Marcus Today End of Day Podcast – Wednesday 26th April
ASX 200 closed down 6 points to 7316 (-0.1%) in a subdued trading day, following an initial bounce at 11:30am on inflation data news. Safe haven Gold the best performer today up 1.6%, as market participants digest higher-than-expected inflation results. NCM +1.7%, NST +1.5% and EVN +3.5%. Base metals and miners weighed on the market, BHP down 0.4%, RIO fell 1.1%, FMG off 0.5%, and WHC down 1.0%. Energy stocks had a good day, WDS +1.1%, STO +0.4%, and BPT +1.7%. MIN collapsed 9.7% on poor production figures, PLS and AKE affected by the lithium stock sell-off, both down 5.9% and 3.4% respectively. The Big Bank Basket down $175.25 (-0.1%). Banks and insurers mixed, CBA -0.2%, QBE +0.7%, MPL -0.3%. Tech closed in the red, All-Tech Index down 0.5%, SQ2 -1.0%, XRO +1.3%, and WTC -0.8%. Interest rate-sensitive REITS surprisingly higher as bond yields fell. In corporate news, KGN rallied +7.2% on news it intends to undertake an on-market share buyback, WAF reported strong gold production numbers up 3.6%, A2M stumbled 5.1% flabbergasted by the extent of Synlait’s profit downgrade and reconfirmed there is no material change to its FY23 outlook. In economic news, domestic inflation came in higher than expected rising 7%, YoY down from a 30-year high last quarter of 7.8%. Core CPI came in better than expected and many now calling a pause next week. Aussie bonds down, 10Y yield falls 14bps to 3.30%, 2Y yield tumbles 17bps, down to 2.97%. Bitcoin up 0.61%. Aussie dollar whacked, down 0.3% to 66.07c. Asian markets mixed, Japan down 0.9% and HK up 1.3% with China up 0.4%. Dow Jones futures up 56 points and Nasdaq futures up 172 points.
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