Marcus Today End of Day Podcast – Wednesday 18th October

ASX 200 rose 22 points to 7078 (0.3%)  rallying into the close in cautious trade again. Middle East’s tragic events have been weighing on sentiment as gold and oil move higher in Asia. Banks were becalmed with NAB the best of the bunch up 0.6% with the Big Bank Basket up to $178.24( +0.24%). Insurers pushed higher again as yields rushed higher on RBA chief’s comments. 10-year yields up to 4.65%. QBE up 2.5% and SUN up 0.9%. MQG unchanged. REITs slid with GMG off 0.6% and CLW  down 1.6%. Industrials generally were weaker, Tech eased, XRO down 2.0% and the All-Tech Index unchanged . TLS fell 0.3% whilst TPG rose 1.3% on fibre diet. Healthcare saw some gains, CSL up 1.1% and RMD up 0.9%. Miners were better, BHP sold its coal business to WHC on BNPL terms, WHC up 11.5% on the deal, BHP slightly higher up 0.7% on production numbers too. Gold miners back in the green as the tragic events in Gaza push bullion higher. GMD up 7.3% as the DCN deal looks to be done already. In the lithium space, PLS rose 0.3% despite some negative broker talk on production numbers to come. AKE up 0.9% and IGO up 0.3%. LPI got the much-anticipated 57c bid from Codelco and rose 27.7%. Oil and gas stocks in demand, WDS up 2.2% on a production report and STO following in its wake up 2.0%. BPT made a gas discovery and rose 1.6% Even BRU, long in the canine club, rose 16.3%. In corporate news, CCP crashed 30.5% on debt collection issues in the US. On the economic front, RBA head teller spoke about the need to ensure that inflation does not become entrenched. Not shying away from more rate rises if needed. Asian markets were weak with Japan down 0.2%, China off 0.6% and HK down 0.1% despite better-than-expected data from China on GDP and retail sales.

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