End of Day – Fri 11 Feb

The ASX 200 finishes the week down 71 points at 7217 (1.0%). Sloppy start and no real bounce on US falls after CPI. Finished weak too. Banks were mixed with CBA sagging slightly down 2.2% and the Big Bank Basket flat at $178.99. NAB getting more good press. MQG tried valiantly and failed to bounce after some days of losses as MFG fell 4.9% on a $5.5bn drop in FUM post Hamish stepping down. Insurers better with IAG results helping. Healthcare soggy with CSL still struggling down 2.1%, FPH down 4.1% and SHL off 1.8%. REITS also under pressure as 10-year yields once again pushed higher and higher. GMG fell 3.9%. Supply chain issues.
Industrials weaker across the board with a special mention to Tech which suffered from Nadsaq woes. SQ2 fell 6.7%, WTC off 3.4% and XRO heading south by 4.5%. The All-Tech Index dropped 3.0%. Iron ore miners though doing well as Asian futures up around 3% plus. BHP rose 1.2%, RIO up 2.9% and FMG doing well up 2.7%. MGX joining in the fun rising 10.3%. Elsewhere in the miners, things not quite so strong, PLS down 4.2%, MIN down 2.6% again and IGO off 1.9%. Oil stocks were firm but uninspiring.
In corporate news, a big surprise from BOC up 122.5% after a report the Panguna mine could be reopened after a landowners meeting. WES down 1.1% despite ACCC approval to go into the chemist business. Asian markets were surprisingly better, Japan up 0.4%, China up 0.3% and HK unchanged despite a big rise in CV19 cases.

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