Tags

, , , ,

ASX 200 flips to close at 7734 up 9 (+0.1%), turning positive as GDP number disappoints and hopes for a rate cut brought forward. Banks once again the drivers of the market, with the Big Bank Basket up to $208.37 (+1.1%). MQG kicked 0.5% higher, ASX up 0.4% and health insurers up. REITs mixed, GMG up 0.3% and SCG up 1.9%. Industrials and tech weak, WTC down 2.6%, XRO off 0.9% and the All–Tech Index down 1.0%. WOW slid 0.8%, and SVW down 2.4%. REA continued to fall down 0.1%, and retailers were mixed. CTT had a horror day, down around 22% at one stage as an AFR article on duty paid weighed on the stock, finally closing down 14.4%. Resources flat too. The ‘Three Amigos’ BHP, RIO and FMG down slightly, Lithium stocks trying hard to find support after big falls in the US. Gold miners seem to have done their dash, NEM down 0.7% and GOR up 1.6%. Oil and gas mixed. Coal stocks flat. In corporate news, DDR fell 10.0% as the founder sold down as a result of his divorce. IRE fell 6.0% as it denied it had been approached. MFG rose 7.9% on better FUM numbers. On the economic front GDP came in at 1.5% or just 0.2% in the last quarter, underwhelming. In Asian trade, HK rose 2.3%, China up modestly, and Japan’s TOPIX is up 0.5%. 10Y yields 4.03%. Dow Futures up one point. NASDAQ Futures down 55 points.

HIGHLIGHTS

  • Winners: MFG, STX, ZIP, ALQ, MYX, CDA
  • Losers:   CTT, DDR, LTM, AX1, IRE, 360, ABB
  • Positive sectors: Banks.
  • Negative sectors: Iron ore. Tech.
  • ASX 200 Hi 7738  Lo 7695
  • Big Bank Basket: Rises to $208.37 (1.1%).
  • All-Tech Index:  down 1.0%
  • Gold: Higher to $3263
  • Bitcoin: Volatility continues US$64388
  • 10-year Eases to 4.01
  • AUD: Rises to 65.11c
  • Asian markets:  HK off % and China up 0.3% with Japan still at all-time highs up 0.3%.
  • Dow Futures down 1 Nasdaq up 53

MAJOR MOVERS

  • MFG +7.9% FUM
  • ZIP +4.5% still zipping along. Big volume too.
  • MGX +3.3% iron ore play.
  • SHV +2.4% going nuts. Ceasing to be a substantial shareholder.
  • PLT +11.5% looking good.
  • ARR +8.8% Halleck Creek project update.
  • TLG +5.4% rally continues.
  • CTT -14.4% AFR article and placement weighs.
  • LTM -9.7% lithium woes.
  • DDR -10.0% founder sells down as divorce bites.
  • IRE -6.0% denies media speculation.
  • SQ2 -3.0% proposed sale of securities.
  • CYL -7.2% gives up some gains.
  • PGC -6.9% profit taking after big run yesterday.
  • IOD -7.6% results presentation.
  • PAA -6.9% sell off.
  • Speculative Stock of the Day: Two candidates today in AT1 +14.8% and 1AD up 16.0%. AT1 has secured significant order for HIV self- tests. 1AD has Positive Phase 1 extension study results.

COMPANY NEWS

ECONOMIC AND OTHER HEADLINES

Australian gross domestic product (GDP) rose 0.2%

  • Government final consumption expenditure rose 0.6% this quarter after a 1.5% increase in the September quarter

Highlights from the ABS Round Up

  • Australian economy grew by 0.2% in Q4 2023, with 1.5% growth annually, the slowest since COVID-19.
  • GDP per capita fell by 1.0% due to strong population growth.
  • Inflation rose by 0.6% in Q4, with an annual increase of 4.1%.
  • Wage growth increased by 0.9% in the quarter and 4.2% annually, the highest since March 2009.
  • Job vacancies decreased slightly, with the unemployment rate rising to 3.9%.
  • Labour productivity increased by 0.5%, following a period of decline.
  • Household savings rose to 3.2% of income, with spending on food increasing but discretionary spending decreasing.
  • Business investment increased by 0.7%, particularly in non-dwelling construction.
  • Government spending, including on benefits and employee expenses, outpaced household spending, contributing to economic growth.
  • The Bank of Japan will probably need at least nine years to normalize its balance sheet. The BOJ is widely expected to kick off its normalization process this month or in April by ditching the negative interest rate.
  • Nikki Haley has won Vermont. Trump calls Biden worse President in history. Game on.
  • OpenAI releases Musk emails to show he backed for-profit plans.
  • Bayer CEO calls German group ‘badly broken’ as he holds off split.
  • UK Budget Day in UK.

And finally….

Doctor, Doctor, I keep thinking I’m a mouth organ!

That’s a coincidence, I had a lady in here this morning with the same complaint!

Ah, that would be our Monica!

Doctor,Doctor some days I feel like a wigwam and other days I feel like a tepee.

That’s because you’re too tense!

Clarence

XXX