Marcus Today End of Day Podcast – Tuesday 18th October

And just like that, the ASX 200 recovered yesterday’s losses and then some, rallying from the open and pushing higher into the close, up 115 points (+1.7%), to 6779. Most sectors managed to climb higher, with energy lagging, the only sector in negative territory. Technology stocks leading the way, with the All-Tech Index rallying 4.2%. The big tech names had a day to remember, SQ2 up 10.7%, XRO up 5.9%, and WTC up 4.8%. Resources were mixed, as base metals struggled to make any notable gains, with BHP up 1.4%, FMG up 1.0%, and RIO just climbing higher on third-quarter production numbers, up 0.1%. Gold, on the other hand, pushed higher after a tough day yesterday, NCM up 4.6%, NST up 5.6%, and EVN up 5.3%. The banks continued their recent strength, with the Big Bank Basket pushing through $180, closing up at $180.64 (+1.6%), with CBA adding 1.7% and WBC adding 2.4%, but MQG was the standout in the sector, up 5.3%. Other financials performed well, NWL up 5.9%, and HUB climbed 14.2% on a positive FUM update. Oil and Gas stocks continued to struggle, with WDS down 0.8% and STO down 1.2%. Insurers managed to find a footing, QBE and SUN both up 1.8%. Healthcare held its own, CSL continued lower, down 0.4%, but RMD gained 1.4%, and SHL was up 2.1%. Lithium stocks still pushing higher as the lithium price (which doesn’t move much) jumped overnight, LTR up 4.1%, and CXO up 4.9%. In corporate news, HUB jumped 14.2% on a positive FUM update, one of the first we’ve seen in a while. SZL climbed 12.6% as it entered a new $100m credit facility. RIO escaped damage, up 0.1%, after it lowered its full-year guidance to the bottom of the prior range. Asian markets are opening higher. 10-year yields fell to 3.92%. Dow Futures are up 431 points.

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