Marcus Today End of Day Podcast – Monday 27th November
ASX 200 frittered away early gains to close down 53 points at 6987 (0.8%) in a mixture of apathy and low volumes. Iron ore weakness in Asia the turnaround, as China authorities move to more supervision on stockpiling and hoarding. BHP, RIO and FMG all took on water down around 1.5%, lithium stocks depressed again, PLS down 2.5%, IGO off 3.3% and MIN off 2.6%. Gold miners were one of the few sectors doing well, GMD up 3.8% on AGM comments NST up 1.7% with NEM still struggling down slightly. Oil and gas stocks weaker ahead of OPEC Plus. Banks fell with CBA off 1.0% and ANZ down 1.1% as the Big Bank Basket fell to $(). MQG slid 0.6% with insurers steady after QBE rose 2.2% on a premium update. Healthcare fell, CSL under pressure again, down 0.7%, REITs slid, GMG down 0.3%, tech better led by WTC and XRO up 1.6% and 0.4% respectively. Retail and staples also eased, WOW down 0.9%, WES off 0.6% and QAN down 0.8%. Utilities under pressure as ORG look to Plan B and C. In corporate news, ABY knocked back an offer from a UK company, HLS rallied 2.3% on the chair resigning. On the economic front, Michele Bullock has a new No 2. Asian markets weaker, Japan down 0.6%, HK off 1% and China down 1.2%
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