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The ASX 200 has dropped 36 points to 7753 (0.5%) on US falls. Banks eased back led lower by CBA down 1.4% with the Big Bank Basket down to $203.73 (0.8%). Insurers fell away as did MQG off 0.8% and GQG off 4.2%. REITs fell too, GMG down 0.8% and SGP off 0.9%. Industrials with a light dusting of negativity across the board. Tech eased with WTC off 1.2% and XRO down 1.7%. Interest rate sensitive stocks fell TCL off 0.8% and REA falling 0.7%. Retailers also slipping lower, JBH down 0.5% and APE off 1.1%. In resources, Iron ore was the bright spot as BHP rose 0.6%, RIO shooting the lights out up 3.6% and FMG flat. Gold miners fell despite record high bullion prices, EVN down 1.3%, GMD falling 4.5% and GOR down 6.6% on a potential acquisition. Lithium stocks remain under pressure, PLS down 3.7% with LTR off 2.7%. Aluminium and Nickel stocks doing well on LME changes, AWC up 6.0% and NIC up 4.1%. Oil and gas modestly better, and coal is up slightly. In corporate news, TIE received a revised bid, NXT returned to trade following rights issue, little else. No economic news. In Asian markets, Japan slipped 0.2%, China up 1% and HK down 0.6%. 10-year yields rising to 4.26%.

HIGHLIGHTS

  • Winners: DRO, AWC, S32, MAD, NIC, JMS, MAC, RIO
  • Losers: PDI, CHN, NVX, GOR, WC8, BRN, SPR
  • Positive sectors: Iron ore. Oil and gas. Coal.
  • Negative sectors: Banks. Insurers. Lithium. Gold. Tech.
  • ASX 200 Hi 7789 Lo 7735
  • Big Bank Basket: Down to $203.73 Down 0.8%
  • All-Tech Index:  Down 1.4%
  • Gold: Falls to $3632
  • Bitcoin: Falls to US$65540
  • 10-year yields steady around 4.25%.
  • AUD: falls to 64.89c
  • Asian markets: Japan slipped 1%, China up 2% and HK down 0.7%.  
  • Dow Futures up 135 Nasdaq futures up 73.

MAJOR MOVERS

  • DRO +11.1% result presentation.
  • AWC +6.0% aluminium price spike on LME.
  • JMS +3.9% metal prices.
  • S32 +4.6% commodity rises.
  • MAD +4.2% Bell Potter research.
  • NIC +4.1% nickel on LME.
  • CTM +8.7% better volume.
  • INR +18.0% Rhyolite Ridge heading towards construction.
  • TLG +6.1% Vittangi anode project FEED study.
  • PDI -12.0% Bankan PFS presentation.
  • GOR -6.6% acquisition possible.
  • CHN -9.4% back to the poisoned chalice.
  • CXL -8.1% change of director’s interest.
  • SGR -4.0% commencement of hearings.
  • MSB -3.5% slipping lower.
  • Speculative Stock of the Day: Piedmont Lithium (PLL) +39.0% Carolina Lithium State mining permit.

COMPANY NEWS

ECONOMIC AND OTHER HEADLINES

  • Aluminum and nickel surged on the London Metal Exchange as traders responded to new US and UK sanctions that banned deliveries of any Russian supplies produced after midnight on Friday.
  • Biden urges restraint from Israel after Iran’s drone and missile attack.
  • Europe trails China and US after ‘monumental’ energy mistakes, IEA chief says.
  • A report by Global Energy Monitor found that net coal capacity grew by 48.4 GW in 2023, with China accounting for about two-thirds of new coal plant capacity.
  • Goldman Sachs reports first-quarter earnings before the market opens Monday. Expected earnings per share of $8.56 and revenue of $12.92bn.
  • Iranian currency plunges to record low against dollar after strikes on Israel.
  • Olaf Scholz arrived in the southwest city of Chongqing Sunday on his second visit to China as chancellor.

And finally….

Clarence

XXXX