Marcus Today End of Day Podcast – Monday 3rd April

ASX 200 closes up 45 points to 7223 (+0.6%) continuing on from last week’s rally. The energy sector led the market today, KAR up 6.5% after announcing production issues at Bauna and maintenence brought forward, WDS +2.7%, STO +2.5%, and BPT healthy +3.5%. Base Metals and Gold worst performers today, gold miners lagging NCM, AGG, and NST all off 1.8%, 0.4%, and 1.1%, respectively. Banks did well again today, The Big Bank Basket up to $172.29 (+1%). CBA strong +1%, ANZ also in demand up 1.3%, WBC up 1.1% after completing the merger of BT’s personal and corporate super funds with Mercer Super Trust. Insurers mixed, QBE off 0.3%, while SUN better up 0.8%. Tech doing ok, All-Tech Index up 1.2%. WTC up 2.3%, XRO finding some support up 1.5%. Healthcare firm and defensives generally improved, CSL up 0.9%, and IMU flat. Lithium stocks took a hit, PLS off 3.6%, AKE slid 0.9%, and CXO down 1.7%. In corporate news, SHL up 0.8% after agreeing to buy Dianosticum for $307.9m, LKE surged 7.9% after reporting its DLE technology has produced lithium carbonate purity grades greater than 99.8%, NWL tumbled 7.5% on news FUA increased in March quarter but down $300 on pcp. On the economic front, the focus is on the RBA’s interest rate decision tomorrow at 2:30pm, hold seems to be the consensus then one more 25bps rate hike later this year. Asian markets are mixed, China up 0.5%, HK off 0.7%, and Japan up 0.7 %. 10-year yields down a touch to 3.3%. Dow futures up 5 points and Nasdaq futures falls 88 points.

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