Marcus Today End of Day Podcast – Friday 14th October

ASX bounced hard up 116 points to 6759 (1.8%) for a 4-point loss for the week. The hard way. Solid bounce but lacking volumes and still some caution. Banks carried through with the recent strength with the Big Bank Basket up to $178.84 (%). CBA up 0.8%, NAB up 1.6% and MQG rallying 2.4%. Insurers too in demand together with Fund Managers, MFG up 2.5% and QBE up 5.1%. ASX up 3.1% with CGF also doing well up 4.1%. MPL suspended still on hacking concerns. In the healthcare sector, CSL up 1.4% with all stocks finding friends, SHL up 1.0% and COH rising 5.1%. Industrials also bouncing hard as expected. EDV up 2.4%, WOW up 2.6% and COL up 2.5%. QAN continued to push higher on broker upgrades, up 3.2%. WES up 1.7% and tech stocks doing OK too. The All-Tech Index rose 1.8% with CPU the stand out up 2.6%. REITs firmed as yields came off slightly. Resources also in demand although lithium stocks were a little depressed. PLS continuing to find profit takers, down 5.1% and gold miners hardly stirred as AUD bullion fell. BHP up 2.0% and RIO doing well, MIN up 2.7% and AKE up 4.6%. Gold miners missed out as AUD bullion prices fell, NCM down 1.2%. Oil and gas stocks better led by WDS up 4.0% and STO up 4.4% as oil steadied in Asian trade.

In corporate news today, not much out as a Friday with eyes shifting back to US for bank results.

Economic data thin on the ground too. Asia markets bucked up with HK up 3.4%, China up 2% as CPI came in better than expected and the PBoC looks to further support of the economy. Japan up 3.5% too. 10-year yields back above 4%.

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