Heroes for more than one day….

The ASX 200 drifted 23 points lower to 8516 (0.3%) ahead of the long weekend. Broad based losses with some of the stars yesterday giving back gains today. Lithium stocks dropped back, PLS dropped 5.2% and IGO down 3.5% with rare earth stock also falling back, LYC down 1.2% and ILU off 3.8%.  Gold miners were slippy today, GMD off 3.4% and EVN down 2.0% and RRL dropping 5.8%. Uranium stock easing back, oil stock better and coal doing better. Banks suffered slightly, CBA down 0.8% and ANZ off 0.4% with the Big Bank Basket down to $281.16 (0.2%). Financials also eased back, GQG off 1.9% and IFL down 3.6%. REITS slightly lower, Industrials also flat, WES down 0.5% and ALL off 1.1% with the tech sector slipping, XRO off 0.7% and WTC down 1.0% with the All–Tech Index off 0.9%. In corporate news, OBM dumped 14.1% on a production downgrade, QAN up 3.5% as Virgin confirmed strong demand for the upcoming IPO. Nothing on the economic front local, the AUD near a six-month high. Asian markets mixed again, Japan up 0.4% and HK off 0.4% with China flat. 10-year yields steady at 4.26%.

HIGHLIGHTS

  • Winners: WHC, QAN, VUL, BOT, IEL
  • Losers: OBM, WAF, IPX, RDX, AMI, NXL, RRL, DRO
  • Positive Sectors: Iron ore. Telcos.
  • Negative Sectors: Banks. Retail. Healthcare.
  • ASX 200 Hi 8567 Lo 8516. Up 1.0% for the week.
  • Big Bank Basket: Lower at $281.16(-0.9%).
  • All-Tech Index: Down 0.9%
  • Gold: Steady at $5176
  • Bitcoin: Falls to US$102936
  • 10-year yield steady at 4.27%.
  • AUD: rallies to 64.97c.
  • Asian markets: Japan up 0.4% and HK off 0.4% with China flat.
  • Dow futures up 140, and Nasdaq futures up 69

MARKET MOVERS

  • JHX +2.4% ship is turning round.
  • WHC +3.6% broker upgrade.
  • QAN +3.5% Virgin demand exceeds forecast.
  • NUF +2.4% bit of a bounce.
  • SVL +18.2% silver going well.
  • DUG +% out of a hole!
  • EOS +10.5% defence play.
  • AZY +9.7% takeover talk
  • TYR +7.3% bargain hunting.
  • OBM -14.1% production downgrade.
  • IPX -7.7% profit taking.
  • PLS -5.2% back down.
  • DRO -5.2% profit taking.
  • GMD -3.4% profit taking.
  • ZIP -2.2% profit taking.
  • COS -9.9% keeps falling.
  • ELS -8.6% profit taking.
  • RXR -0.3% IPO yesterday. Strong debut and holding.
  • Speculative Stock of the Day: WC1 +60% Completion of Mystique gold project acquisition.

ECONOMIC AND OTHER NEWS

  • $A holds near six-month high.
  • European futures showing a slightly negative start.
  • NFP tonight – Markets are expecting a month-on-month fall in March’s non-farm payrolls to 126,000 and unemployment to remain steady.
  • RBI cuts 50bps in a surprise move.
  • Mercedes CEO proposes tariff offset for US exports.
  • HSBC chair to depart.
  • Musk says he is open to a cooling-off period with Trump. Expect Tesla to bounce!
  • Harvard wins a reprieve from foreign student ban.

And finally……

Happy long weekend.

Clarence

XXXX