End of Day Podcast – Wednesday 5th October

Marcus Today Market Updates

ASX 200 gained another 116 points to 6814 (1.7%). Big runs in the banks continue with the Big Bank Basket up to $174.45 (2.6%). MQG rallying another 2.4% with fund managers GQG up 3.2% and MFG up 1.7%. Insurers rallied as QBE up 1.4%. Nothing else really moving. Healthcare up as CSL up 1.1%, RMD up 3.4% and SHL doing well up 1.6%. Industrials firmed with WES rising 2.3%, TCL up 0.9% and ‘old skool’ platform stocks REA up 7.5% and SEK up 5.9%. REITs firmed with GMG leading the charge up 3.2%. Tech in demand as some of the bombed out stocks rallied hard like PBH up 9.1% and HUB up 9.7%, TLX rallied 11.7%. Resources better but not stunning, BHP up 1.1% and FMG up 2.4% as MIN rose 3.4% with S32 finding friends on manganese interest, up 3.7%. Lithium stocks eased back as PLS unchanged and CXO fell 3.4% on drilling news. Energy stocks ahead with OPEC looming, WDS up 0.7% and STO up 1.9%. Coal stocks flat. Gold miners were mixed, DEG in a trading halt with a $130m cap raise, GOR up 1.5% and NCM up 1.0%.
In corporate news, LNK rose 6.7% on media speculation that Dye and Durham were looking at fresh proposals, STX fell 3.9% on a South Erregulla update, and FMG announced more green deals. BHP held an Iron ore briefing day in WA.
Nothing on the economic front except for our Kiwi cousins raising rates by 50bps. China still closed but HK back online, and playing catch up. 10-year yields continue to slide to 3.65%
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