Marcus Today End of Day Podcast – Tuesday 1st November

 ASX 200 soared 113 points to 6977 (1.7%) as buyers emerged pre the RBA meeting and kicked a little higher after the central bank raised rates 25bps as widely anticipated. Banks led the charge higher with the Big Bank Basket up to $189.05 (1.2%). MQG pushed another 1.5% higher with insurers also in demand on higher rates. IAG up 1.6% and QBE rallying 2.3%. MPL rallied 1.4% too as the hack fallout subsides. Even MFG rallied 2.1%. Healthcare in demand, CSL up 1.0%, RMD finding buyers up 2.1% and FPH up 2.4%. Industrials were firm but a little uninspiring, WES rose 1.4%, WOW up 1.4% and ALL up 1.8%. Old skool platforms stocks mixed, CAR up 2.2% and REA down 0.4%. Tech was slightly better by 1.5%. WTC up 1.8%, NXT bounced back 5.4%, CPU up 0.9%. Resources were in demand, BHP up 2.8% despite iron ores recent falls. RIO up 2.6% and FMG also showing a clean pair of heels up 5.4%. Lithium stocks remain in favour, PLS up 4.3%, CXO up 4.0% and MIN rising 0.8%. S32 bouncing well and NIC doing well up 7.4%. Gold miners slightly positive and oil and gas better, WDS up 2.3% and STO rising 2.0%. Coal stocks though in a hole, YAL down 3.1%, TER off 6.8% and WHC up 1.3%.

In corporate news, AGY fell 2.9% on an operations update, GMA rallied 5.2% on an upgrade. RDY got bid for rising 28.1%.

In economic news, the RBA raised rates 25bps, ANZ has stuck with its view that the RBA will deliver another 0.25% rate rise in December. Capital Economics says the revisions made to the Reserve Bank’s economic forecasts were “slightly hawkish” with a peak at 3.85%. Asian markets firmed and 10-year yields at 3.77% steady after RBA.

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