End of Day – Wed 2 Mar

•  The ASX 200 rallied off early lows closing up 20 points at 7105 (0.3%). Early losses following US leads were soaked up by miners and resources stocks. Iron ore stocks in demand, BHP up 3.8% and RIO rising 4.6%. BHP was 27 points alone. Gold miners were better but hardly spectacular, NCM up 1.1% and EVN up 3.2%, that did not apply to oil and gas, STO up 6.2% and WPL up 6.1%. Small rises for lithium stocks and coal up with CRN flying 8.8% higher, WHC up 5.9% and YAL better by 7.0%.  Banks sagged as bond yields fell, the Big Bank Basket fell to $171.89 (0.8%). MQG lost 1.9% and insurers under serious pressure with QBE down 4.1% and IAG off 4.4%. Floods probably not helping share prices. Healthcare slipped slightly with CSL off 0.1% and SHL down 1.3%. 
• Industrials were flat ALL a loser down 3.0% and TLS ex dividend, Tech stocks down as CPU fell 1.4% with the All-Tech Index down 0.4%. SQ2 off 0.7% and EML off 4.1% with yesterday’s gains in PBH, given back by 11.8%. Travel stocks also under a little pressure, QAN down 1.0% and WEB off 2.9%.
•  In corporate news, CXO up 15.2% after a deal with Tesla, MVP rose 31.7% on a green whistle green light and we saw GDP on the economic front of 3.4%.  10-year yields crash to 2.09%. Asian markets weaker with Japan down 1.9%, HK off 1.1% and China down 1.1% 

Why not sign up for a free trial? Get access to expert insights and independent research and become a better investor.