The ASX 200 rose 6 points to 7937 (0.1%) in quiet trade ahead of the Budget. Banks were firm with the Big Bank Basket at $242.34 (+1.5%). Tariff proof fenced perhaps. CBA up 1.4% and insurers better too, QBE up 0.3%. REITs were a little mixed, GMG down 0.6% and SCG rising 0.6%. RPL was smashed 14.8% on news from OPT that it had missed Phase III end point. RPL owns 32% of the biotech. In the industrials, WOW and COL both giving back some of the optimism from Friday’s ACCC report. Tech stocks also under pressure, WTC down 2.9% and 360 falling 4.4%. The All–Tech Index down 0.5%. Retail weaker, PMV down 2.9% with NCK off 2.0% and MYR down 2.1%. WES rose as did JBH. Resources were a mixed bag of lollies. BHP fell 0.6% with FMG up 3.2% on some broker upgrades. Gold miners were mixed, VAU down 3.2% with NST off 1.3% and BGL dropping 12.8% on change in substantial holding. MIN bounced 6.9% as the haul road reopened. Oil and gas flat, coal eased, NHC down 4.4% and WHC off with uranium sellers back. BOE down 3.5% and DYL falling 1.8%. In corporate news, JHX announced a huge US merger and dropped 14.5% on the news. HLI fell 25.6% as CBA said it may not renew its contract. SM1 curdled 12.0% on unimpressive results. Nothing on the economic front. Asian markets flat. 10-year yields back up to 4.40%.

HIGHLIGHTS

  • Winners: MIN, PYC, TLX, SX2, PPC, FMG
  • Losers: HLI, RPL, JHX, BGL, SM1, CRN
  • Positive Sectors: Banks. Insurers.
  • Negative Sectors: Supermarkets. Healthcare. Retail.
  • ASX 200 Hi 7939 Lo 7900
  • Big Bank Basket: Rose to $242.34 (1.5%)
  • All-Tech Index: Down 0.5%.
  • Gold: Steady at AUD$4811
  • Bitcoin: Rose to US$86969
  • 10-year yield steady at 4.40%.
  • AUD: Falls to 62.75c
  • Asian markets: Flat across the board.
  • Dow futures up 225 Nasdaq up 156.

MARKET MOVERS

  • MIN +6.9% reopens haul road.
  • TLX +4.4% finding buyers again.
  • SX2 +3.9% gold exposure.
  • PME +2.8% bouncing back.
  • QAN +2.7% media spotlight on Hudson
  • AIS +11.1% copper exposure.
  • NMG +6.3% looking interesting.
  • HLI -25.6% CBA contract issues.
  • RPL -14.8% OPT fails endpoint.
  • JHX -14.5% merger with AZEK.
  • SM1 -12.0% disappointing results.
  • RF1 -6.7% OPT exposure?
  • ANG -16.1% reverses Friday late rally.
  • SYR -10.2% Appendix 4G.
  • Speculative Stock of the Day: FHE +32.7% Waroona project selected for CIS.

ECONOMIC AND OTHER NEWS

  • Ant Group used Chinese-made semiconductors to develop techniques for training AI models that would cut costs by 20% according to Bloomberg.
  • Malaysia plans tighter controls over the flow of Nvidia Corp.’s chips after the US demanded it keep a closer eye on advanced semiconductors.
  • South Korea’s Han Duck-soo reinstated as acting president as court strikes down his impeachment.
  • Singapore’s luxury car sales plummet after money-laundering scandal.
  • Carmakers rush to ship vehicles to US ahead of new round of April tariffs.

And finally…..

Interviewer: why should we hire you as a waiter?
Me: For starters, I bring a lot to the table.

All of my childhood punishments have become my adult goals:
Eating vegetables, Staying home, Taking a nap, Going to bed early.

Clarence

XXXX