Marcus Today End of Day Podcast – Tuesday 11th July

ASX 200closed up 105 points to 7109 (+1.5%), lifted by mining and gold stocks snapping a four-day losing streak with all sectors in positive territory. Gold miners outperformed today as gold prices firmed slightly overnight, and the US dollar extended a small retreat. EVN +4.6%, NST +3.1%, and NCM +1.8%. Mining trio BHP, RIO and FMG all rose over 1% each. Energy stocks gained, tracking an uptick in oil prices amid supply concerns. BPT +4.0%, STX +4.8%, and COE +3.6%. Lithium stocks stood out with LTR up 4.0%, CXO up 4.4%, and LLL up 2.1%. Interest rate-sensitive financials advanced, with the big four banks all gaining between 1% and 2.3%. The Big Bank Basket jumped to $170.77 (+1.5%) with ANZ up 2.3% and insurers stronger, AMP up another 3.0%, recouping recent losses. Tech good. All-Tech Index up 2.4%, with SQ2 +3.9% and XRO up 2.3%.

In corporate news, MP1 surged 33.8% on guidance upgrades. TLC up 1.2% after UBS lifted its price target to $6. IVC +1.7% granted TPG Capital Global a one-week extension on its due diligence period. PMT +8.0% after it rejected Night Market’s short report. BFG +11.5% on good results, and CMM reported record gold production, up 8.1%.

In economics, Australia’s NAB Confidence Index rose to 0 in June from -3 in May, beating expectations of -1. Westpac-Melbourne Institute Consumer Sentiment index rose by 2.3% MoM to a three-month high of 81.3 in July, matching market expectations. Asian markets mixed, Japan down 0.3%, HK and China up 1.3% and 0.4%, respectively, after China signalled more economic stimulus. Australian bond yields dip, 2Y yield down 9bps, 10Y yield down 9bps to 4.19%. USD Index softened, down 0.2%, hitting its weakest levels in two months, while the Aussie dollar gained 0.2% to 66.85c. Dow Jones futures up 37 points, and Nasdaq futures up 35 points.

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