End of Day Report – Monday 29 July: ASX 200 up 68 - Banks lead - Tech and Industrials Firm - US earnings in Focus

Market Updates

ASX 200 rallies another 68 points to 7990 (0.9%). Big week with Dow futures showing a positive start to the week. Banks and industrials once again the star of the show as CBA lifted another 1.3% with the Big Bank Basket up to $230.61 (1.0%). ANZ lagging, falling 1.2%, as the bond trading scandal hold buyers back. Insurers strong again and financials in demand, MQG up 1.2% and ASX up 1.3%. REITS doing well again, GMG up 2.1% and SGP pushing 1.1% higher. Healthcare better except RMD falling 2.1% as US falls reverberate, CSL up 1.1% and PME up 2.1%. Tech stocks better too following Nasdaq higher , WTC up 2.2% and the All-Tech Index up 1.5%. Resources were flat with no real follow through, BHP, FMG and RIO relatively unchanged after early gains faded. Lithium patchy, as was uranium and rare earths. Gold miners were mixed NST up 0.9% and EVN down 0.3%. Oil and gas pushed higher on higher crude prices. Uranium stocks eased with PDN falling 2.2% and BOE slipping on news it had tried to buy Jabiluka. In corporate news, KGN raced ahead before crashing back to earth, down 0.9%. Nothing on the economic front, some news from APRA on mortgage buffers. Asian market strong. 10-year yields steady at 4.28%.
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