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ASX 200 closed up 9 at 7653 (0.1%) after a very solid start evaporated. Big Monday with M&A and results in focus. First up Alcoa bid for AWC after a 20-year life on the ASX, ABB bid for SLC and CSR in a trading halt pending an announcement on a material transaction. Banks mixed, CBA firing another 1.0% ahead with the Big Bank Basket up to $204.23 (0.6%), MQG rose 0.6% and GQG up 0.9%. Insurers gained as SUN came out with better-than-expected insurance results, up 3.5%. QBE up 0.6% and NHF down 5.6% on its results. REITs mixed, GMG up 0.7% and SCG taking a break down 0.7%. Healthcare better, CSL up 0.7% and RMD gaining 0.9% as Barnaby set to star in SBS health show. Industrials firm but focus on results. WES continued higher up 1.8% with tech better, WTC up 1.4% and XRO up 2.1%. Retail mixed, KGN results and dividend restored kicked 23.7% higher. In resources, iron ore stocks on the nose again, BHP down 1.3% and FMG off 1.3%. Lithium stocks caught a bid, PLS up 5.7% after results last week. LYC rose 1.0% on no bad news, MIN also doing OK, up 2.8%. Gold miners were better on bullion price increases, NST up 1.2% and EVN up 1.4%. Oil and gas smashed, WDS down 1.7% and STO ex-dividend down 5.3%. In corporate news, results the key, NAN fell 16.0% on Trophon2 slow down, TPG fell 8.0% on results, ADH rose 15,0% on its results, SLC up 14.3% on the bid and AWC up 6.9% on its bid from Alcoa. Both scrip bids. Nothing on the economic front. In Asia, Japan returned after a holiday up 0.6%, China down 0.4%, and HK off 0.5%. 10-year yields slid to 4.10%.

HIGHLIGHTS

  • Winners: KGN, IDX, LTR, ZIP, LOV, AWC, WC8, LOT
  • Losers: NAN, TPG, AX1, IRE, NHF, IFM, STO, BVS
  • Positive sectors: Banks. Insurers. Healthcare. Tech. Consumer stocks. Lithium. Gold Miners.
  • Negative sectors: Iron ore. Travel.
  • ASX 200 Hi 7683 Lo 7637
  • Big Bank Basket: Rises to $204.23(0.64%).
  • All-Tech Index:  Up 0.5%.
  • Gold: Higher to $3100
  • Bitcoin: Higher at US$51515
  • 10-year Slightly lower at 4.10%.
  • AUD: Lower at 65.57c
  • Asian markets:  Japan up 0.4%, China down 0.7%, and HK off 0.7%.
  • Dow Futures down 44 Nasdaq down 32

MAJOR MOVERS

  • KGN +23,7% results cheer.
  • ZIP +7.5% approaching target.
  • LTR +8.4% funding update end of March quarter.
  • AWC +6.9% Alcoa bids finally.
  • PLS +5.7% shorts squeezed.
  • LOV +7.1% all you need.
  • NEU +5.3% Acadia results 27th February.
  • 29M +29.6% spring in its step.
  • SLC +14.3% bid from ABB.
  • ADH +15.0% results.
  • BTH +26.3% results 28th.
  • NAN -16.0% Trophon 2 fails to excite.
  • TPG -8.0% results.
  • NHF -5.6% results.
  • BVS -4.0% profit taking.
  • VIT -26.7% results underwhelm.
  • 4DS -12.5% profit taking.
  • ARR -9.4% ran them up and now run them down post-cap raise.
  • Speculative Stock of the Day: ENV +70% Reinstated to ASX trade with the following announcement on an ionic REE project.Honourable mention must be to WHK which saw another big gain today. Up 45.8%.

COMPANY NEWS

ECONOMIC AND OTHER HEADLINES

  • China’s local governments so far appear reluctant or unable to borrow more despite pressure to stimulate growth. Room for more stimulus perhaps?
  • Korean authorities unveil new measures to tackle discounts that Korean listed companies trade at.
  • Billionaire-backed Koch network to stop funding Nikki Haley after defeat. Must be close to over for Haley.
  • Indonesia to wipe out global nickel rivals, warns French miner Eramet chief.
  • Big push at Singapore Air Show with Electric vertical take-off and landing vehicles, or eVTOLs, which can land and take off vertically  and can be used as air taxis, for cargo delivery, medical and emergency response transportation and as private vehicles. This technology could be with us by the end of the decade.

And finally….

When a cougar loses her hearing, she becomes a

Def Leppard.

Clarence

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