Marcus Today End of Day Podcast – Monday 26th June

The ASX 200 started the week down 21 points to 7079 (-0.3%), hitting 7,054, its lowest level in three months weighed down by losses in banking and mining stocks. Oil and gas stocks mixed despite strength in the oil price, KAR -0.5% and STX -1.1%, while BPT edged higher, up 0.4%. Iron ore giants BHP, RIO and FMG all fell 0.3% each. Gold miners rallied on bullion’s strength and a weaker US dollar. NCM +1.2%, NST +2.0%, and EVN +1.5%. Tech stocks mixed, XRO +1.7% CPU -1.3%, while WTC gained 0.6%. All-Tech Index up 0.1%. All banks closed in the red. NAB the worst performer of the big four, down 0.8%. Big Bank Basket fell to $166.95 (-0.5%). REITS better as bond yields fell. SCG up 1.0%, and VCX up 0.3%. Travel stocks continue their decline as oil prices rose QAN down 2.3%, and AQZ off 1.8%. In corporate news, CTD -0.8% awarded a four-year travel management contract with the federal government, VNT +1.4% secured a five-year maintenance contract with the Department of Defence, APX tumbled 12.3% after CFO Helen Johnson resigned abruptly, MTS +4.7% on good results, LRK fell 16.3% on downgraded sales forecast, and E25 jumped 5.0% after they secured a manganese sulphate supply deal with General Motors. Nothing significant on the economic front. Asian markets down, Japan down 0.2%, HK off 0.3%, and China down 1.4% hitting its lowest levels in over five months. Australian bond yields down, 10Y yield down 4bps to 3.95%, and 2Y yield down 7bps to 4.12%. Bitcoin down 0.63%. Dow Jones futures up 44 points and Nasdaq futures up 19 points.

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