Marcus Today End of Day Podcast – Thursday 5th October
ASX 200 shrugged off early indifference to push off the 6900 level to close at 6925, up 35 points (+0.5%). Banks and industrials leading the bounce from oversold levels. The Big Bank Basket rose to $173.59 (+0.9%). CBA up 0.9%, and NAB up 0.7%. Insurers steadied, fund managers found their feet, and MQG up 1.1%. REITs found support as GMG rose 2.6% and SCG up 2.9%. Industrials too finding bargain hunters, TLS up 1.1%, REA up 2.6%, and WOW rallying 1.5%. Healthcare is better, although CSL still wallowing. Tech following US tech higher, with the All-Tech Index up 1.4% and ALU up 1.6%. Resources dragged. BHP down 0.7%, RIO off 1.5% and lithium stocks under pressure, PLS down 2.7% and IGO off 4.0% on some broker chat on downgrades. Gold miners steadied, NCM up 1.8% on a $1.10 special dividend. Oil and gas recovered from early lows. In corporate news, not much around again, WGX rallied 2.5% production guidance, PXA fell 1.8% after announcing a UK acquisition. On the economic front, trade numbers cheered, and spending data suggested the economy is still doing ok. Asian markets rallied on slightly higher oil prices and better US sentiment, Japan up 1.8% and HK up 0.8%. Dow Futures down 13 points and NASDAQ Futures down 2 points.
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