The Match Out: Energy hit on growth concerns, ASX at 2-month lows.

• The ASX 200 finished down -99pts/ -1.41% at 7008
• The Real Estate sector was best on ground (-0.27%), closely followed by the Utilities (-0.29%)
• Tech was the weakest sector (-3.44%) while Energy was also in the firing line (-2.78%). 5 other sectors fell by more than 1%
• Kelsian (ASX: KLS) was in a trading halt today as they look to purchase a charter bus company, All Aboard America!, for $500m.
• Neuren Pharmaceutical (ASX: NEU) +9.68%, now up 30% in 2 days following FDA approval of their Rett syndrome treatment.
• Energy stocks were hammered as crude trades down ~8% in a week. Traders aren’t just concerned about the impact of SIVB on the financials market.
• We stepped up to add to our banking exposure in to weakness today with the view that this event is very much a company-specific issue and unlikely to cause a major rift in financial markets. We have already see regulators talk to supporting deposits in the US to prop up the system in an attempt to build confidence.
• Iron Ore was ~0.43% higher in Asia today, though it was little help for the miners today with BHP still down -1.75%
• Gold was once again the place to be on the equity front, though it gave back some strength in Asian trade today following its +$US30 move overnight to fall $US10/-0.53%. Ramelius (ASX: RMS) once again the top performer in the space, up +5.83%.
• Asian stocks were struggled, Nikkei -2.37% while China and the Hang Seng are currently down ~2%.
• US Futures are once again the in the green, S&P and Nasdaq Futures both up 0.3%.

ASX200

Market Matters In the Media

The Market Matters Research Lead Shawn Hickman joined Ausbiz this morning for a timely chat about the Silicon Valley Bank’s issues and it’s impact on the local banking sector.

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