ASX 200closed up 57 to 7277 (+0.8%) in a broad market rally. Energy sector soaring today +2.5% following news the government’s PRRT hike is not as bad as feared. WDS +2.9%, BPT +2.8%, and COE +6.7%. Lithium stocks were stronger today following Morgan Stanley’s comments that lithium markets have hit a turning point, MIN +1.4%, PLS +4.6%, and CXO +6.7%. Gold miners found some support down 0.7%. Staples also stumbled down 0.9%, EDV off 0.3%, and WOW slipping 1.1%. Banks recover some of last week’s losses, NAB leading the way up 2%, WBC +1.8%, CBA +1%, ANZ +0.1%, while MQG fell 2.2%. The Big Bank Basket rose 1.1% to $169.79. Tech steady, All Tech Index up 0.6%, WTC +0.2%, CPU +1.1%, and XRO +1.1%. REITS better up 0.4%. Resource stocks the place to be, BHP +1.5%, RIO +2.4%, and FMG +1.9%. Healthcare and Insurance mixed, RMD -0.9%, RHC+1.2%and MPL off 0.3%. In corporate news, WBC recorded 1H23 profit of $4bn, up 22%, CEO Peter Kings says the bank is ready for a downturn as its March NIM has plateaued and would fall in the coming half. LYC +12% Malaysian operating license extended until 2024. WOR +3.6% awarded engineering and design contract by Shell for Sparta. In economic news, NAB business confidence rose 1 point to 0 in April, the highest reading since January, and Australian building permits fell 0.1% MoM, reversing from 4% growth in February. March BoJ meeting minutes indicated thoughts that market distortions remained but did not worsen. Asian markets mixed, Japan down 0.2% and HK up 0.7% with China up 1.7%. Australia’s 10Y yield rose 7bps to 3.39%. Bitcoin down 1.28%. Dow Jones futures down 16 points and Nasdaq futures down 2 points.

Why not sign up for a free trial? Get access to expert insights and research and become a better investor.