End of Day Podcast – Thursday 6th October

 ASX 200 flip flopped around in quieter trade, finishing up 2 points at 6818. Banks bad. Resources good today. 10-year yields pushing back up today to 3.79% and taking its toll on the Big Bank Basket falling to $173.48 (0.5%). CBA fell 0.4%, NAB down 0.8% with MQG firm still up 0.7%. REITS fell as rates pushed back up GMG down 2.5% and SCG off 0.8%. Healthcare suffering from a hangover as CSL fell 0.1% and FPH dropped 2.8%. Industrials were wishy washy with few highlights either way. WOW continued to fall, down 0.8% and EDV joined in down 2.2%. REA reversed yesterday’s gains dropping 2.8%. Tech showing little change too. The All-Tech Index down 0.4%. Resources were once again the place to be. BHP have been enjoying Golden Week with the stock up another 0.6%, FMG and RIO more modest gains. IGO did well up 1.0% and lithium stocks back in demand as oil prices rose, PLS hitting new highs up 5.7%, CXO up 1.3% and coal stocks having a merry old time, WHC up 7.2% and NHC firming 2.3%. Oil and gas majors were ahead as crude rose post OPEC, STO up 1.8% and WDS up 2.6%. Gold miners flat.

In corporate news, MFG revealed another serious drip in FUM as instos deserted the ship, falling 8.4%, APX had yet another profit warning tumbling 11.7% and SGR was put on notice in QLD that it could lose its licence.

In economic news, the Balance of Trade came in a little below the $10bn anticipated at $8.3bn, NAB has cheered everyone up with predictions of housing falling 20% from the peak accelerating next year. Meanwhile in Asia, China still on Golden Week but HK and Japan trading with the former down slightly and Japan up around 1%.

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