The ASX 200 rallied hard despite negative US futures with a 82-point gain to 7925 (+1.0%). The RBA left rates on hold as expected. Banks were the turn around story with CBA up % and the Big Bank Basket up to $248.66 (1.2%). REITs also in demand as GMG bounced 2.7% and SCG up 1.8%. Financials services still under some pressure, IFT down 1.4% and ASX off 3.0%. Industrials generally firmed, WES up 1.3% and WOW and COL better; Retail was back in demand, as retail sales numbers were released, JBH up 1.1% and PMV up 0.9%. Tech was better, WTC up 2.3% and XRO up 1.2% with ORG rallying 2.7% on news from Earring power station. JHX remained under pressure as the recent acquisition plan continues to spur selling, down 3.9%. Resources were back in demand, BHP bouncing % and FMG up %. Gold miners limped higher, NEM up 1.1% and RMS better by 0.8%. EVN doing well up 1.7%. PLS crumbled 5.5% again as shorts took control, MIN fell 0.8% and LTR down 6.4%.  Oil and gas positive as crude rose, WDS up 1.7% and STO up 1.7%. Uranium under pressure again. In corporate news, AVJ gained 8.3% as it agreed terms with AVID. Looks like Virgin is heading for a June listing. On the economic front, retail sales rose 0.2% slightly below forecasts. Asian markets better across the board, Japan up 0.2%, China up 0.3% and HK up 1.1%. 10-year yields steady at 4.40%.

HIGHLIGHTS

  • Winners: BC8, HLI, CHC, CAR, IFM, ZIP, DRR
  • Losers: DYL, AEL, LTR, BCI, FFM, PDN, PLS
  • Positive Sectors: Banks. Iron ore. RETs. Tech. Gold.
  • Negative Sectors: Lithium. Uranium.
  • ASX 200 Hi 7925 Lo 7859 – RBA stays its hand.
  • Big Bank Basket: Rises to $248.66(+1.2%)
  • All-Tech Index: Up 1.3%
  • Gold: Rises to $5019
  • Bitcoin: Rises to US$83203
  • 10-year yield steady at 4.40%.
  • AUD: Falls to 62.65c
  • Asian markets: Japan up 0.2%, China up 0.3% and HK up 1.1%.
  • Dow futures down 100 Nasdaq down 83

MARKET MOVERS

  • BC8 +8.3% Kal East – Processing commenced at Lakewood.
  • BSL +2.6% bouncing on tariffs.
  • IFM +3.4% buyback notification.
  • SGM +2.9% no reason.
  • SXE +9.6% recent acquisition cheers.
  • MM8 +7.8% exceptional copper hits yesterday.
  • CYC +12.2% Technegas US momentum accelerates.
  • AVJ +8.3% scheme of Arrangement at 65.5c. Dividend and franking appeal.
  • DYL -7.6% bears are back.
  • PDN -5.7% PLS -5.6% shorts in charge
  • STK -12.7% investor presentation.
  • BMN -9.8% uranium sell off.
  • PNR -2.9% results of meeting to consolidate.
  • Speculative Stock of the Day:  WHK up 225.0% on US contract win.

ECONOMIC AND OTHER NEWS

  • RBA left rates unchanged. Short statement nothing either way. Bullock said an improved quarterly CPI reading next week will not guarantee a rate cut in May.
  • RBA chief says the upcoming federal election was not factored into the Reserve Bank board’s decision to leave the cash rate unchanged.
  • Tariff uncertainty is not having a ‘specific’ impact on policy decision at the moment.
  • OpenAI secures $300bn valuation after $40bn SoftBank-led funding round. Late last year it was worth half that!
  • China saw the value of new homes sales tank 11% in March. State-backed Vanke reported a record 49.5 billion yuan ($6.8 billion) loss last year, its first full-year loss since 1991.
  • China’s military on Tuesday said it had begun joint army, navy and rocket force exercises around Taiwan to “serve as a stern warning and powerful deterrent against Taiwanese independence”, calling Taiwan’s President Lai Ching–te a “parasite”.
  • A U.S. bankruptcy judge on Monday rejected Johnson & Johnson’s $10 billion proposal to end tens of thousands of lawsuits alleging that its baby powder and other talc products cause ovarian cancer.
  • Hyundai warned U.S. dealers it is evaluating its pricing strategy in the face of forthcoming 25% tariff. Cox Automotive estimates that 25% tariffs will add $3,000 to the cost of a U.S.-made vehicle and $6,000 to vehicles made in Canada or Mexico.
  • Trump administration to review $9bn in federal grants to Harvard.
  • Rocket to buy Mr Cooper in $9.4bn deal to create US mortgage giant.

And finally……

It’s important we remember the true meaning of Easter says the Archbishop of Cadbury.

Clarence

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