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ASX 200 shrugs off early weakness to close up 38 points at 7699 (+0.5%). So close. Good gains in industrials, led by WES up 1.1%, ALL up 1.5% and supermarkets COL and WOW better. Banks were flat, the Big Bank Basket flat at $205.05 (+0.4%). MQG kicked 0.6% and QBE up 0.5%. REITs firm with GMG leading the charge on data centre attractions, up 3.8%. Retail stocks were firm on sales numbers, a little underwhelming in places but rate cut hopes stoked buyers appetite. ‘Old Skool’ platform stocks firmed, REA up 2.3% and CAR racing ahead up 2.1%.  Resources were mixed, Lithium stocks pushing ahead again in places, PLS up 0.7%, and PMT up 6.6%, with S32 up 4.6% on the sale of a coal business for $2.5bn. BHP and RIO flat, Gold miners better, NST up 1.8 % and EVN up 2.4%. Oil and gas stocks firmed, WDS up 0.6% and STO slipping 0.1%. In corporate news, last day of results, HVN defied the critics with better numbers up 4.4%, ALX down 1.1% to explore special dividends, and SGR jumped 8.3% on a net profit and remediation talk. IRE up 1.7% after it denied any knowledge of private equity interest. In economic news, retail sales 1.1% below expectations of 1.5%. Asian markets mixed again, Japan up 0.1%, China up 0.7%, and HK up 0.2%. 10-year yields steady at 4.15%. Dow Futures up 5 points. NASDAQ Futures down 11 points. 

HIGHLIGHTS

  • Winners:  WC8, DVP, WBT, MAQ, SGR, RHC, PNV, ADT
  • Losers:  DRO, IDX, HLS, BFL, RMD, NEC, JLG
  • Positive sectors:  Banks., Retail. Staples. Gold miners.
  • Negative sectors: Some lithium.
  • ASX 200 Hi 7704 Lo 7631
  • Big Bank Basket: Rises to $205.05(0.4%).
  • All-Tech Index:  Up 1.5%
  • Gold: Higher to $3122
  • Bitcoin: Higher at US$61865
  • 10-year Steady at 4.13%.
  • AUD: Steady at 65.20c
  • Asian markets:  Japan up 0.1%, China up 0.7% and HK up 0.2%.
  • Dow Futures up 5 Nasdaq up 11.

MAJOR MOVERS

  • MAQ +9.1% broker upgrade. Limited volumes.
  • SGR +8.3% results.
  • TYR +6.7% nice bounce.
  • PMT +6.6% lithium back baby.
  • RHC +7.3% results better than expected.
  • ZIP +6.1% retail sales.
  • PNV+7.0% broker upgrade.
  • WC8 +11.4% lithium love.
  • BOC +15.5% progress on community engagement.
  • EML +9.4% payment stocks in demand.
  • 29M +8.8% bubbling away.
  • PAA +7.7% bouncing back after loss yesterday.
  • EMV +8.7% new strategic shareholder.
  • DRO -25.8% Bell downgrades PT remains.
  • RMD -4.6% no reason?
  • NEC -4.4% buyback update.
  • AGI -17.1% comes up lemons.
  • CHN -10.3% gives some back.
  • 5EA -9.4% gives a little back.
  • Speculative Stock of the Day: CUE +49.3% again. Good volume today. Update on dividend.

COMPANY NEWS

ECONOMIC AND OTHER HEADLINES

  • Retail sales rose 1.1% in January, below market expectations for 1.5% growth, though the series has been very volatile in recent months.
  • Tyson “ASX Wolf” Scholz has been declared bankrupt. IYKYK.
  • Google CEO tells employees Gemini AI blunder ‘unacceptable’.
  • Snowflake says Frank Slootman is retiring as CEO, stock plunges more than 20%.
  • Alibaba Cloud slashes prices by as much as 55% to fuel AI growth in China.
  • US lawmakers strike deal to avoid imminent government shutdown.
  • US PCE beckons.
  • Biden’s doctor says US president is ‘fit for duty’.
  • Navalny to be buried in Moscow on Friday.
  • Mitch McConnell to step down as Senate Republican leader in November.
  • Turkish stocks soar in world-leading rally as ‘tech mania’ grips market.
  • Christian Horner cleared of wrongdoing.
  • Sam Bankman-Fried pleads for lenient prison sentence after fraud conviction.
  • Cocoa prices soaring.Close to all-time highs. Up 125% this year. 35% this month. Easter will be expensive.

And finally…..

Two policemen come to John Smith and knock.

– Who’s there?

– Police.

– What do you want?

– To talk.

– How many of you are there?

– Two.

– Then talk to each other.

Clarence

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