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ASX Live Coverage Summary – March 31, 2023
Welcome to the live coverage of the Australian Securities Exchange (ASX) for Tuesday, March 31. Expect a series of posts leading up to market openings and ongoing updates throughout the day, concluding around midday AEST.
Tyro Embraces RBA’s Payment Reforms
(11:13 AM) Tyro Payments (TYR) has expressed optimism regarding recent reforms by the Reserve Bank of Australia (RBA) aimed at card payments. Effective October 1, 2026, the elimination of surcharges on debit and credit cards, alongside enhanced fee transparency, is expected to foster a more competitive landscape aligned with Tyro’s cost-plus pricing strategy. Chief Executive Nigel Lee highlighted that these adjustments could lead merchants to reconsider bundled payment providers for clearer pricing. Tyro believes this pivot away from surcharge pricing may pave the way for sustainable business growth, as merchants gain better insights into their costs and provider comparisons. Tyro shares have risen 0.67%, reaching 76 cents.
Uranium and Lithium Stocks Decline
(10:36 AM) Uranium stocks are broadly down, with prices steady around US$84 per pound while the S&P/ASX 200 Energy Index has increased by 0.65%. The following table lists notable uranium stock movements:
| Ticker | Company | Change | Price |
|---|---|---|---|
| AGE | Alligator Energy | -5.71% | $0.03 |
| AEE | Aura Energy | -4.35% | $0.11 |
| BMN | Bannerman Energy | -4.29% | $3.46 |
| DYL | Deep Yellow | -4.11% | $1.64 |
| PEN | Peninsula Energy | -3.81% | $0.51 |
(10:29 AM) Similarly, lithium stocks are facing declines, with many dropping between 3% and 5%. The S&P/ASX 200 Materials Index is down 1.43%.
| Ticker | Company | Change | Price |
|---|---|---|---|
| 5EA | 5E Advanced Materials | -18.37% | $0.20 |
| PAT | Patriot Resources | -11.90% | $0.04 |
| ATC | Altech Batteries | -10.53% | $0.02 |
ASX 200 Gainers and Losers
(10:23 AM) The top gainers on the ASX 200 include:
| Ticker | Company | Change | Price |
|---|---|---|---|
| VEA | Viva Energy Group | +2.57% | $2.60 |
| XYZ | Block, Inc | +2.16% | $83.26 |
Conversely, notable losers include:
| Ticker | Company | Change | Price |
|---|---|---|---|
| DTR | Dateline Resources | -10.78% | $0.46 |
| LYC | Lynas Rare Earths | -5.63% | $18.61 |
Market Insights
(10:03 AM) Federal Reserve Chair Jerome Powell indicated that the Fed is adopting a patient stance regarding rising oil prices, arguing that inflation expectations remain stable amid current energy market volatility. He emphasised that the existing policy rate of 3.5%-3.75% is adequate as the Fed anticipates the effects of geopolitical tensions on the economy.
(9:53 AM) UBS’ latest update on the Australian Technology Sector reveals diverging trends for software stocks. Xero shows promise with increased app downloads and business creation. Conversely, Zip faces declining metrics, including a drop in active users.
(9:17 AM) Macquarie recently released its Commodities Compendium, where it highlights LNG and oil as preferred commodities while cautioning against iron ore. The report outlines the potential for significant price increases in oil due to geopolitical issues.
Gold Production Forecast
(8:43 AM) West African Resources (WAF) anticipates record gold production between 430,000–490,000 ounces in 2026, driven by its Kiaka operation. Fuel costs, constituting roughly 25% of overall operating expenses, could rise significantly depending on developments in the Middle East.
Oil Prices Surge
(8:16 AM) Oil prices have exceeded $100 a barrel, marking the highest level since July 2022. The WTI closed at $102.88 and Brent at $112.78, driven by concerns over escalating conflict in the Middle East and its impact on supply.
Summary of Overnight Markets
(8:01 AM) US markets showed mixed outcomes, with lower confidence following volatility stemming from geopolitical tensions. The Federal Reserve’s communication eased concerns over potential immediate rate hikes. Fuel price reductions are expected to benefit Australian consumers significantly.
This summary encapsulates key market moves and developments from the ASX on March 31, 2023. Further updates and insights will follow throughout the day.
