End of Day Report – Monday 17 March: ASX 200 up 64, near daily high | Resources see shorts cover

Market Updates

The ASX 200 rose another 64 points to 7854 (0.8%) with the banks finding bargain hunters, CBA up % and ANZ rallying % as the Big Bank Basket hit $236.48 ( +1.2%). Financials were mixed, MQG up 1.3% with GQG down 0.5% and PNI rallying 3.2%. REITs were flat as GMG rose 0.3%. Industrials a mixed picture, QAN down 0.9% and WOW and COL slipping slightly, Tech mixed, WTC down 0.6% and XRO up 1.0%. Retails stocks firmed, LOV up 4.2% and PMV rising 1.3% with DMP up 3.6%. Footy has started perhaps! MYR also had a good day, up 3.3%. Resources were the stand outs, BHP up 2.4% and FMG rallying 4.2%. Lithium shorts scrambling to cover with MIN up 11.6% as UBS upgraded. PLS rallying 7.1%. LTR also doing well, roaring 6.2% ahead. Gold miners were slightly better, GMD up 1.8% and SPR rose 9.1% as RMS made its move to merge. Oil stocks formed, WDS up 1.9% and coal better too, WHC up 2.5% with uranium stocks finding a little love. In corporate news, the NAB CFO has switched banks to WBC, SMP jumped 47.1% on news TYR and another was looking at a bid. Nothing on the economic front, Asian markets pushed hard, Japan up 1.3%, HK up 1.3% and China flat. 10-year yields 4.41%.

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