Marcus Today End of Day Podcast – Friday 21st October

ASX 200 dropped from the open closing down 54 points at 6677 finishing the week down 1.2%. Quiet trading, volumes boosted by options expiry. 10-year bond yields ramped higher again at 4.22%. Banks on the nose today with the Big Bank Basket down to $179.96 (1.5%). Insurers also falling foul to sellers, QBE down 2.8%, SUN off 2.2% and MFG sinking into oblivion, down another 2.8%. Industrials falling again, REITs suffering on the higher bond yields, GMG down 3.6% and TLSDA down 1.6%. Staples off as price rises due to floods set to kick inflation higher. Nothing RBA can do about that. COL off 1.5% and WOW down 1.4%. Tech unchanged after the drubbing yesterday. Resources tried to hold the line but in the end, BHP slid 0.7% with FMG off 1.0%. MIN up 3.1% and lithium stocks bid again, although AKE off on production delays. Oil and gas stocks doing well as WDS rose 2.6% and STO up 0.9%.

In corporate news, BCB fell 13.3% on a placement, other coal stocks rose, NHC hit a record high up 7.7%. 360 raised prices and gained 7.3% and PRU up 5.6% on its 90% consolidation of Mako. Nothing on the economic front today. UK the focus. Asian market modestly lower. 10-year yields 4.22%


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