End of Day – Wed 20 Oct

• The ASX 200 closed up 39 points to 7414 (0.5%) in a solid but uninspiring day, limping into the close. Once again AGMs and business updates dominated the market and investors were happy to overlook the continued rise to 1.79% in 10-year yields. The AUD too doing well up to close to 75c. Tech stocks were in demand despite the rate rises, APT up 1.6% and XRO up 1.4%.
• The All-Tech Index up 1.3%. Banks as usual the biggest driver of the index with the Big Bank Basket up to $187.93. MQG doing well up 2.0% and insurers rallying on bond rates. Resources were generally positive despite coal and uranium on the nose, PDN down 1.6% and WHC off 7.9%. Energy also flat led lower by WPL down 1.8% and STO falling 1.4%. BHP rallied 0.5% on positive broker comments. 
• Consumer stocks mixed on updates, SUL up 1.7%, KGN shooting the lights out as inventory issues seem to have been solved up 6.7%. In other corporate news, FLT dropped 4.8% on its trading update and TYR sagged 3.0% after it announced it would defend a class action. Nothing on the economic front today and Asian markets slightly positive, seems that Evergrande is paying some interest payments to locals just not international investors.

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