Marcus Today End of Day Podcast – Thursday 28th September

The ASX 200 dropped another 6 points today to 7025 (0.1%) after an early rally fizzled out. Retail sales were slightly worse than expected and suggest the RBA will be on hold next week. Volumes dropped ahead of holidays here and in China. Banks eased back slightly after holding firm recently. The Big Bank Basket down to $175.44 (-0.3%). MQG continued to slip again down another 0.8% with insurers better. Fundies and other financials weak as were REITs with some Ex-dividend. Industrials were sloppy, WES down 0.8%, WOW and COL eased around 0.7% to 1%. ‘Old Skool’ platforms down with REA off 1.3%, CAR down 3.4% and tech stocks easing back too. The All-Tech Index dropped 0.9%. In the big miners, BHP up 0.6% with RIO up 1.2% on higher iron ore prices. Lithium stocks lifted slightly as bargain hunters stepped in, PLS up 2.9% and MIN rallying 1.4%. Gold stocks under pressure as DEG launched a big raising, NCM down 5.0% and NST off 2.1%. Oil and gas stocks benefitting from crude strength, WDS up 2.9% and STO up 3.8%. KAR a standout up 4.7%. In corporate news, SOL reported and dropped 6.0% on private asset worries perhaps and BKW also under pressure on housing shortfalls, down 6.4%. On the economic front, Retail sales came in up only 0.2% M/M and had little effect really. Asian market partially closed, Japan down 1.4%, China up 0.2% and HK down 1.1% as Evergande gets suspended. Again. 10-year yields pushing ahead again to 4.44%.

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