The ASX 200 pushed up 57 points to 7999 (0.7%) after a better lead from the US and benign CPI numbers. Banks once again leading us higher with the Big Bank Basket up to $245.09 (+1.3%). ANZ bouncing back from the big sell down yesterday. Other financials also in demand, MQG up 0.5% and ASX up 1.3% as volumes pick up. REITs better led by GMG up 1.0% and SCG rising 3.3% on Budget news and CPI. Industrials also feeling the love, WES up 0.7% and TCL rising 2.0% with WOW and COL rising 1.7 and 1.5%. Retail was mixed with SUL off 0.8% and LOV falling 1.7% as JBH bounced back 2.5%. Tech was mixed, WTC up 0.3% and XRO down 0.2%. Resources were a happy place as US copper hit record levels. BHP and RIO doing well with FMG up 0.8%. Gold miners were back in demand, NEM up 1.1% and SPR doing well up 4.9% on a RMS upgrade. BGL in a trading halt pending another production issue. MIN bounced 1.8% with LTR up 4.0%. PDN collapsed 11.6% as more issues with rain and production in Namibia, BOE off 4.0% and NXG falling 2.9%. Both WDS and STO were firmer. In corporate news, TUA fell 7.5% on disappointing results, VUL up 12.8% on EU critical project status. WOR CFO resigned. In economic news, CPI fell to 2.4% perhaps opening the door for a rate cut. Budget had no impact. Asian markets mixed again, Japan up 0.8% and HK finding support up 0.3% with China flat. 10-year yields rising to 4.47%.

HIGHLIGHTS

  • Winners: VUL, TEA, FFM, BCI, RMS, HLI, SX2
  • Losers: SVM, PDN, TUA, DVP, NEU, DYL, CRN
  • Positive Sectors: Gold miners. Iron ore. Banks. REITs
  • Negative Sectors: Uranium.
  • ASX 200 Hi 8015 Lo 7957
  • Big Bank Basket: Rises to $245.09 (+1.3%)
  • All-Tech Index: Unchanged.
  • Gold: Slips to $4779
  • Bitcoin: Rises to US$87295
  • 10-year yield higher at 4.47%.
  • AUD: Rises to 63.10c
  • Asian markets: Firmer, Japan up 0.8%.
  • Dow futures unchanged Nasdaq unchanged.

MARKET MOVERS

  • VUL +12.8% EU critical project status.
  • FFM +6.7% copper play.
  • SX2 +5.1% gold explorer- continues to run.
  • SPR +4.9% RMS gets upgrade.
  • LTR +4.0% nice bounce.
  • LRV +19.9% IP Trial survey planned for Clarks Gully.
  • TLG +10.7% critical project status.
  • GG8 +11.8% doing well in the mist.
  • SVM -16.5% $40m placement at 85c.
  • TUA -7.5% results disappoint.
  • PDN -11.6% rains down in Africa hurt production.
  • NEU -5.5% buyback update.
  • DYL -4.5% slips again.
  • DGT -3.7% data centres out of favour.
  • BKY -11.1% reverses recent rise.
  • 4DX -9.9% cost reduction program.
  • Speculative Stock of the Day: EMH +112% – EU Critical project designation.

ECONOMIC AND OTHER NEWS

Australian CPI better than forecast.

  • The monthly CPI indicator rose 2.4% in the 12 months to February.
  • The largest contributors to the annual movement were Food and non-alcoholic beverages (+3.1%), Alcohol and tobacco (+6.7%), and Housing (+1.8%).  
  • Ukraine ceasefire in the Black Sea.
  • UK Spring statement from Chancellor Reeves.
  • CK Hutchison’s plan to sell two Panama ports to a BlackRock Inc.-led group is moving ahead as scheduled.
  • US tariffs on copper imports could be coming within several weeks, months earlier than the deadline for a decision. US copper hits a record high of $5.3740 a pound, before paring its gain to around $5.3005 a pound.
  • The world’s largest copper-trading firm, Trafigura, has said the price could hit $12,000, from about $10,000 currently.
  • CATL has received China’s approval to proceed with a potentially blockbuster share sale in Hong Kong.
  • Moody’s warns on deteriorating outlook for US public finances.
  • JD Vance to visit military base in Greenland to ‘check out security’. Just loves dog sled racing.

And finally….

Clarence

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