A quiet muted start to the week with the ASX rising a modest 16 points to 7964 (0.2%) as US futures pointed to another tricky US session ahead. Banks were flat with the Big Bank Basket easing to $241.33 (-0.3%). MQG down another 0.4% with insurers looking better as Cyclone Alfred was downgraded. REITS improved led by GMG up 0.6% with some bottom fishing taking place. Industrials a mixed bag too, QAN off 1.7% and ALL down 0.5% with retail steady, APE rose 3.3% with JBH up 0.8%. Some buying in BXB and CPU with TLS off 1.0%. Tech stocks mixed, WTC off 1.1% and XRO up 0.6% with the All–Tech Index up 0.1%. Resource stocks were generally firmer, BHP rallied 0.6% with RIO doing very well up 3.1% as the capital raise looks to have been put on ice. FMG still struggling. Gold miners still in demand, NEM up 0.6% and VAU up 3.7%. MIN had a good day up 3.3% with PLS rallying too. Oil and gas stocks also finding friends, WDS up 1.9% and BPT up 4.1%. Uranium still toxic, BOE down 3.9% and NXG off 1.4%. In corporate news, GQG were off 0.9% on FUM, JLG fell 12.5% on index changes due on March 25th. SGR looks to have had a last-minute rescue attempt from Bally although it remains in a trading halt. Nothing on the economic front. Asian markets mixed, China down 0.9% and HK off 2.1% with Japan up 0.3%.10-year yields at 4.44%.

HIGHLIGHTS

  • Winners: CYL, DRO, SPR, NXL, BC8, CAT, TPW –
  • Losers: JLG, TWR, IFL, WA1, A4N, BCI, BOE, OPT
  • Positive Sectors: Iron ore. Gold miners. Coal. REITs
  • Negative Sectors: Banks. Old ‘Skool’ platforms.
  • ASX 200 Hi 7979 Lo 7948.
  • Big Bank Basket: Falls to $241.33(-0.3%)
  • All-Tech Index: Up 0.2%
  • Gold: Up to AUD$4616
  • Bitcoin: Falls to US$82509 – Bounces off lows.
  • 10-year yield rises to 4.44%.
  • AUD: Steady at 63.13c
  • Asian markets: Mixed – China down 0.8% and HK off 2.1% with Japan up 0.3%.
  • Dow futures up 63 Nasdaq up 89

MARKET MOVERS

  • CYL +13.0% quarterly rebalances
  • DRO +11.4% hovering higher again.
  • SPR +6.3% gold play.
  • PNV +4.6% bouncing back.
  • NXL +5.0% tech buyers return.
  • VNL +9.4% volume picking up
  • LRV +13.2% antimony back
  • SKS +4.8% finding support.
  • PPT -3.0% under pressure again.
  • JLG -12.5% Index changes.
  • WA1 -4.3% resource sell off.
  • OPT -3.6% falls continue.
  • IFL -4.3% no news is bad news.
  • SBM -4.4% production update.
  • ETM -5.3% Greenland exposure.
  • BRE -8.2% corporate presentation.
  • Speculative Stock of the Day: NMG +26.3% – Visible gold intersected in diamond drill core at Crown Prince Project.

ECONOMIC AND OTHER NEWS

  • Industrial metals declined across the board in Asia.
  • Mark Carney won the race to become Canada’s next prime minister. The ex-Bank of Canada and Bank of England governor won the contest to lead the Liberal Party of Canada with nearly 86% of the vote.
  • China on Saturday announced plans to impose a 100% tariff on Canadian rapeseed oil, oil cakes and peas, adding that a 25% levy would be placed on aquatic products and pork originating in Canada.
  • Ukraine seeks to persuade US to resume aid in high-stakes talks.
  • Trump does not rule out recession as he rejects business fears over tariffs.
  • UK civil servants told to deliver or leave as Labour overhauls Whitehall.
  • Tesla shares have declined every week since Elon Musk went to Washington.

And finally…

I’ve just opened my fridge and all I can smell is basil.

It must be faulty.

Clarence

XXXX