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Aussie market gains further

The ASX 200 finished the day 42 points, or 0.6 per cent, higher to 6,928.0, its fourth straight day of gains and a new seven week high.

TLocal shares faded from their intraday high of 6933.9 following weakness in US futures, and are close to 13-month highs. The rally was on the back of flat Wall Street markets overnight.

· All sectors finished in the green with energy, property and IT leading, up 1.4 per cent, 1.22 per cent and 1.0 per cent respectively. Industrials, financials and telecom were the worst performers, up 0.3 per cent, 0.4 per cent and 0.4 per cent respectively.

 · Resolute Mining (RSG) rallied after upgrading its projected production and expected costs at its Syama gold mine in Mali through to 2029.

·  EML Payments (EML) agreed to acquire European open banking and payments platform Sentenial Ltd for an upfront cost of €70m (A$108.6m), plus an earn-out component of up to €40m (A$62.1m).

·  Ramelius Resources (RMS) produced 66,092oz of gold over the March Quarter, within its 65k70koz guidance and has a cash and gold balance of $230.6m compared with $221.5m in the Dec. quarter.

· Imugene (IMU) rose 19% on results of clinical trials and Adbri (ABC) was down 5% as it traded ex-dividend

. · In economic news, a total of 100,005 new vehicles were sold in March 2021, up 22.4 per cent on March 2020 sales when 81,690 vehicles were sold. Consumer confidence fell 4.6 points last week due to new lockdowns and border restrictions. The Australian Industry Group Performance of Construction Index (PCI) rose by 4.4 points, from 57.4 to 61.8 in March.

· The ‘final’ IHS Markit services purchasing manager index rose from 53.4 in February to 55.0 in March. The International Monetary Fund (IMF) has upgraded its outlook for world economic growth in 2021 to 6.0 per cent from the 5.5 per cent forecast made in January. In particular, the IMF significantly upgraded growth forecasts for the US because of its large additional fiscal stimulus and rapid vaccine roll out.

 · The AUD buys 76.5 U.S. cents having briefly traded at 76.7 U.S. cents. Today, 9.0b units were traded worth $6.7b with 714 stocks higher, 615 lower and 414 unchanged.


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