Rallies hard to $169.98(+1.5%)
• All-Tech index: Up 1.5%
• Gold unchanged at $2932
• Bitcoin: rallies to US$28,515
• Aussie Dollar: Higher at 66.80c
• 10-Year Yield: Inflation cools slightly. Yields unchanged at 3.29%.
• Asian markets: Japan down 0.8%, HK down 0.7% and China down 0.3%.
• US Futures: Dow up 2 Nasdaq down 8

MAJOR MOVERS

• A4N +14.48% bouncing back.
• PDN +8.33% interest in uranium emerging again.
• INR +5.26% LKE +4.44% bit of bargain hunting.
• WBT +7.22% SPP booklet. It’s a ripper read.
• ASO +13.64% stirring.
• CNB +6.11% streets ahead. Stunning results at Mt Hope Central
• APX +10.95% should have bought some, looking better.
• GL1 +11.63% finding favour.
• MCR -5.67% the nickel that BHP rejects makes MCR pull guidance. Wyloo considering options.
• 29M -6,72% broker downgrade
• GOR -3.88% DEG -1.97% bullion slips.
• AQZ -1.73% low volume
• MME -19.05% raising money to pay down debt.
• SPECULATIVE STOCK OF THE DAY: American Rare Earths (ARR) +16.67% announced a 1.43bn tonne JORC resource at Halleck Creek.

COMPANY NEWS

• Liontown Resources (LTR) – Bell Potter lifts valuation on takeover for LTR from $2.81 per share to $3.35 per share. Albemarle offered a 2.50c per share takeover for LTR on Tuesday worth $5.2bn, which LTR rejected.
• Zip Co Limited (ZIP) announces it has signed agreements to divest its wholly owned business in Central Eastern Europe and South Africa and is on track with the tail wind of its business in the Middle East. Subject to closing conditions and regulatory approval.
• HMC Capital (HMC) – Has grown its assets under management to $7.5bn with a $1.2bn acquisition of the Healthscope Hospital Portfolio and the launch of a new $2bn+ healthcare and life sciences Unlisted Fund.
• Mincor Resources (MCR) – Has withdrawn its guidance due to uncertainty over the future acceptance of off-specification products by BHP at its Kambalda Nickel Concentrator. Mincor will continue to deliver on-specification ore to BHP and is working on improving its mine plan to consistently deliver on-specification product.
• Syrah Resources (SYA) – Announces an update to the Balama Graphite Operation’s Ore Reserve and Mineral Resource, estimating 110.3 Mt at 16.4% Total Graphite Carbon (TGC)and 1,035.7 Mt at 11.6% TGC, with a forecasted 50+ year mine life.
• Weebit Nano (WBT) – Released SPP aiming to raise $10m at 500cps.
• HealthCo Healthcare and Wellness REIT (HCW) – Announced a deal to buy 11 private hospitals from Healthscope for $1.2bn. HCW is expected to join the ASX 300 Index as a result of the deal.
• Link Group (LNK) – Extended the deadline for the sale of its Fund Solutions Business in the UK due to ongoing negotiations with the Financial Conduct Authority (FCA) over the role of the business in the collapse of an investment fund, and has said there is no guarantee that it will reach a settlement with the UK regulator.
• Patriot Battery Metals (PMT) – Announced new high-grade drilling results at its Corvette tenement in British Columbia, with the latest drilling finding 83.7m of lithium deposits.

ECONOMICS & OTHER NEWS

• Job vacancies in Australia have decreased by 1.5% to 438,500 for the three months to February. This is down from 444,200 in November 2022, representing a 4.9% decrease over the three months from August 2022.

This is interesting:

• NAB’s economics team has run the ruler over the total of 438,500 job vacancies in February 2023, which is down 1.5% on the 444,200 in November 2022. “The number of unemployed persons per job vacancy remains around record lows, moving marginally higher to 1.16 unemployed persons per vacancy after 3 quarters at 1.1. That compares to above 3 prior to the pandemic,” NAB said.

ASIAN MARKETS

• Taiwan President touches down in USA.
• Premier Li Qiang called China an “anchor for world peace” while expressing optimism about the recovery in the world’s second-biggest economy.
• Saudi Arabia’s cabinet approved a decision to join a China-led security bloc, strengthening Riyadh’s eastern ties in a further step away from U.S. interests. Lucky the US sold them all those shiney weapons.
• China’s strong demand for commodities to exceed post-2008 crisis says Twiggy Forrest.
• Japan may face a shortage of more than 11 million workers by 2040, a study has found.

US AND EUROPEAN HEADLINES

• Disney ousts Marvel chair after he clashed with CEO Iger.
• Yellen says she expects Ajay Banga to be elected World Bank president.
• Switzerland to revive talks with EU on forging closer ties .
• Tesla’s price war in China backfires as BYD sales surge.
• US pending home sales.
• UK Consumer credit data.
• Buying the dip is enjoying by one measure its second-best year in a century. The S&P 500 has gained an average 0.3% following any down days this year, on pace for the second-biggest rebound in data going back to 1927.

And finally….

Clarence

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