Marcus Today End of Day Report -Monday 30th August

CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.

ASX 200 flip flopped to close up 16 points at 7505 (0.2%) after a strong rally eased and turned negative on CV19 woes. Banks in trouble today as the Big Bank Basket dropped to $181.76, with CSL also falling 0.2% despite huge uptake of ‘RastaZeneca’. Resources stocks were the winners as the USD fell and iron ore regained its composure. FMG rewarded Twiggy with a $4bn dividend cheque and rose 6.6%, BHP up 2.5% and elsewhere base metal stocks recovered, S32 up 6.2% and PLS in the lithium space doing well up 6.3%. Gold miners also in demand following the rise in bullion, NCM up 1.6% and EVN rising 0.5%.

Industrials were mildly better with WOW up 1.2%, ALL up 1.2% and BXB rising 1.0%. Tech stocks were mixed, APT rallied 1.5%, ALU crashed 14.2% on its results and it’ inability to find an auditor. Results continued to dominate but we are nearing the end in a generally solid season of earnings although the outlook clouded by CV19 lockdowns.