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ASX kicked another 41 points higher to a record close of 7812 (0.5%). Banks were solid again, CBA up % and ANZ slightly higher. The Big Bank Basket trading at $208.94(0.6%). MQG slid 0.8% despite stories of a bid for part of Heathrow Airport. Insurers flat. REITs rallied with GMG leading the way up 3.7% and MGR up 2.2%. Industrials too were solid, WOW up 0.2% and TCL running 1.1% higher. Tech stocks better, REA up 2.3% and XRO rallying 1.4%. The All–Tech Index up 1.0%. In resources, iron ore rallied dragging FMG up 3.5% on news that Twiggy is looking at copper, RIO up 0.9% and S32 continuing to rally up 1.7%. Gold miners mixed. EVN up 2.4% and SFR up 2.8% as copper stocks are in focus. Lithium stocks under a little pressure as Citi turned bearish. Oil and gas better, WDS up 1.2% and coal and uranium better. In corporate news, two more bids today, MRM and MEA and A2B voted in favour of the takeover and will be delisted in early April. Nothing on the economic front today. Asian markets were mixed, Japan down 0.6%, HK up 0.5% and China up 0.4%. 10-year yields back below 4% at 3.99%.

HIGHLIGHTS

  • Winners: MRM, BLX, WAF, MP1, RMS, PME, GMG
  • Losers: WA1, LRS, ALQ, 360, WC8, SLC, NWH
  • Positive sectors: Banks. Tech. Oil and Gas. REITs. Gold.
  • Negative sectors: Gaming.
  • ASX 200 Hi 7844 Lo 7775
  • Big Bank Basket: Up to $208.94 (0.6%)
  • All-Tech Index:  Up 1.0%
  • Gold: Drops to $3324.
  • Bitcoin: Rallies to US$67527
  • 10-year Falls hard to 3.99%
  • AUD: Steady at 65.25c.
  • Asian markets were mixed, Japan down 0.6%, HK up 0.5% and China up 0.4%.
  • Dow Futures down 60 Nasdaq futures down 10.

MAJOR MOVERS

  • MRM +10.6% takeover.
  • GMG +3.7% Macquarie favourite.
  • RF1 +2.0% weekly NTA estimate.
  • CNB +8.9% streets ahead.
  • KMD +9.0% director’s shareholdings.
  • APX +11.6% change of director’s interest.
  • BRE +5.2% new rare earth discovery – the Pele project.
  • ALQ -4.8% moves to full ownership of Nuvisan.
  • LRS -5.4% lithium stocks under pressure.
  • PMT -2.7% positive announcement.
  • SQ2 -2.8% bitcoin sell off.
  • EOS -18.5% capital raising at 170c.
  • JMS -8.5% rally ends suddenly.
  • DSE -1.7% AGM notification.
  • Speculative Stock of the Day: AXE +26.6% positive announcement on single chip pulsed ESR microsystem.

COMPANY NEWS

ECONOMIC AND OTHER HEADLINES

  • Citi says sell the rally in lithium. Commodities team turn bearish. Suggests physical market will tip into a large surplus in coming 18 months.
  • Japan’s top currency official delivered a warning on speculative moves on the yen. “We will take appropriate action against excessive fluctuations, without ruling out any options.”
  • IMF head says China at ‘fork in the road’ on reforms to boost demand.
  • China’s yuan pared losses seen Friday after the central bank signaled its support for the managed currency via a stronger-than-expected daily reference rate.
  • Premier Li Qiang downplayed concerns about challenges facing the economy and reassured investors that Beijing will step up supportive measures for growth.
  • China blocks use of Intel and AMD chips in government computers.
  • Thiel, Bezos and Zuckerberg join parade of insiders selling tech stocks.

And finally….

Although Jesus was known as a Carpenter he never actually sang on any of the album’s

Clarence

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