End of Day Report – Thursday 13 June: ASX 200 Rises to 7750 | Resources Under Pressure

Market Updates

ASX 200 limped to a 34-point rise to 7750 (+0.4%), following the US higher without great enthusiasm. Jobs numbers this morning point to no reason for the RBA to cut rates. Meeting next week. Once again, it was a tale of two sectors. Banks up, and resources down. The Big Bank Basket continued to trundle higher, up to $216.44 (+0.8%) led by CBA up 1.1%. NAB is at a nine-year high, up 0.8%. MQG slipped 0.6%, and ASX fell 8.0% on a blowout in Capex. REITs once again better on lower 10-year yields. GMG up 2.3%, and VCX up 0.8%. Industrials were also firm, WES recovered another 1.2%, TCL rose 0.7% on lower rates, ‘old skool’ platforms did well, REA up 3.2%, and CAR rallied 1.1%. Tech also in demand, with WTC up 2.0% and XRO pushing 2.3% higher. The All-Tech Index up 1.9%. Healthcare better too, with CSL up 2.0% and SHL up 1.0%. A different story in iron ore with BHP and RIO both easing. Lithium and base metal stocks failed to launch following better LME pricing. Gold miners were mixed with NST down 0.2% and EVN off 0.5%. Oil and gas stocks fell, WDS down 0.9%, but uranium stocks saw a modest bounce, BOE up 1.0%, and PDN falling 0.8%. In corporate news, SIG fell 3.7% as the ACCC has some concerns about the Chemist Warehouse deal. CSR shareholders voted to accept the French takeover, ending a 62 - year run as an ASX-listed company. QAN fell 0.5% after it bought out the remaining TripADeal shareholders. TLX is in a trading halt as it finalises its Nasdaq IPO. On the economic front, unemployment fell slightly to 4%. Asian markets lower, China down 0.2%, HK up 0.5% and Japan off 0.9%. 10Y yields back to 4.21%. Dow Futures -0.1%, and NASDAQ Futures +0.7%.
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