A good end to the week as the ASX 200 rose 60 points to 7808 (0.8%), breaking through as SPI expiry boosted volumes. Positive US futures helping the Easter Bunny remain positive., For the week the ASX 200 is up 2.3%. Today was all about gold and resources, BHP up 1.1% and RIO up 2.9% doing well on broker reactions to production reports. Gold miners better, but looking a little tired short term, EVN up 1.7% and NST up 1.2% with VAU up 3.2%. Lithium saw some gains, PLS up 4.4% and MIN up 2.4% with LTR up 3.9%. ILU doing well on the rare earths play, up 5.6%. Oil and gas stocks rose, WDS up 3.9% with STO up 2.9% with KAR rising 7.6% on Q1 report. Uranium stocks gaining, as shorts covered, PDN up 4.1% and BOE up 4.0%. Banks were solid, the Big Bank Basket up to $254.43 (+0.7%). Financials were better with CGF rising 10.2% on a 3Q update. IFL rose 3.3% as DD was extended another 4 weeks to both bidders. REITs better as rate fell, 10-year yields dropping to 4.28%. Industrials firmed, with CPU up 1.0%, REA up 0.9% and JHX rallying 2.3% on news big investors are lobbying the ASX to scrutinise the takeover. In corporate news, AMP rallied 3.2% after an increase in net cash flows, BHP shipped weaker-than-expected volume of Australian iron ore over the past three months. PLS blamed the cyclone for a production drop, up 4.4%. WTC fell 2.2% as ASIC looking at White’s trades. On the economic front, we got jobs numbers, 4.1% with 32k new jobs slightly below forecasts. Asian Japan up 1.2%, HK up 1.3% and China off 0.2%.

HIGHLIGHTS

  • Winners: CU6, IPX, CGF, SHV, ALD, KAR, MYR, SMR
  • Losers: NAN, RIC, RPL, ZIP, KLS, SX2. BLX
  • Positive Sectors: Gold miners. Lithium. Iron ore. REITs. Oil and gas. Uranium.  
  • Negative Sectors: Insurers.
  • ASX 200 Hi 7819 Lo 7757
  • Big Bank Basket: Rises to $254.43 (+0.7%)
  • All-Tech Index: Up 0.6%
  • Gold: Rises to $5263
  • Bitcoin: Rises to US$84112
  • 10-year yield falls to 4.28%.
  • AUD: Eases to 63.38c
  • Asian markets:  Japan up 0.8%, HK up 1.3% and China off 0.2%.
  • Dow futures up 278 Nasdaq up 148

MARKET MOVERS

  • IPX +11.0% change of director’s interest.
  • CU6 +13.1% signs commercial-scale copper-64 supply agreement.
  • CGF +10.2% third quarter update.
  • NXG +6.7% short covering.
  • SHV +8.9% good bounce from yesterday.
  • KAR +7.6% Q1 report.
  • ILU +5.6% Eneabba rare earth plant exposure.
  • SMR+6.7% signs of life – the vibrating knife.
  • GG8 +22.4% great drill results.
  • MEI +18.2% building momentum.
  • ARU +13.2% rare earths.
  • ASM +22.1% critical metals exposure.
  • NAN -8.0% broker downgrades.
  • RPL -3.8% punished again.
  • ZIP -3.5% profit taking.
  • SX2 -3.1% profit taking.
  • THL -13.1% trading update.
  • RXL -9.5% release of securities from escrow.
  • Speculative Stock of the Day: AVM +37.1% Good volume too. Spectacular results from Myrtleford. One to watch next week.

ECONOMIC AND OTHER NEWS

  • Australia’s labour market rebounded in March as 32,200 people found work, below market expectations for gains of 40,000.
  • The unemployment rate rose slightly to 4.1% from a downwardly revised 4% in February.
  • ECB decision tonight.
  • Chinese President Xi Jinping promoted the idea of an “Asian family” and called for regional unity during a tour of Southeast Asia.
  • The number of cancelled sailings of freight vessels out of China is picking up as ocean carriers attempt to manage a pullback in orders due to the trade war and tariffs.
  • Japan exports growth declined to a 3.9%, down from February’s 11.4% jump. Exports to the U.S., Japan’s second-largest trading partner, saw a 3.1% rise.
  • U.S. Customs and Border Protection told CNBC the department has collected more than $500m under Trump’s latest tariffs. That is a long way short of the US$2bn a day Trump has said.
  • Siemens ups guidance on record quarter.
  • Italy’s Meloni seeks to jump-start US-EU trade talks.
  • US House panel probes whether DeepSeek used restricted Nvidia chips.

And finally…..

Yesterday I bought a bagel for $3.
Now I have a $3 trade deficit with the bagel shop! So I’m imposing a 145% reciprocal trade tariff on them.
Today my bagel cost me $7.35. Art of the Deal!

Clarence

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