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ASX 200 slid 10 points to 7736 (0.1%) off all-time highs as iron ore and healthcare stocks weighed. BHP off 1.5% and FMG getting whacked down 3.2%. Lithium stocks gave back some early solid gains, prices slipping slightly in China. MIN down 2.1% and PLS up only 0.7% with IGO falling 1.7%. Gold miners were strong on bullion rises, NST up 6.0% and NEM up 0.6% with EVN rising 4.4%. Oil and gas mixed, WDS down another 1.1% and STO slightly better. Tech continued to push higher as WTC up 1.4% and XRO up 0.4% on broker upgrades. Industrials flat, defensives eased back as risk appetite took over. Healthcare mixed, CSL down 1.0% and RMD doing OK, up 0.9%. Banks were firm again, CBA up 0.7% and WBC up 1.0% with the Big Bank Basket up to $207.74( 0.6%). MQG slid 0.8% on an AFR article on assets write downs on Indian asset, GQG eased 0.9%. REITs very firm again, GMG up 2.3% and MGR up 0.5%. In corporate news, GNX received a NBIO from J-Power UP 32.4%, DOW fell 1.2% on a class action update. CTT also fell 6.0% as founder Dean Mintz sold a further 7.2% stake. In economic news, Building approval numbers out today and an unexpected slip in business activity indicators adding to some concerns on GDP numbers Wednesday. Asian markets saw Japan hit record highs, China and HK flat with National Congress in focus. Bitcoin hit US$64,000 with plans for an ASX ETF. No RBA meeting tomorrow.

HIGHLIGHTS

  • Winners:  BRN, WGX, WAF, GMD, 360, LOT, TUA, GOR, ZIP
  • Losers:  PMT, MGX, FCL, PAC, CTT, TYR, MYR
  • Positive sectors:  Banks. REITs. Gold Miners. Tech.
  • Negative sectors: Healthcare. Iron ore.
  • ASX 200 Hi 7769 Lo 7726
  • Big Bank Basket: Rises to $207.74(0.6%).
  • All-Tech Index:  Up 0.3%
  • Gold: Higher to $3191
  • Bitcoin: Higher at US$63562
  • 10-year Eases to 4.10%.
  • AUD: Steady at 65.20c
  • Asian markets:  Japan down 0.4%, China up 0.9% and HK up 0.2%.
  • Dow Futures down 64 Nasdaq up 15.

MAJOR MOVERS

  • BRN +14.5% tech bounce.
  • GMD +7.6% bullion rise.
  • WGX +12.8% bullion pricing.
  • LOT +7.3% uranium stocks in demand.
  • RED +6.3% index inclusion.
  • GNX +32.4% takeover offer from J-Power.
  • CXL +9.6% new plant location.
  • 4DS +9.1% chip stocks in demand.
  • SBM +% Presentation. New mineralisation at Pigiput.
  • ZIP +6.4% zipping along.
  • PMT -10.0% CDIs on issue.
  • CTT -6.0% Minted.
  • APM -3.0% profit taking.
  • PAC -6.7% final director’s interest.
  • MGX -7.9% iron ore falls.
  • DRO -10.2% sell-off continues.
  • AGY -15.6% profit taking.
  • OPT -5.2% presentation.
  • Speculative Stock of the Day: WHK +65.6% Still flying after last week’s move.

COMPANY NEWS

ECONOMIC AND OTHER HEADLINES

Local ABS data:

  • China is set to announce its 2024 growth target and outline its strategy for supporting the slowing economy at the nation’s most high-profile annual political gathering this week.
  • The Nikkei 225 climbed above the psychological level of 40,000 for the first time.
  • Just bear in mind that there is no RBA meeting tomorrow. It is on the 19th March. Brave new world.
  • ‘Simply good’ Chinese electric cars power ahead of inferior US rivals.
  • UK Chancellor Hunt lines up personal tax cuts for UK Budget.
  • Former Macquarie star trader, Nick O’Kane, agrees terms to join Swiss house Mercuria.
  • U.S. funding bill blocks China from buying oil from Strategic Petroleum Reserve.

And finally…….

I’ve made it to the age where my train of thought often leaves the station without me

2 birds sat on a perch, one says to the other can you smell fish