Marcus Today End of Day Podcast – Wednesday 30th August

ASX 200 kicked 87 points higher to 7298 (1.2%). A killer combo of strong US markets and a much better-than-expected local CPI at 4.9% kept the market pumping. Gains across the board with few exceptions. Lithium was one sector that failed to ignite, which is ironic given lithium’s properties. PLS started well but slid 2.1%, LTR down 0.7%, and MIN mustering a small 1.8% gain. BHP and RIO leading resources, with gains of 1.5% and 2.1%, respectively. Gold miners in demand as Gold Conference kicks off, NCM up 1.6% and NST gaining 1.9%. Oil and gas better as crude rose and gas prices volatile on strike news, WDS up 0.8% and STO up 1.3%. Banks were the usual source of strength, the Big Bank Basket up to $177.45 (+0.95%). NAB the best of the bunch, up 1.6%. MQG kicked 1.4%, and insurers better too, SUN up 2.4%. REITs firm as yields fell, GMG up 1.2% and SGP up 0.5%. Staples better, WOW up 2.0% and COL up 0.9%, with TCL doing better on rates, BXB delivered a pallet of money rising 7.1%, tech only slightly higher. XRO up 1.7%, and WTC up 0.9%. The All-Tech Index up 1.6%. In corporate news, CHN dropped 25.2% on its scoping study assumptions, FLT failed to take off on results a little worse than the market had hoped. Kerry Stokes turned trader, taking the top off some BLD down 8.0%,  BET slipped towards oblivion down another 15.4% on results, CCX  fell 4.8% not so chic after all, as sales fell hard. In economic news, monthly CPI numbers fell to 4.9%, below forecasts of 5.2%. Asian markets firmed slightly, Japan up 0.6%, China up 0.1%, and HK up 0.6%. Dow futures up 8 points. Nasdaq futures up 4 points.

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