End of Day – Wed 30 Mar

• The ASX 200 rose for a seventh session with the market now edging further into positive for the calendar year. Risk was back on, helped by targeted spending measures in the Federal Budget aimed at reducing the cost of living and peace talk progress in Europe. Most sectors closed in positive territory. The All-Tech index was up 3.3% with Block (SQ2) up 7.3% and Xero (XRO) up 5.3%. Healthcare stocks were bid higher with CSL (CSL) up 1.6% and Nanosonics (NAN) improving 3.4%. The big bank basket finished at. Financials did well with Macquarie (MQG) and Magellan (MFG) both rising more than 2%. Miners and energy stocks eased with base metals, oil and iron ore all weaker. Woodside (WPL) off 1.5% and BHP (BHP) down 0.8%. Gold stocks eased as bullion slipped with Newcrest (NCM) down 0.5 and Northern Star (NST) steady. On the corporate front, Telstra's (TLS), up 1.8%, CEO Andy Penn announced his resignation along with Carsales (CAR) MD, up 1.1%. Star Entertainment (SGR) up 0.9%, confirmed a class action days after the resignation of CEO Matt Bekier. Uniti (UWL) down 1.3%, was upgraded by Ord Minnett. Brokers were neutral on Sigma Healthcare (SIG) up 3.4%, following results that highlighted expectations for a return to profit in FY23. Fortescue (FMG) up 0.2%, clarified its $50bn hydrogen investment comments saying it was a ‘high-level assessment’ not an official investment decision. Eagers Automotive (APE) up 3.2%, said it was acquiring car dealership WFM motors for $205m.  Charter Hall Long WALE (CLW) up 1.2%, and HomeCo Daily Needs (HDN) off 0.7%, traded ex-dividend. 
• Nothing exciting on the economic front. Government handouts from the budget led to calls for more aggressive monetary policy from the RBA. Interbank futures now suggest seven rate hikes this year from the RBA. The US has revised GDP data tonight. Dow Futures down 62.

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