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The ASX 200 put on another 13 points to 7932 (0.2%) after a tentative start. 2% up for the week. Banks were sold with the Big Bank Basket unchanged at $238.82. CBA flat. MQG saw some profit taking, other financials also flat, GQG down 1.4% and HUB off 1.8%. REITs once again in demand, SGP up 0.8% with VCX up 2.4%. Industrials were firm but unexciting, WOW and COL rallied hard on ACCC news, CPU up 3.7% and retail doing ok again, PMV up 3.9% on an update. JBH bounced back a little too. Tech was a little soft, WTC off 0.5% with the All–Tech Index down 0.7%.

Iron ore stocks were firm despite falls in the iron ore price. BHP up 1.1% and RIO up 0.9%, maybe copper more a factor. Lithium stocks were depressed, PLS fell 5.1% and uranium squeeze continues, BOE up 6.7%. Gold miners slid on some fatigue in bullion. GOR down 3.3% and NST off 0.6%. In corporate news, PDN dropped 4% as the rains came down in Africa. CSC lifted 0.7% after announcing plans to issue $500mn worth of senior unsecured bonds and EMR crashed 3.85% on a production miss.

Nothing locally on the economic front as we head into the Budget next week. Asian markets seeing sellers win, China down 0.9%, HK off 2% and Japan back from another holiday up 0.6%. 10-year yields steady at 4.41%.

HIGHLIGHTS

  • Winners: MLX, PYC, PDI, MAD, BOE, VUL, WOW
  • Losers: CRN, OBM, PME, LTR, PLS, CHN, NXL
  • Positive Sectors: Supermarkets. Iron ore.
  • Negative Sectors: Lithium. Insurers. Financials. Tech.
  • ASX 200 Hi 7963 Lo 7905
  • Big Bank Basket: Unchanged at $238.80
  • All-Tech Index: Down 0.7%.
  • Gold: Steady at AUD$4817
  • Bitcoin: Falls to US$84660
  • 10-year yield steady at 4.39%.
  • AUD: Falls to 62.91c
  • Asian markets: Japan down 0.3%, China off 0.4% and HK down 1.2%.
  • Dow futures down 17 Nasdaq down 13.

MARKET MOVERS

  • MLX +10.0% tin back in focus.
  • BOE +6.7% uranium getting a wriggle on.
  • SX2 +2.9% finally responds to gold price increase.
  • WOW +6.3% COL+4.9% ACCC clears the big two.
  • PYC +8.6% Q1 Webinar.
  • FEX +5.4% CZR gets more interesting!
  • AKM -9.1% profit taking.
  • SVL -9.5% shine wears off.
  • FND -12.3% thin and volatile.
  • OBM -6.7% sell down weighs.
  • LTR -5.7% shorts back.
  • PLS -5.1% shorts find courage.
  • CRN -13.0% AGM date.
  • Speculative Stock of the Day: H2G +300% new technology update.

ECONOMIC AND OTHER NEWS

  • Japan’s core inflation beat expectations and came in at 3% in February, government data showed on Friday, bolstering the case for further interest rate hikes.
  • Headline inflation rose 3.7% year on year in February, easing from a two-year high of 4% seen last month.
  • London’s Heathrow airport shut Friday due to power outage!
  • NATO plans to ask European allies and Canada to increase their stocks of weaponry and equipment by about 30% in the next few years, according to a senior alliance official.
  • NBA’s Boston Celtics sold to private equity investor at record-breaking $6.1bn valuation.
  • Trump invokes wartime powers to increase US minerals production.
  • Tesla recalls more than 46,000 Cybertrucks over safety issue. German workers ask for better conditions.
  • iPhone supplier Foxconn close to breakthrough deal to build EVs for Mitsubishi.

And finally….these are good…

Clarence

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