Marcus Today End of Day Podcast – Wednesday 16th November

Marcus Today Market Updates

ASX 200 fell back another 19 points to 7122 (0.3%) as momentum is stalling. Poland may be a distraction but banks down as yields fall, the Big Bank Basket down to $182.89 (1.2%). CBA down 1.8% on broker downgrades, MQG losing 0.9%, insurers off too, IAG down 2.3% and QBE off 2.9%. Fund managers slipping away, MFG down 2.2%, PPT down 4.3% and PTM off 1.3%. PDL still in demand up 4.5%. Industrials pretty flat, REITs unchanged, healthcare eased, CSL off 0.5% and SHL down 2.5% with RMD falling 1.3%. Tech mixed, XRO down 1.8% with the All-Tech Index off 0.6%. Resources were mostly firm although lithium stocks still a little depressed, PLS rose 1.9% on dividend policy news, AKE rallied back 2.4% but CXO dropped 5.4% and LTR off 3.4%. Iron ore stocks better, BHP up 1.2% with FMG rallying 2.3%. Base metals better and OZL in a trading halt as it looks like BHP is trying to button down the takeover. IGO up 4.0% and LYC doing well up 4.0%. Gold miners eased back again, NCM down 1.9% and NST off 2.6%. Energy stocks better, WDS up 1.4% and coal stocks doing very well, WHC up 5.8% and NHC rallying 4.4%.
In corporate news, ALL came up lemons, down 5.0% as it issued no guidance, NUF up 8.9% on its results. KMD up 4.2% on its results. SZL did well up 15.0% with a business update and AXE up 4.6% on another step forward to commercialisation.
On the economic front, wage growth in the private sector grew 4.3% in September quarter. Overall wage growth picked up 1% over the quarter to 3.1%. Asian markets were mixed consolidating recent gains. 10-year yields falling again to 3.70%
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