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The ASX 200 turned turtle after a promising start and closed down 20 points at 7785. (0.3%). Market heavyweights led us lower with the banks under pressure again, the Big Bank Basket fell to $ (). WBC off % and CBA down %. MQG dropped another % and insurers slid, QBE down % and SUN off %. REITS firmed, GMG finding bottom feeders up % and SCG rising %. Healthcare mixed, RMD continuing to fall, down % and FPH off %. Industrials fell too, WES off % and ALL down % with retail under some pressure, JBH falling %. Electricity prices are set to rise around 9% on the east coast. PMV off % and APE falling %. In resources, Macquarie downgraded coal and coal stocks, WHC down % and YAL exx div off %. Iron ore stocks slid too, BHP off % and FMG down %. Gold miners doing well today, NEM up % and NST up %. Lithium stocks also finding some friends, PLS up % and MIN moving % higher. Oil and gas stocks slightly firmer, uranium stocks also in the green, PDN up % and BOE up %. In corporate news, SLH fell % as the ACCC said they had some concerns on the DP World takeover. NEC appointed Matt Stanton as chief executive.  Nothing on the economic front. Asian markets mixed Japan up 0.6%, HK down 0.7% and China falls 0.2%.10-year yields ease to 4.41%.

HIGHLIGHTS

  • Winners: DRO, OBM, WGX, IEL, BGL, SPR
  • Losers: YAL, NHC, MMS, ING, RPL, WHC
  • Positive Sectors: Gold miners, Lithium. Copper.
  • Negative Sectors: Iron ore. Coal. Retail. Banks.
  • ASX 200 Hi 7821 Lo 7746
  • Big Bank Basket: Falls to $235.18(-0.6%)
  • All-Tech Index: Down 0.3%.
  • Gold: Rises to AUD$4642
  • Bitcoin: Rallies to US$84059.
  • 10-year yields fall to 4.41%.
  • AUD: Steady at 63.23c
  • Asian markets: Japan up 0.6%, HK down 0.7% and China falls 0.2%.
  • US Futures down again Dow down 102 Nasdaq down 132

MARKET MOVERS

  • OBM +10% go Little Gem.
  • WGX +8.2% gold miners doing well.
  • SPR +5.6% gold play.
  • ETM +22,5% Greenland elections.
  • SVL +11.3% silver drilling commences.
  • YAL -12.6% ex-div and Macquarie downgrades.
  • NHC -8.6% Macquarie downgrades.
  • SLH -23.48% ACCC has concerns.
  • RPL -6.4% dividend update.
  • PPT -4.3% ex-dividend.
  • ING -7.3% MMS -8.0% ex-dividend.
  • Speculative Stock of the Day: WOA +62.5% decent volume considering. No new news.

ECONOMIC AND OTHER NEWS

  • Macquarie slashed its coal prices forecasts due to softer demand and modest supply growth from Russia and Mongolia. It said it remains bearish on iron ore but increased its 2025 price target slightly to $US99 a tonne.
  • Brad Banducci has been appointed the chief executive of TEG, the country’s largest ticketing and live event group.
  • SpaceX delayed the launch of a new crew to the International Space Station on Wednesday in a mission that would pave the way for marooned astronauts Butch Wilmore and Suni Williams to finally return home.
  • Grab’s co-founder and CEO Anthony Tan said companies and workers should embrace AI because it “makes you superhuman”. He went on to say “Humans who don’t embrace AI in a company will be replaced by humans who embrace AI.”
  • US Government spending rose to $603bn in February despite hyperactive efficiency drive, data shows.
  • Trump taps Michelle Bowman as Fed vice-chair for supervision.
  • Staley referred to Epstein as ‘uncle Jeffrey’ in email to daughter, court hears.

And finally…

I once heard of a dog that ran 2 miles to get his master’s stick. Sounds a bit far fetched to me.

Shop assistant fought off armed robber with his labelling gun

Police are now looking for a man with a price on his head