Marcus Today End of Day Podcast – Monday 1st May
ASX 200 closed up 25 to 7335 (+0.4%) despite lithium and gold miners weighing on ASX. Resources dropping, Iron ore stocks lower on weak manufacturing data in China, BHP down 0.5%, RIO flat. Lithium stocks are mostly down, PLS down 3.3% following Fridays results. Gold sector hit hardest today, NST down 0.2% and NCM down 1.5%. Tech bludgeoned, WTC fell 2.3% and XRO down 0.9% with the All-Tech Index down 1.1%. Banks found support the Big Bank Basket up 1.0% to $176.71. CBA up 1.1%, and insurers mixed, MPL down 1.4%, while QBE stronger, up 0.9% and SUN up 0.9%. REITs better on lower yields, Staples find bargain hunters with A2M, COL , and ELD all doing ok. In corporate news, STO jumped 2.3%, after Kumul Petroleum Holdings extended STOs bid for a 5% stake in PNG LNG project, retailer BST tumbled 1.8%, after receiving a cash off-market takeover offer from BBRC International at $1.89 per share, and EVN fell surprisingly 1.4%, despite promising drilling results at its Ernest Henry site in Queensland. In economic news, Job advertisements in Australian fell by 0.2% MoM for the third consecutive month, demand for labour shows little signs of easing yet. Melbourne’s Institutes MoM inflation gauge showed prices easing to a four-month low of 0.2% in April, marking the eighth consecutive month of rises. Asian markets all positive, Japan up 1.0%. 10-year yields pushing higher again to 3.35%. Bitcoin stumbles 2.88%. Dow Jones futures down 10 points and Nasdaq futures up 19 points.
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