Marcus Today End of Day Podcast – Friday 28th October

Marcus Today Market Updates

ASX 200 finished the week down 59 points to 6786 (-0.9%) as resources fell hard on iron ore falls. For the week the index rose 1.6% with Banks better again as the Big Bank Basket rose to $184.42 (0.7%). ANZ recovered from early losses to close up 0.9% on broker commentary. MQG down slightly giving back early gains, Insurers mixed, QBE down 0.4% and MPL down 2.8%. Healthcare took flight with RMD leading the sector down falling 5.0% on quarterly results. CSL dropped 0.6% and CUV lower by 5.2%. Industrials were mixed, some buying of defensives, TLSDA up 0.3% and TCL doing well up 2.2% as bond yields dropped to 3.76%. RBA beckons next week. REITs mixed, GMG off 1.1% with SCG up 4.0%. Tech stocks were down but not out with the All-Tech index down 1.5%. XRO continued to slide down another 2.8% with our own ‘Amazon Lite’ KGN falling 3.0%. Resources were hurt today as iron ore stocks fell hard, BHP down 5.0% (30 index points alone), FMG savaged 8.2% after production and broker rethink. Lithium stocks too in distress, PLS off 4.7% and CXO down 2.9%. Gold miners held up relatively well, MIN dropping 6.4% and IGO in base metals not flash. Oil and gas stocks held up but coal not such a merry old soul. NHC down 9.7% and WHC off 4.2%.
In corporate news, CXL lost its grants, falling 19.0%, MCR got smashed 14.8% on a quarterly report. AQZ fell 3.90% as ACCC pushed out its decision yet again to March 2023.
Nothing significant on the economic front as we line up for the RBA decision on Tuesday. Asian markets ease as Japan falls 0.6% as BoJ leaves rates unchanged, HK down 2.2% and China down 1%. Dow futures are down 20 points.
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