End of Day – Wed 23 Mar

• The ASX 200 moved up another 37 points to 7378(0.5%) today as banks burst higher as yields continue to move up. 10-year yields hit 2.82% at one stage and the Big Bank Basket rose to $190.85(1.1%) with CBA up 1.3% and NAB up 1.6% as brokers focus on buy back potential in May results. MQG kicked 1.3% higher but ASX lost 1.6% as CHESS issues abound. Insurers flat. Healthcare better with CSL up 0.8% and SHL up 1.7%, FPH fell 7.9% on a profit downgrade on freight cost increases, RMD down 3.0% on similar worries. Industrials were slightly higher with GMG up 1.3%, WES up 0.3% and REA up 1.0%. Tech doing well today, bombed out shorted stocks like KGN up 7.3% and PBH better by 8.3%. WTC rose 2.1% and SQ2 up another 7.5%. CTT crashed 13.2% lower as the founder sold a near 10% stake at depressed prices. The All-Tech Index up 2.3%. Lithium stocks again on the move and battery tech joining in, SYA up 13.5%, SYR up 6.8% and PLS up 3.7% with LTR approaching 200c. UWL went into a trading halt on huge volumes with Macquarie set to emerge with a 500c bid with PSP in tow. 
• In more corporate news, KMD rose slightly on a profit downgrade. CVN rallied strongly up 14.1% on its drill results from Pavo-1 and CXL was rocket emojis all the way on FID on its LEILAC decision, closing up 15.7%. 10-year yields up to 2.78%, off highs. Asian markets better with Japan up 2.7% and HK up 1.7% with China missing the memo and flat. 

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