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ASX 200 kicked off the week fighting back from early losses to close up 6 at 7676. Quiet trading ahead of a big week. Local banks moved from losses to gains with the Big Bank Basket up to $205.68 (0.7%). Insurers better, IAG up 0.5% and SUN ahead by 1.1%. GQG up 0.5% and MFG kicking 1.3% higher. REITs are under pressure after positive moves last week, GMG down 3.6% and SCG off 1.8%. Industrials firmed as the session wore on, Tech slightly better, XRO up 0.2% and WTC up 0.1% with the Index up 0.1%. Mining services slid after BHP announcement on nickel lay-offs, MND down 0.8% and WOR off 1.3%. In resources, iron ore dipped then rallied dragging BHP and RIO ever so slightly higher. S32 ended up the best performing stock in the top 50 (+4.7%). FMG down 1.1% with lithium and uranium stocks better. PLS up 0.3% and IGO rallying 3.4% with PDN up 3.3%. Oil and gas mixed. In corporate news, Cyclone Mega wreaks havoc on S32 port, though stock rallies 4.7%. ABB has been told to sell part of its stake in SLC, with MIN acquiring POS’s nickel concentrator plant. Nothing on the economic front locally, but Chinese data stronger than expected. Asian markets better with Japan up 1.9% and China up 0.5%. 10-year yields falling slightly to 4.12%.

HIGHLIGHTS

  • Winners: BVS, ZIP, TAH, S32, ILU, CU6, TLX
  • Losers: ARU, WBT, SPR, STX, CUV, VUL, SLC
  • Positive sectors: Banks. Insurers. Retail. Gaming.
  • Negative sectors: REITs. Mining services. Healthcare.
  • ASX 200 Hi 7680 Lo 7642 Narrow range. Stasis.
  • Big Bank Basket: rallies to $205.68 (0.7%)
  • All-Tech Index:  Up 0.1%
  • Gold: Drops to $3269.
  • Bitcoin: Falls to US$68825
  • 10-year Steady at 4.12%
  • AUD: Steady at 65.63c
  • Asian markets:  Japan up 1.9%, HK flat and China up 0.5%
  • Dow Futures up 24 Nasdaq futures up 84

MAJOR MOVERS

  • ZIP +5.8% kicks again.
  • BVS +6.2% finds buyers.
  • S32 +4.8% Cyclone disruptions.
  • DYL +3,4% uranium moves higher.
  • RAC +9.0% CFO appointment.
  • AGE +7.7% BMN +6.7% uranium bounce.
  • CNB +14.7% MT write up.
  • VUL -7.3% run finishes.
  • ARU -14.9% profit taking continues.
  • WBT -8.7% investor presentation.
  • SLC -6.4% ABB to divest part holding.
  • CUV -7.4% Buyback update.
  • PIQ -24.4% US & ProMarker update.
  • AGY -11.1% battery tech sold off.
  • Speculative Stock of the Day: DVL +26.7% adds real-time tracking to Ai Powered platform.

COMPANY NEWS

ECONOMIC AND OTHER HEADLINES

  • In the six months through February, inflows into Australian large cap equity funds, which are dominated by the banks, hit an average of $4.07bn per month, according to data compiled by Morningstar. Citi estimated that for every $10 flowing to passive products, nearly $1 by default goes to CBA.
  • Holdings of iron ore at ports in China have been building up, pointing to ample supplies. Inventories swelled to 140.9m tonnes last week, the highest level in more than a year.
  • China’s economic growth was buoyed by strength in factory output and investment at the start of the year. Industrial output rose 7% in January-February from the same period a year earlier.
  • The Chinese urban jobless rate was 5.3%, up from 5.1% as of the end of December. Investment in property development fell 9%, remaining a major drag on the economy.
  • In Japan, some 90% of BOJ watchers see the risk of authorities ending the negative rate on Tuesday at the meeting’s conclusion, this after the nation’s largest union group announced first-round results to annual wage negotiations that far exceeded expectations.
  • Bank of England set to hold rates at 5.25% on Thursday.
  • Mike Lynch goes on trial in US over Silicon Valley’s ‘largest fraud’.

And finally….

Clarence

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