END Of DAY Report

The ASX 200 rises 16 points to 7789 (0.2%) in quiet range bound trade. Solid across the board except oil and gas with WDS easing 1.6% and STO down 1.0% as oil drifts lower on diminished risks. Coal stocks better, Gold miners kicking higher, NST up 2.0% and NEM rocketing up 6.6%. GOR and GMD also in demand. Lithium stocks finding some support on higher Asian prices, PLS up 1.1% and MIN up 0.6%. BHP still struggling for traction down 0.2% despite iron ore kicking 4% higher in Asian trade. FMG up 0.3%. Banks were solid but dull, the Big Bank Basket up to $207.95 (0.2%). MQG slid 1.1% with GQG having a good day up 6.6% on a broker upgrade. Insurers better on bond yields. REITs mixed, GMG fell 0.6% with SCG up 1.2%, healthcare stocks firmed, CSL up 0.5% and RMD rallying 1.1%. Industrials firm with QAN stands out up 4.8% on buyback and new FF program. Tech better as the All–Tech Index rose 1.0%. In corporate news, ELD was slammed 24.4% on a trading update, BPT crashed 15.0% as costs continue to blow out at Waitsia, APM dropped 29.5% as it resumed trade with another suitor in tow and a substantially decreased bid price. In economic news, lending numbers and auction clearances remain strong. Asian markets are back online, with China down 0.7% and HK unchanged, and Japan better again. 10-year yields rose to 4.20%.

MAJOR MOVERS

360 +16.8% business update.
NEM +6.6% bullion rise.
PDN +6.7% broker upgrade.
QAN +4.8% buyback and new FF Program details.
GQG +6.6% broker updates on FUM.
OBM +1.6% Riverina dispute resolved.
QOR +33.3% K1 bids 40c.
SBM +14.6% broker upgrades.
SVL +8.1% name says it all. Investor presentation.
APM -29.5% another bid bites the dust.
ELD -24.4% trading downdate.
BPT -15.0% cost blowout at Waitsia.
AZS -7.0% shareholders vote on scheme.
PMT -5.6% final drilling
Speculative Stock of the Day:Nothing apart from QOR on bid from K1 at 40c. Closed above offer price at 42c.

Winners: 360, A4N, MSB, PDN, NEM, GQG, CU6
Losers: APM, ELD, BPT, AZS, STX, PMT, NUF

COMPANY NEWS

ECONOMIC AND OTHER HEADLINES

Lending Indicators – In February 2024, new loan commitments (seasonally adjusted):

rose 1.5% for housing.
fell 0.9% for personal fixed-term loans.
rose 31.4% for business construction (a typically volatile series) and rose 2.5% in trend terms.
fell 4.7% for business purchase of property (a typically volatile series) and rose 1.3% in trend terms.

Iron ore prices have pushed back above $US100 a tonne on speculation that demand may pick up in China.
ASIC has closed its investigation into Nuix chief executive Jonathan Rubinsztein’s share purchases, finding there was not enough evidence to charge him with insider trading.
China’s economy is set to expand 5.3% this year as the property sector stabilises and external demand improves, according to the ASEAN+3 Macroeconomic Research Office.
China’s Minister of Commerce Wang Wentao slammed accusations of “overcapacity” by the U.S. and Europe, saying they are “groundless.”
Wirecard shareholders sue EY over alleged asset stripping in Germany.
Solar Eclipse beckons in US. NASA will live stream from 3am AEST.