Marcus Today End of Day Podcast – Tuesday 1st August
ASX 200 up 40 points to 7451 (+0.5%) as shares rallied slightly further in the afternoon after the RBA announced it was leaving the cash rate unchanged. The Aussie dollar fell 0.8% to 66.66c, and bond yields took a hit. 2Y and 10Y bond yields fell 9bps and 8bps, respectively. Gold miners were golden today thanks to Lowe, NCM up 1.4%, EVN up 2.4% and NST +1.6%. Major iron ore miners rose following last week’s declines tracking a higher iron price. The big trio BHP, RIO and FMG all in the green. Lithium bounced back from Monday’s sell-off, IGO +3.2% and LTR +2.2%. Energy stocks good. WDS up 0.5%, STO up 0.8%, but STX stumbled, down 9.0% on news that a deal couldn’t be reached with its offer to TPD. Tech stocks did well. SQ2 up 2.6% and XRO up 1.4%. Defensive sectors, Healthcare and Telecoms in good condition.TPG the star on Vocus interest. REITS higher as bond yields fell. SCG +0.7%, GMG +0.6% and URW up 1.7%. Banks higher, with the Big Four all up. Big Bank Basket up to $182.74 (+0.3%). In corporate news, AKE up 0.5% on Mt Cattlin drill results, LYC +3.0% after signing a follow-on contract with US Defense to increase HRE cost contribution to $258m, ADH up 5.9% on agreement with DHL to take over operational control of its NDC from September, STA fell 22.7 % after completing institutional placement raising $33m. On the economic front, RBA left interest rates unchanged at 4.1%, and Consumer confidence rose by 3.2bps last week to its highest level since April. Asian markets mixed, Japan up 0.6%, HK and China down 0.4% and 0.2% respectively. Dow Jones futures down 13 points, and Nasdaq futures down 3 points.
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