Evening Wrap: ASX 200 kicks off March with 73 point gain

After a rough couple of weeks, the Australian market found its way back into the winners’ circle today, kicking off the new week and month in style. It was a case of a rising tide lifting all boats, with every sector closing in the green. The rally followed solid leads from Wall Street on Friday night.

Energy stocks led the charge, boosted by stronger crude prices, while tech stocks also caught a bid. Materials came in third, whilst financials were the worst of the lot while still posting gains.

Is this the start of a fresh leg higher, or some post-reporting season relief? It's too early to tell, of course, particularly as markets continue to grapple with some big themes – inflation, tariffs, and the ongoing theatre coming from the White House.

Click/scroll through for the usual reporting of the major sector and stock-specific moves, the broker responses to them, as well as all the key upcoming economic data in tonight's Evening Wrap.

Let's dive in!

Markets

ASX 200 Session Chart

Carl is away today, so I have for you an abbreviated Evening Wrap today. Back to usual transmission tomorrow!

The S&P/ASX 200 (XJO) finished 73 points higher today, recouping some of Friday’s 96-point drubbing. The market started strong, faded into lunchtime, and then rallied after to close near the session high – a good sign from the bulls.

Energy (XEJ) (+2.02%), Information Technology (XIJ) (+1.79%), and Resources (XJR) (+1.63%) led the charge. Meanwhile, the Big Four banks were little changed, with Commonwealth Bank (CBA) the best of the lot, up a measly 0.25%. This contributed to Financials (XFJ) being the worst of a good bunch, with the sector carving out a modest 0.16% gain.

Miners posted solid gains after taking a beating on Friday, and despite iron ore slipping below $US102 a tonne. Newmont (NEM) was among the best, up 2.5%, while Rio Tinto (RIO) jumped 3.6%. Mineral Resources (MIN) stacked on 5.4% after what has been a tough run for the share price.

ChartWatch

ASX 200 tech stocks catch a bid - finally

The ASX tech sector finally caught a bid today after tumbling almost 11% in the past week - that's correction territory. It seems local traders went fishing in the downtrodden, with DUG Technology up 10.17%, Appen up 6.13%, Audinate up 5%, NextDC up 3.6%, and Technology One up 2.8%.

Economy

Today

• The China Caixin Manufacturing PMI was released today, with the number coming at 50.8, ahead of consensus of 50.3 and the previous number of 50.1.

Later this week

Tuesday

• 02:00 USA ISM Manufacturing Purchasing Managers Index (PMI)

• 11:30 AUS RBA Feb Meeting Minutes

• 11:30 AUS Retail Sales January

Wednesday

• 11:30 AUS Gross Domestic Product (GDP)

• 12:45 CHN Caixin Services PMI

Thursday

• 02:00 USA ISM Services PMI

• 11:30 AUS Building Approvals

Friday

• 00:15 EUR European Central Bank (ECB) Main Refinancing Rate & Statement

• 00:45 EUR ECB Press Conference

Saturday

• 00:30 USA Non-Farm Payroll Data February

  • Employment Change:

  • Average Hourly Earnings:

  • Unemployment Rate:

Latest News

Interesting Movers

Trading higher

• +8.24% Alpha HPA (A4N) - semiconductor engagement update

• +7.73% EML Payments (EML) - Continuation rally; +13.5% last 3 days

• +7% St Baraba (SBM) - gold miners

• +6.44% Clinuvel Pharmaceuticals (CUV) - no major news

• +5.16% Synlait Milk (SM1) - new Chief Executive appointed

• +3.21% Pro Medicus (PME) - contract win

Trading lower

• -11.52% Clarity Pharmaceuticals - earnings

• -9.28% NRW Holdings - earnings

• -5.71 Shine Justice - no major news

• -4.14% Qualitas - no major news

• -3.41% Tyro Payments - no major news

Broker Moves

This is an abbreviated list of Broker Moves today, Carl will catch you up on the rest of today's moves in tomorrow's Evening Wrap.

• Supply Networks (SNL)

  • Downgraded to accumulate from buy at Ord Minnett; Target price raised however, to $36.30 from $33

• Strike Energy (STX)

  • Upgraded to buy from hold at Bell Potter; Target price cut however, from $0.27 to $0.26

• Service Stream (SSM)

  • Upgraded to buy from hold at Ord Minnett; Target price raised to $1.94 from $1.78

Scans