ASX 200 closed down 8 points to 7322 (-0.1%) in a flat day of trade. Market high of +2, and low of -23. Mining and material sectors were punished today, following a slew of poor production results BHP down 1.9%, RIO down 3.3% and FMG down 3.4%. Iron ore under pressure in Asia also a problem. REITS the best-performing sector, GMG, SCG, and VCX all posted gains over 1%, while LLC dragged down 3.0%. Lithium stocks mixed following Chile’s move to nationalise its lithium industry, MIN up 2.1%, PLS stronger 5.2%, AKE down 0.2%, and CXO gaining 1.6%. The Big Bank Basket topped $175.37 (+0.1%). Banks and insurers mixed, CBA +0.3%, ANZ -0.5%, QBE +0.5%, MPL -0.6%. Tech sector performed well today, All-Tech Index up 0.8%, SQ2 +2.3%, WTC +2.0%, and WBT +4.3%. Healthcare flew under the radar, CSL up 0.9%, SHL up 0.3%, and RMD up 2.1%. Retailers mixed. WES up 0.7%, DMP down 0.2%, ADH down 2.3%, and HVN rose 0.6%. In corporate news, FMG and S32 production results disappointed, BOE makes headwind on Honeymoon uranium project on track for December production, and IVC took a steep tumble down 7.8% after TPG Capital formally pulled its takeover offer. On the economic front, no big news but inflation but domestic CPI data in focus. Asian markets mixed, Japan up 0.1% and HK down 1.3% with China down 0.6%. 10-year yields fell to 3.45%. Bitcoin finding support +0.66%. Dow Jones futures down 139 points and Nasdaq futures down 61 points.

HEADLINES

• Winners: NAN, PPM, PLS, PNV, CCP, WBT, CNI, CEN, RED
• Losers: IVC, S32, AGY, PRN, LKE, SDR, IMU, WAF, FMG
• Positive sectors: Banks. Healthcare. REITs. Staples. Tech.
• Negative sectors: Iron ore. Gold miners. Oil and Gas.
• High 7333 Low 7308 Narrow range again. ANZAC Day tomorrow.
• Oil easing back again. Iron ore under pressure.
• Big Bank Basket Steady at $175.37 unchanged.
• All-Tech index: Up 0.8%
• Gold down to $2964
• Bitcoin: Falls to US$27,739
• Aussie Dollar: Falls to 66.71c
• 10-Year Yield: Steady at 3.46%.
• Asian markets: Japan up 0.1%, China down 0.6% and HK off 1.3%
• US Futures: Dow down 139 Nasdaq down 61
• European markets heading lower today.  Philips and Credit Suisse results.

MAJOR MOVERS

• NAN +7.54% pushing ever higher.
• PLS +5.22% Chile gives it a boost.
• WBT +4.30% SPP raises $15m.
• DDR +2.89% broker upgrades on BHP production.
• DUR +8.70% Upgraded FY23 guidance.
• TSK +9.46% quarterly report.
• EDC +18.99% Samuel Terry makes bid.
• IVC -7.84% TPG walks away but wants a board seat. Long game begins.
• S32 -7.42% downgrades production.
• INR -3.33% resumes downward move.
• MGX -2.94% iron ore price falls.
• ARU -2.17% slip sliding away.
• LYC -1.75% broker downgrades.
• MQG -0.89% pre results nerves.
• CNB -15.31% completes $20m placement at 122c.
• JRV -8.00% submits loan application to US DoE.
• Speculative Stock of the Day: WMG +41.74% Still gaining friends after last week’s announcement on nickel.

