End of Day – Thu 3 Feb

• The ASX 200 down modestly by 10 points to 7072 (-0.14%). Tech stocks got pummelled following the Facebook fiasco. Should never have changed its name. Meta got thumped after hours and the US tech sector futures led ours lower. SQ2 flopped 9.8%, WTC down 8.0% and XRO off 5.0%. The All Tech Index dropped 4.3%. Heavy losses across the sector. Industrials went nowhere, CSL gave back some strength falling 1.9% as the VWAP pricing period enters the final days. 
• Banks were mixed after WBC Q1 update, the surprise was no surprises. NIM under pressure but some restructuring and soothing words on cost-cutting was enough to satisfy the bulls. The stock rallied 2.3% as CBA came under a little pressure falling 1.4% ahead of its results. MQG dropped 1.5% with insurers doing ok. Some fund managers doing it tough today, MFG dropped 7.5% as Hamish fronted a conference wearing his hair shirt. The falling Meta not helping his cause as MFG are big holders. AEF also on the nose falling another 7.5% and HUB down 7.8%. Miners supplied some strength as iron ore plays continued to find buyers, BHP up 3.1% and RIO rallying 2.4%, FMG up 3.3%. Lithium stocks eased back again as risk appetite waned. Energy mixed.
•  In corporate news, NCK rose 1.0% on a business update, CTT crashed 21.2% on a dip into the red on increased sales of $1000 shirts. NUF showed strength in the Ag space rising 1.0% on an update and OPH 3.8% higher on an investor update. SYD say yes to takeover. On the economic front, Building approvals for December rose 8.2% well ahead of forecasts of a 1% fall.

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