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ASX 200 rose 37 points to 7639 (+0.5%) off highs but bounces off 7600. Jobs data fails to stir. Good news for Iron ore miners with BHP production numbers and higher ore prices in Asia saw BHP up 1.5%, RIO up 1.7% and FMG lagging. Base metals finding friends again, MIN up 1.9% and PLS up 2.1%, with S32 modestly better, up 1.3%. Gold miners slightly mixed, EVN off 3.9% on broker downgrades after big rally. NST up 0.4% and NEM up 1.3%. Oil and gas stocks eased, WDS down another 0.4%. STO off 0.9% on production numbers. Banks were back in vogue, CBA up 0.7% and NAB up 0.9%, with the Big Bank Basket at $200.47 (0.7%). Insurers mixed, MQG up 1.2%. Healthcare remains under pressure, CSL is down again, and RMD trashed 4.3% on new drug trials from Ely Lilly on an alternative to sleep disorders. Industrials firmed slightly, and QAN had a good day, up 3.4%. Solly Lew has crept up the register in MYR to 31%. In corporate news, DRO conducted its own drone strike to raise $75m after big surge yesterday. MRM provided a good update, BSL fell 2.4% on US steel tariff changes, and CGF did well up 5.3% after raising guidance. On the economic front, we had an inline jobs numbers coming in at 3.8% unemployment. Nothing to see here, ANZ says first rate cut in November. Asian markets firmed, Japan up 0.5%, HK up 1.2% and China up 0.5%. 10-year yields at 4.29%. Dow Futures up 91 points. NASDAQ Futures up 88 points. 

HIGHLIGHTS

  • Winners: TLX, MAQ, WGX, CGF, CTT, MGX, MAD
  • Losers: IMU, RMD, EVN, BAP, LOV, JMS, ZIP
  • Positive sectors: Banks. Iron ore. Lithium. Tech.
  • Negative sectors: Healthcare.
  • ASX 200 Hi 7657 Lo 7611
  • Big Bank Basket: Up to $200.47 (0.7%)
  • All-Tech Index:  Up 0.7%
  • Gold: Falls to $3685
  • Bitcoin: Steady at US$61759– Halving event soon.
  • 10-year yields fall to 4.29%.
  • AUD: bounces off 64c to 64.47c
  • Asian markets:  Japan up 0.3%, HK up 0.9% and China up 0.6%.
  • Dow Futures up 90 Nasdaq futures up 102 European futures pointing to a positive start.

MAJOR MOVERS

  • TLX +9.4% revenue and business update.
  • MAQ+6.5% market likes deal.
  • CGF +5.3% positive update.
  • WGX +6.0% becoming a substantial shareholder.
  • MGX +4.4% iron ore prices.
  • MAD +4.3% kicks again.
  • NXS +13.3% publication of XPERIENCE Study.
  • AIS +6.3% copper play.
  • EEG +5.4% technical bounce.
  • RMD -4.3% new drug trial in US.
  • EVN -3.9% broker downgrades.
  • JMS -3.6% profit taking.
  • BAP -3.8% no reason.
  • XAM -4.2% Bacchus engaged as project adviser.
  • STK -11.1% diamond drilling commences at Yandal
  • Speculative Stock of the Day:  Nimy (NIM) +25.0% not great volume but nice move on EM targets reveal suite of mineralised settings at Block 3.

COMPANY NEWS

ECONOMIC AND OTHER HEADLINES

AUSTRALIAN UNEMPLOYMENT – In trend terms, in March 2024:

  • unemployment rate remained at 3.9%.
  • participation rate decreased to 66.6%.
  • employment increased to 14,259,800.
  • employment to population ratio decreased to 64.0%.
  • underemployment rate remained at 6.6%.
  • monthly hours worked increased to 1,929 million.
  • Tesla shareholders asked to vote on Musk’s $56bn pay packet! At the same time as Tesla is laying off 10% of its workforce and the shares have tanked.Mmm.Tesla sales drop 30% plus in Europe in March. Hybrids the big winners. EV sales down 11%.
  • Iran oil exports hit 6-year high as west prepares sanctions.
  • US House moves closer to vote over aid for Ukraine and Israel.
  • Crypto miners hoard bitcoin as supply cut looms.Halving soon.
  • China on Wednesday said it “firmly opposes” the U.S. investigation into its maritime, logistics and shipbuilding industries.
  • Economists and strategists now see the Fed waiting until at least September to cut interest rates and are increasingly entertaining the possibility of no reductions at all this year.

And finally…..

Clarence

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