COMPANY NEWS

• Invocare (IVC) – TPG Private equity has withdrawn its 1265c offer for the company after IVC failed to allow it DD and exclusivity period. TPG still has 20% anbd is requesting a board seat.
• Fortescue Metals (FMG) – Reported lower production in the March quarter compared to the previous period, with iron ore mined at 50.3m tonnes, down 9.7m tonnes, and iron ore shipped down 3.1m tonnes from the second quarter of the financial year.
• South32 (S32) – Reported that its overall production for the March quarter was lower than expected due to adverse weather conditions, with production guidance revised down at some operations. The company remains on track to meet its 2023 financial year guidance at the majority of its operations.
• BlueScope Steel (BSL) – Upgraded its half-year earnings guidance to a range of $700m to $770m, approximately $270m higher than its previous guidance, citing stronger-than-expected hot-rolled coil prices and spreads at its US mill North Star. T
• Boss Energy (BOE) – Made strong progress in the construction of its Honeymoon uranium project, with committed expenditure totalling 62% of the budgeted capital cost and remaining on track for production in the December quarter.
• Gold Road Resources (GRR) – Gruyere gold mine produced 82,604 ounces of gold in March 2023, with increased production due to higher process plant availability and throughput rate. Gold Road’s financial highlights include record free cash flow of $44.2m for the quarter, with gold sales totaling 41,818 ounces at a record average price of A$2,764 per ounce.
• Mincor Resources (MCR) – Wyloo Consolidated Investments has made a takeover offer for MCR at $1.40 per share, holding 51.24% of Mincor’s shares. Mincor Directors recommend remaining shareholders to accept the Offer.
• Restaurant Brands (RBD) – Reported a 12.0% increase in total sales for the 1Q23, reaching $308.6m, driven by sales recovery from the impacts of the 2022 COVID-19 Omicron outbreak, price increases, and additional store openings. Margins remain under pressure due to inflationary pressures.
• Stanmore Coal (SMR) Production of 4.1m metric tons (Mt) and total coal sales of 2.8 Mt for the quarter. The company also confirmed and paid the SMC acquisition financing cash sweep, reducing total debt by 42% from the end of December 2022, and had a closing cash of US$242m as of March.
• The Reject Shop (TRS) – TRS acknowledges article in the AFR concerning a class action by Adero Law. To date, TRS has not received a copy of Aderos class action, but based on previous correspondence from Adero TRS expects any exposure to be immaterial.
• Anteris Technologies Ltd (AVR) – Quarterly activity highlights: The company had a cash balance of $31.8m as at 31^st march, FDA granted expanded approval of approval for the DurAVRTM Early Feasibility Study (EFS), AVR raised $35m by the two largest shareholders Perceptive Advisors and L1 Capital and entered the All Ordinaries Index.
• Weebit Nano Ltd (WBT) completes upsized and scaled back SPP to existing shareholders raising ~15m. SPP brings total funds raised to ~$60m, $15m from SPP and $45m from recently completed underwritten institutional placement. Funds raised for the roll-out and development of WBT’s ReRam technology.
• Duratec Ltd (DUR) announces upgrade to guidance for revenue and normalised EBITDA for FY23. Revised revenue now in the range of $465m-$495m and normalised EBITDA $36m-39m up from $420m-$460m and $32m-$35m respectively.
• AGL – AGL Energy has kicked off this week’s phased shutdown of its 52-year-old Liddell coal power station in NSW, with the first of the three remaining units being switched off on Monday. The remaining two units to close on April 26 and April 28.

ECONOMICS & OTHER NEWS

ASIAN MARKETS

• Bank of Japan Governor Kazuo Ueda indicated he saw little need to alter its monetary stimulus ahead of his first policy meeting as the bank’s chief. Ueda said that the inflation reading was expected to soon slow down.
• Chinese President Xi Jinping and other top leaders highlighted several risks the economy still faces. According to a vice commerce minister, China will take steps to boost trade with major nations amid a slowdown in the global economy.

US AND EUROPEAN HEADLINES

• European markets opening down slightly.
• Credit Suisse reports SFr1.3bn loss in final quarterly results – Outflows stabilised at lower levels. Net asset outflows of 61.2bn Swiss francs (US$68.6bn) during the first-quarter. UBS numbers tomorrow.
• Philips –Q1 Results out this morning. Stronger margins. Better cashflow. Net loss.
• Berlin airport on strike today.
• US banks on alert over falling commercial real estate valuations.
• A new report by research company Morning Consult declared: Business travel will never return to normal. Its survey of some 4,400 Americans showed business trips, both domestically and internationally, rose just 1% in 2022.

And finally…

Clarence

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