End of Day Report – Wednesday 17 July: ASX 200 up another 58 points - Off Highs - BHP down on Quarterly

Market Updates

ASX 200 cruised to another 59-point gain up around 0.7% as once again, banks and industrials took their cue from US records. Slight sell-off on the close. CBA pushed up another 0.8%, with NAB up 1.0% and the Big Bank Basket hitting new record highs of $229.72 (+0.9%). MQG had a better day with the US Investment Houses showing the way and rose 2.5%, with insurers also in demand. Financials generally are doing well on rate cut expectations. Healthcare again good, CSL up only 0.1%, with SHL and RHC better. REITs firmed yet again. GMG up 1.2%, and industrials from TLS to WES did well. WOW and COL up around 1%, and ALL bouncing back 0.9%. Utilities were slightly better, and tech stocks in demand, with WTC up 3.3%. Resources were once again mixed. BHP production report failed to move the dial much, down 0.9%, with RIO and FMG easing 0.3% to 1%, respectively. Gold miners in demand, NST up 3.4% and EVN up 1.5%. Lithium stocks showing some signs of life perhaps, LTM 4.6% better on Citi’s suggestion that RIO should take it out. Uranium stocks weakened, PDN down 1.1% and DYL off 3.5% on its quarterly. In corporate news, ZIP launched a large placement and SPP at 152c, SGR switched the pokies back on, CTT fell 4.0% on a update, and STP one pulled itself up 23.3% on a better-than-expected quarterly in ‘innerware’. Nothing significant on the economic front. Total dwelling commencements rose 0.5% to 39,715 dwellings. Asian markets treading water, with 10Y yields up 5bps 4.24%. Dow Futures down 3 points. NASDAQ Futures down 88 points.
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