Thursday 6th March – ASX 200 falls another 46 as ex dividend stocks weigh and banks fall – Resources – Copper and Gold doing well | Beeks Downunder-Because not all financial news is boring!

The ASX 200 continued to struggle down 46 points at 8095 (0.6%) as stocks going ex -dividend weighed. Banks eased yet again with CBA off 1.8% and WBC down 0.9% as the Big Bank Basket fell to $248.82 (-1.1%). MQG off another 0.4% as one broker downgraded. Insurers also in the eye of the cyclone, SUN down 1.0% and QBE dropping 1.3%. REITs eased back, GMG down 0.2% and SCG off 0.9%. Industrials also lost ground, WES fell 1.6% with WOW and COL slipping, QAN down 2.0% from heady highs and TLS slid 1.0%. REA was a positive today up 4.3%. Tech mixed again, WTC up 4.7%. In resources, RIO Ex dividend knocked 2.2% off, BHP down 0.8% after it went Ex, gold miners better, NEM up 1.4% and EVN up 2.7% on copper exposure too. SFR ran 4.8% on its copper exposure, MIN bounced 2.6% and WAF jumped 11.9% on production upgrades. Oil and gas stocks on the nose as crude hits 3-year lows, WDS down 4.7% (XD) and STO off 1.9%. Uranium stocks feeling slightly perkier, BOE up 1.3% and PDN up 1.1% on some broker upgrades. On the corporate front, AMC dropped1.6 % on plans to reorganise it business. AUD has had its best week since 2023. LTM now delisted. SGR looks to HK for a bail out as Brisbane casino set to be sold. On the economic front, Building approvals rose 6.3%. Asian markets remain firm, Alibaba helping Japan up 0.9%, HK up 2.6% and China up 1.3%. 10-year yields back up to 4.48%.

HIGHLIGHTS

Winners: EBR, WAF, JLG, RSG, BGL, CAT, WA1, MYR
Losers: VUL, MSB, CUV, SIQ, WDS, OPT, PPM, AGL
Positive Sectors: Gold miners. Uranium. Copper. Tech.
Negative Sectors: Banks. Industrials. Oil and Gas.
ASX 200 Hi 8180 Lo 8076
Big Bank Basket: Falls to $248.82 (-1.2%)
All-Tech Index: Up 0.5%
Gold: Falls to AUD$4598
Bitcoin: Rises to US$92401
10-year yield rises to 4.48%.
AUD: Rises to 63.54c
Asian markets: Japan up 0.9%, HK up 2.6% and China up 1.3%.
Dow futures up 6 Nasdaq down 26.

MARKET MOVERS

WAF +11.9% production upgrade.
JLG +7.8% Alfred effect?
BGL +7.4% gold exposure.
CSC +5.0% copper rally continues.
SFR +4.8% copper play.
REA +4.3% good to see.
AZY +12.7% consolidation
MSB -8.3% joins ASX 200. Buying front run.
VUL -11.5% gives yesterday’s late rally back.
OPT -4.7% sell off continues.
RMD -3.4% notice of proposed sale of securities.
APX -9.4% falls continue.
JMS -3.1% ex dividend.
Speculative Stock of the Day: RTG +31.6% – signed a binding offtake agreement for its Mabilo project in the Philippines.

ECONOMIC AND OTHER NEWS

Building approvals – Total dwellings approved rose 6.3%, to 16,579. Private sector houses rose 1.1%, to 9,042, while private sector dwellings excluding houses rose 12.7%, to 7,213.
The yield on the 10-year JGB crossed 1.5% for the first time since June 2009, while the 30-year bond yield breached the 2.5% mark for the first time since 2008.
Alibaba surged the most in weeks after taking the wraps off a model that it claims performs as well as DeepSeek with just a fraction of the data required.
New Zealand will replace Phil Goff as High Commissioner to the UK following comments he made regarding US President Donald Trump.
Germany seeks ‘long-term’ EU exemption for defence spending.
President Donald Trump is considering exempting certain agricultural products from tariffs imposed on Canada and Mexico.
Beijing may order steel-production cuts to tackle oversupply
Copper on course for highest close since November on the LME
Jack Daniel’s maker says Canada pulling U.S. alcohol off shelves ‘worse than tariff’.

And finally……