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The ASX 200 jumped 61 points after a slow start to 8756, with GDP coming in a little light, giving the RBA room to hold rates. Banks rebounded, with CBA up 1.1% and ANZ doing well, up 1.9%, as the Big Bank Basket rose to $275.51 (+1.1%). Other financials were a little mixed, GQG fell 1.4%, AMP slid 2.0% and HUB fell 0.9%. Insurers were steady as she goes.

Industrials firmed in places, with WES down 0.2 %, while WOW and COL did better. Healthcare remains in ICU, with CSL falling another 0.4% and RMD down 0.7%. Tech stocks were under pressure after a great run in recent days, with XRO down 3.5% and WTC falling 2.1%, while the All Tech Basket down 0.7%.

Resources, and especially copper stocks, were the stars of the show again. BHP hit new records, up 2.4%, and RIO gained 1.6%. Rare earths got a boost, with LYC up 2.8% and ARU gaining %. Uranium stocks fired up on some Urenco news from the US, with PDN up 11.5% and BOE gaining 7.6% as the shorts ran for cover. STO had a good day too, while WDS was flat.

In corporate news, SLC jumped 0.3% on an upgrade to earnings, MP1 entered a trading halt pending a large capital raising, ALD rallied 3.4% on watchdog approvals and INA soared 5.4% on earnings confirmation. TLC lowered guidance and slipped 1.5%. In economic news, GDP came in a little light at 0.3% for the quarter and 2.6% for the year, giving the RBA a good excuse to stay pat.

Asian markets mixed. Japan up 2.7%, Hong Kong down 1.6%, and China up 0.6%. South Korea closed for local elections.

US futures: Dow down 32 and Nasdaq down 13. Oil up 1.0%. Surprising given the hostilities in the Gulf.

HIGHLIGHTS

  • Winners: EQR, PDN, TUA, NXG, BMN, SYL, SLX, BOE
  • Losers: OPT, GLN, KCN, OML, LOV, LIN
  • Positive Sectors: Banks. Copper. Rare earths. Uranium.
  • Negative Sectors: Gold miners. Healthcare. Tech.
  • ASX 200 Hi 8811 Lo 8732
  • Big Bank Basket: Higher at $275.51 (+1.1%)
  • All-Tech Index: Down 0.7%
  • Gold: Lower at $6224
  • Bitcoin: Falls to US$67238
  • 10-year yields: Rose to 4.90%
  • AUD: Lower at 71.56c.

MARKET MOVERS

  • PDN +11.5% NXG +9.4% uranium blasting ahead.
  • EQR +11.6% Tungsten – Mt Carbine expansion.
  • SLX+7.7% uranium enrichment.
  • AIS +4.6% copper exposure.
  • AAI +6.0% aluminium pushing ahead.
  • BRN +14.3% no real news.
  • VYS +17.9% acquisition of NewGround.
  • ACF +11.3% earnings update for industrial access division.
  • OPT -97.3% returns to trade.
  • OML -8.2% media reports on M&A potential.
  • KCN -9.0% gold exposure.
  • CAT -6.6% kitty sees profit taking.
  • LLC -5.2% continues its fall from grace.
  • ARL -12.5% KNP Hub DFS update.
  • Yesterday’s Hero: EWC -23.3%
  • Speculative Stock of the Day:  DXN +590%! AI HPC contract signed.

ECONOMIC AND OTHER NEWS

  • Australian gross domestic product (GDP) rose 0.3% in the March quarter 2026 and 2.5% compared to a year ago. The modest growth was partly driven by robust investment in data centre machinery and equipment as subdued household spending, a pullback in government consumption and severe weather disruptions to mining and exports dampened momentum.
  • US moves on a new tariff of 10% citing forced labour!
  • Iran fires missiles at US command centre. US responds.
  • SpaceX seeks $75bn at US$135.
  • You think the ASX is stuck in the slow lane, Indonesian stocks slumped to their lowest level in five years.
  • Japan’s Nikkei hits record high. Oil up 1%.
  • Warsh set to revamp Federal Reserve’s signalling to Wall Street.
  • Trump appoints real estate heir Bill Pulte as national intelligence chief.
  • Trading firms generated $114bn in revenue last year.
  • Bitcoin hits lowest since February as crypto competes for liquidity with blockbuster IPOs.

And finally….

Clarence

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