End of Day – Thu 24 Feb

•  The ASX 200 fell 215 points to 6991 (3.0%). It was all about results and Russia. Mainly Russia today as the drums of war beat loud and Putin sent troops into Ukraine. The index opened badly with BHP ex-dividend accounting for ~40 points alone and as the day wore on it became a rerun of the Red Wedding from Game of Thrones. Broad-based losses with technology and high PE stocks hit for six. This is not a GFC event based on a collapse in financial confidence but a sentiment event. But it is still painful.  For a market already rattled by the Fed and inflation, this has just kicked it down to risk-off at any cost. Banks fell hard with the Big Bank Basket hitting $173.90 down 2.3%. NAB off 2.5%, CBA down 2.1% and MQG falling 4.9%. Insurers too were whacked QBE down 3.6% and SUN down 2.1%. MFG fell 3.3% and NWL down 4.14%. Healthcare suffered too with CSL down 1.5% and RHC holding up on results. 
• Industrials kicked lower, TLS down 1.7%, WES down 2.2% and TCL off 1.2%. Miners were weaker except in gold, BHP fell 6.9% ex-dividend and RIO dropped 3.8% on results last night. FMG down 4.2% and lithium shares depressed, PLS down 8.1% and MIN off 6.4%. Oil stocks were also weaker perversely, STO off 0.4% and WPL down 2.7% (ex-dividend). Gold was a bright spot but only just, NCM up 4.0% and NST up 5.9%. Tech stocks were decimated. SQ2 down 12.9%, XRO off 5.5%, WTC down 7.5% and CPU down 4.0%. Second liners were bashed lower, CCX lost 30.9% on results, 360 became 240 down 28.8% and APX crashed 28.7% on its results. The All-Tech Index was down 5.3%. 
• In corporate news, QAN fell 5.1% on its numbers and delays to reopening WA took their toll. CIM saw its majority holder finally put other shareholders out of their misery with a bid at $22. LOV rallied 11.8% on its numbers, impressive given the backdrop and FLT landed badly down 10.1% on its numbers. Nothing on the economic front. Nothing to worry about anyway. Asian Markets fall but outperform local markets. 10-year yields dropped to 2.17%. 

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