Marcus Today End of Day Podcast – Monday 15th May
ASX 200closed up 10 points to 7267 (+0.1%) rebounding from a midday slump. Gold stocks performed well today, as gold prices rose above $2,010 snapping a three-day decline spurred on by safe-haven buying. NCM up 1.5%, after accepting Newmont’s takeover offer, NST +2.9%, EVN +4.2%, and PRU +2.9%. Financials weighed on the market, The Big Bank Basket down to $169.62 (-0.8%) ANZ off 4.0% ex dividend,, MQG down 2.4% as it went ex dividend too and CBA slipped 0.5%. Interest rate sensitive tech stocks lower, All-Tech Index down 0.5% hampered by SQ2 down 2.7% and REA off 1.7%. Lithium stocks were mostly down, PLS -1.1%, AKE -1.9%, LTR +1.4%, while SYA rose 4.7%. Oil stocks fell on lower crude prices, WHC off 0.7% and NHC down 1.0%. REITs firmed despite a rise in bond yields GMG up 1.1% and CHC up 2.8%. Healthcare and insurers mixed, CSL +0.5%, RMD -0.5%, QBE +1.1%, and SUN off 0.8%. Elsewhere, MYR down 8.1%, WAM off 5.8% and CXL falling 7.7% as money found a way back into resource stocks. In corporate news, ELD tumbled 13.3% after reporting a 46.5% fall in NPAT and a dividend cut. ALL acquires NeoGames for $1.5bn, up 2.1%. IVC +12.1% received a revised offer from TPG Capital and PBH fell 21.1% after announcing it has entered into a binding agreement to sell its US business to Fanatics Betting for $222m. In economic news, private house approvals in Australia fell 2.8% MoM on a seasonally adjusted basis after an 11.3% in February, WA the only state that saw an increase of 8.7%. Asian markets up, Japan up 0.9% and HK up 2.0% with China up 0.2%. Australia 10Y yield up 10bps to 3.42%. Bitcoin up 1.51%. Dow Jones futures up 53 points and Nasdaq futures up 20 points.
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