index Update:  The S&P/ASX 200 ended Thursday on a softer note, slipping 21.20 points or 0.24% to close at 8,665.80. Over the past five sessions, the benchmark has declined 1.45%, while remaining broadly flat on a year-to-date basis. Market Breadth showed resilience, with eight of eleven sectors finishing higher. Energy led sectoral gains, rising 1.37% on the day and extending its five-day advance to 3.44%. Gains were also seen across Industrials, Financials and Utilities, while Consumer Staples and Materials weighed on overall index performance.

Macro Update: Australia’s Import prices edged up 0.1% in the March 2026 quarter but declined 0.3% over the past year, according to the Australian Bureau of Statistics. A stronger Australian dollar helped ease costs across a broad range of imports, offsetting price increases in key categories. Petroleum and related products recorded the sharpest quarterly rise since mid-2022, climbing 9.8%. Meanwhile, export prices rose 0.5% over the quarter but fell 1.9% annually, supported by gains in gold, coal, and fertiliser-linked commodities amid ongoing global Demand and Supply constraints.

Top Market Movers: Among the top gainers, ASX Limited (ASX:ASX) rose to AUD 60.800, up AUD 2.950 or 5.099%, while Cochlear Limited (ASX:COH) gained AUD 4.000 or 4.444% to AUD 94.000. Generation Development Group Limited (ASX:GDG) also advanced, climbing AUD 0.160 or 4.301% to AUD 3.880. On the losing side, Westgold Resources Limited (ASX:WGX) fell AUD 0.550 or 9.322% to AUD 5.350, Deep Yellow Limited (ASX:DYL) declined AUD 0.180 or 9.161% to AUD 1.785, and Silex Systems Limited (ASX:SLX) dropped AUD 0.560 or 9.136% to AUD 5.570.

Commodity Update: The U.S. dollar hovered near a two-week high on Thursday as hawkish remarks from Federal Reserve officials pushed bond yields to a one-month peak. The Japanese yen weakened past 160 per dollar, increasing the likelihood of potential intervention. Gold rose 0.28% to USD 4,574.60, silver gained 0.86% to USD 72.70, and copper advanced 0.45% to USD 13,053.00. Brent Crude declined 1.91% to USD 119.94 amid concerns over prolonged Middle East Supply disruptions due to stalled U.S.-Iran tensions.

Our Stance: The S&P/ASX 200 eased 0.24% to 8,665.80 on Thursday, extending its five-day decline to 1.45%, though it remains broadly flat year to date. Despite the index pullback, underlying breadth appeared constructive, with eight of eleven sectors advancing, led by Energy. Macro signals were mixed, as modest Import price growth alongside a stronger Australian dollar pointed to easing cost pressures, even as fuel prices rose sharply. Stock-specific moves remained pronounced across both gainers and laggards, while commodities reflected ongoing geopolitical and rate-driven uncertainty. Overall, the session suggests a market balancing resilience in sectors with persistent macro headwinds.

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