Marcus Today End of Day Podcast – Tuesday 15th November

Marcus Today Market Updates

• ASX 200 fought back to close down only 5 points at 7142 (0.1%). Once again it was the tale of two sectors. Resources on the nose after some good rises, lithium stocks depressed as Goldman Sachs issued another sell note citing oversupply from 2025. CXO, PLS and AKE whacked hard with second liners also in the seller’s sights. Stop losses and profit taking also at play. Base metals eased too with OZL down 1.0% and S32 off 1.1%. Less damage than lithium and rare earths as money flowed into laggards, iron ore stocks saw some selling pressure BHP down 0.2% and FMG off 0.8%. Gold miners steady and selective. DCN up 6.7% with DEG off 1.1%. No real damage in the sector with bullion flat. Oil and gas eased, WDS down 1.4% and coal stocks mixed. In the banking sector, CBA up 1.3% was the focus after ok results, only Q1 so no dividend announcement and not much detail, the Big Bank Basket $185.16 (0.4%) as NAB went ex-dividend. MQG and the insurers better, IAG up 1.3%. MPL pretty much unchanged. Industrials slightly weaker, REITs down led by GMG, healthcare better after falls yesterday CSL up 1.5% and RHC up 1.3%. Tech slightly higher XRO up 3.1%. The All-Tech Index up 1.3%.
• On the corporate front, AKE held its AGM, AGL saw four new MCB nominated directors join the board, DGL rose 16.7% on its AGM. IPL up 5.9% on good results and delays to demerger.
• In economic news we had RBA minutes. Not sure we learnt much, Asian markets continued higher on Chinese optimism. TSMC a stand-out as Buffett buys in and tech sector doing well. 10-year yields slightly higher at 3.77%.

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