The ASX 200 rose 21 points to 8482 in a topsy-turvy day on news from the Gulf and Trump. After an easier start, markets rallied on news that Trump might not need the Strait open to declare an end to the war (see afternoon update). End of month saw a fade at the close.  Gold popped higher with gold miners looking firm, NST up 4.4% and NEM up 2.2% with RIO still firing on aluminium exposure, BHP steady. Lithium stocks slipped a little on some oil price weakness. PLS down 2.9% and MIN off 3.7%. Oil and gas stocks eased back, WDS down 0.5% and STO off 1.1%. Coal stocks too under some pressure, NHC ex dividend today. Uranium steady.

Banks recovered from early losses with the Big Bank Basket falls to $284.58 (-0.1%). Other financials also finding friends, MQG up 1.2% and ASX running hot. Insurers were slightly better and a good bounce in REITs with GMG leading the charge. Healthcare improved, COH up 1.3% and SIG falling 0.4%. Retail also getting a slight boost and tech rallying hard. WTC up 4.1% and XRO rallying 6.6% with the All-Tech Index up 3.0%.

In corporate news, KMD grabbed a lifeline with a deeply discounted rights issue, KOA joined the boards, bedding down nicely, up 11.8%. CKF has rung the Taco Bell and is exiting its stores. A1N slumped another 19.0% as Jackie O commenced legal proceedings claiming $82m.

In economic news, RBA minutes, China’s PMI better than expected.

Asian markets eased, Japan fell 1.3%, HK off 0.5% and China off 0.6%.

10 -year yields fell to 4.97% on RBA minutes and Powell comments.

US futures; Dow up 364 Nasdaq up 143.

HIGHLIGHTS

  • Winners: CRN, RSG, IEL, CAT, GDG, TPW, FFM
  • Losers: SGM, MYR, WHC, ELS, YAL, SGR
  • Positive Sectors: Gold miners. Tech. REITs. Industrials.
  • Negative Sectors: Oil and gas. Supermarkets.
  • ASX 200 Hi 8549 Lo 8411
  • Big Bank Basket: Falls to $284.58 (-0.1%)
  • All-Tech Index: Up 2.6%
  • Gold: Jumps to $6666
  • Bitcoin: Steady at $68313
  • 10-year yields: Falls to 4.97%
  • AUD: Falls to 68.45c.
  • European markets looking to a cautious open.
  • Dow up 376 Nasdaq up 149.

MARKET MOVERS

  • CRN +9.1% coal in vogue.
  • CAT +7.7% solid bounce after falls yesterday.
  • RSG +8.6% strategic partnership in Guinea.
  • STN +11.1% solid kick.
  • PEN +23.8% US uranium play.
  • SGM -7.5% good volume.
  • MYR – 6.5%. No reason
  • WHC -6.0% buyback update.
  • NHC -3.9% ex dividend.
  • KAR -3.7% oil price falls.
  • TER -8.6% director resignation.
  • IPO of the Day: KOA +11.8% Sofa so good.
  • Yesterday’s Hero: OMA +9.1% Good day again.
  • Speculative Stock of the Day: MCE +50.0% NBIO from AIH at 40c.

ECONOMIC AND OTHER NEWS

  • RBA Minutes: “The conflict creates a stagflation risk: higher inflation but uncertain growth, partly offset in Australia by stronger LNG export income.”
  • RBA bans credit and debit card surcharge despite business disquiet. It would also cap interchange fees for credit cards – charged by banks – from 0.8% to 0.3% of the value of the transaction. That could cost banks around $660m a year.
  • Jim Chalmers insists the federal budget will pursue tax changes to deal with intergenerational inequity, productivity measures and savings.
  • China’s official gauge for manufacturing activity climbed more than expected in March to mark its best performance in a year, snapping two months of declines, as export orders showed strong momentum.
  • The Chinese Manufacturing Purchasing Managers’ Index for March rose to 50.4, beating economists’ expectations for 50.1.
  • Trump says Iran sending ‘20 big boats’ through the Strait as a gift.
  • Pete Hegseth’s broker looked to buy defence fund before Iran attack.
  • Foreign central banks sell US Treasuries in wake of Iran war.
  • Air Canada CEO to step down over failure to speak French.

And finally….

Clarence

XXXX