Marcus Today End of Day Podcast – Tuesday 30th May
ASX 200 closed down 8 to 7209 (-0.1%) in a subdued trading day. ASX 200 high of 7227, low at 7204. Namibia's threat to take minority stakes natural resources, including uranium, led to a sharp sell-off of PDN falling 19.6%, DYL down 5.7%, and BMN slid 5.9%. The Big Bank Basket lost its grip on yesterday's gains, down to $170.22 (-0.5%), banks down across the board, ANZ taking the biggest hit down 1.4%, followed by CBA -0.4%, NAB -0.2% and WBC -0.2%. Coal stocks eased back. Base metals and iron ore miners edged higher, BHP rose 0.3% and RIO up 0.2%. Energy stocks found no support from stronger oil prices, WDS down 0.4%, STO down 0.4% and STX off 3.2%. Gold stocks are broadly up, NST +0.6%, DEG +0.4% and WAF +0.6%. Tech flat, All-Tech Index up 0.3%, CPU +1.1%, WTC +0.5%, and WBT +7.4%. REITS fell in late afternoon trade, VCX -1.6%, CHC -2.2% and SCG off 1.4%. Lithium stocks closed mixed, MIN +1.4%, LTR +1.1%, while SYA plummeted +11.9% after completing a $200m bookbuild placement. TLS managed a 0.7% gain, and other defensives better WOW up 0.1% and RHC up 1.1%. In corporate news, QAN +2.7% on EBIT guidance, small-cap PFT surged +20% after announcing expectations for revenue to grow 50%, and CGF +2.6% following investor day. In the land of economic woes, Australian building permits nosedived, falling 8.1% MoM, significantly below consensus for a 2% rise – an unfortunate blow for renters. ANZ-Roy Morgan consumer confidence fell 1.1pts to 76.2, marking thirteen straight weeks below the 80 mark. The main driver for the decline is the reduced confidence in personal financial situations compared to a year ago. Asian markets are down, Japan down 0.1% and HK off 0.2% with China slipping 0.6%. Australia 10Y yield down to 3.69%. Dow Jones futures up 59 points and Nasdaq futures up 72 points.
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