An interesting day as the ASX 200 closed up 2 points at 9201. A good fight back from early losses as we await the day’s action in Iran. The playbook for a conflict was back in force. Gold miners rose with NST up 4.8% and EVN rising 6.6%, base metal stocks also rose with oil and gas stocks flying high, STO up 6.7% with KAR rallying 15.2% on a broker upgrade too. Uranium stocks firmed. The big miners were solid, BHP and RIO up around 1.4% although FMG fell 3.0% as it went ex-dividend. Travel stocks fell, WEB down % and FLT off 5.7%. QAN down 5.4% although VGN rose 4.5%. Retail stocks eased back as oil price rises will take away some demand. ALL down 1.8% and JBH off 0.7%. Tech stocks were hurt, more on US tech than any war discount. WTC dropped % and XRO fell % with the All-Tech Index down 2.5%. Banks were flat with the Big Bank Basket down to $302.24 (%). Issues more with mortgage fraud and following US banks lower. MQG hit for six on US investment bank woes, Plus MFG announced a merger with Barrenjoey.  Other financials also eased back.

In corporate news, LYC jumped 5.4% on a renewal of its Malaysian licence for another ten years. MAF dropped 2.6% after agreeing to sell Infinite Care. MFG in a halt, as it raises $130m to merge with Barrenjoey.

In economic news, Job advertisements in Australia rose back-to-back for the first time in 16 months

Asian markets weaker, South Korea closed, Japan down 1.3% with airline stocks in Asia under serious pressure. HK down 1.6% and China down 0.1%

10-year yields fall to 4.64%

US Futures obviously weaker but off lows, weaker despite Nvidia results beating forecasts.

DJ down 360 Nasdaq down 180. US crude up 5.7% at US$70.

HIGHLIGHTS

  • Winners: EQR, KAR, BOE, RSG, ELS, SVL, GMD
  • Losers: AYA, ZIP, MAQ, GNG, SDR, MSB, LNW, MYR
  • Positive Sectors: Oil and Gas. Gold miners. Supermarkets. Defensives.
  • Negative Sectors: Banks. Retail. Travel. Tech
  • ASX 200 Hi 9189 Lo 9120
  • Big Bank Basket: Falls to $302.24
  • All-Tech Index: Down 2.5%
  • Gold: Booms to $7551
  • Bitcoin: Falls to US$66737
  • 10-year yields: Steady at 4.64%
  • AUD: Rallies off lows, 70.90c

MARKET MOVERS

  • EQR +21.4% kicks higher again.
  • KAR +15.2% crude moves and broker upgrade.
  • BOE +11.0% uranium moves higher.
  • ELS +8.7% defence and drone exposure.
  • SVL +8.5% silver prices.
  • DRO +6.6% EOS+2.6% drone exposure.
  • MKR +18.5% financing update.
  • NVA +8.9% new copper-gold system at West Wing.
  • MAQ -8.7% very thin.
  • AYA -9.1% thin.
  • ZIP -8.4% US financials draw.
  • SDR -7.8% travel stocks under pressure.
  • WEB -6.5% CFO reverses coice.
  • LNW -7.0% buyback update.
  • BAP -12.1% gets worse!
  • VYS -9.2% investor update.
  • FMG –3.0% ex dividend.
  • Speculative Stock of the Day: CTN +40% drilling results in Yerilgee in WA.

ECONOMIC AND OTHER NEWS

  • Job advertisements in Australia rose back-to-back for the first time in 16 months to be at their highest level since October 2024.
  • ANZ-Indeed data showed ads rose 3.2% in the month to February, and are 16.6% higher than in the decade before the pandemic.
  • Betashares chief economist David Bassanese says the Iran conflict could keep the Reserve Bank of Australia on the sidelines with uncertainty around inflation.
  • UBS strategist Richard Schellbach says Australia’s February reporting season impressed, with the market powering to record highs despite global sentiment leaning “towards looking for reasons to sell”.
  • Earnings beats outnumbered misses by 2:1, while guidance upgrades exceeded downgrades 3:1, lifting S&P/ASX 200 FY26 earnings growth to 13.6% year-on-year, up from 11.3% last month.
  • Bullion climbed more than 2% to around $US5390 an ounce in early trading, having gained more than 3% in the previous week as American troops amassed in the region.
  • Aluminum climbed on concerns that critical supply routes for Middle Eastern producers will be disrupted by conflict in a region responsible for a significant chunk of global output. The region accounts for about 9% of the world’s aluminum production capacity.
  • Israel targets Hizbollah in Lebanon.
  • Starmer will let US use UK bases for attacks on Iranian missile sites.
  • Anthropic to sue Trump administration after AI lab is labelled security risk.

And finally….

If I have twin daughters, I’ll name one Kate. And I’ll name the other Duplikate.

CAN SOMEONE PLEASE EXPLAIN TO ME WHAT OBLIVIOUS MEANS, BECAUSE I HAVE NO IDEA.

Clarence

XXX