End of Day – Wed 8 June

• ASX 200 rises 25 points to 7121 (+0.4%) as the bifurcation continues. Banks in the doghouse on fears for growth, housing and NIM. The Big Bank Basket fell to $172.25 (-4.3%), now around 9% off its recent highs. WBC down 6.1%, CBA down 4.4% Other financials doing much better, MQG up 1.0%, QBE up 1.4% and SUN up 1.3%. MFG still fell another 4.3%, PTM up 0.9% on FUM numbers. Healthcare was also better led by CSL up 1.2% and RHC rallying 1.6%, Industrials saw some strength too, TCL up 1.4% as ALX attracts the attention of IFM, ALX up 16.2%, Consumer stocks better, COL up 1.2%, WOW up 1.0% but WES struggling down 0.7%. Tech stocks better as Nasdaq rallies, XRO, CPU up 1.6% and WTC rising 2.8%. The All-Tech Index up 1.4%. Resources kicked higher, iron ore stocks leading the charge, BHP up 2.3%, RIO up 2.0% and base metal stocks also doing well, S32 up 1.6% and IGO rallying 2.8%. Lithium flat, gold miners better with NCM up 1.1% and NST rising 2.3%. Energy stocks pushing hard, STO up 3.4%, WDS up 5.6% and coal stocks a little better with YAL up 7.8% on more news on a potential takeover. 
• In corporate news, BLD found a new CEO and rose 14.7%, ALX caught the eye of IFM rising 16.2% and PTM revealed its FUM dropped $209m. Nothing new on the economic front as banks rush to raise mortgage rates and pass-through RBA rate rise. Asian markets mixed Japan up 1.2% China down 0.1% and HK up 1.8%. 10-year yields ease to 3.54%.

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