Marcus Today End of Day Podcast – Monday 22nd January
ASX 200 has started the week in a very positive fashion, up 55 points to 7477 (0.8%) on the US market rally and stronger US futures. Banks leading the charge with CBA up 1.3% and NAB up 1.1% with the Big Bank Basket up %. REITs too in demand despite yields remaining around 4.25% in the 10-years. GMG leading with a 1.3% gain. Industrials also doing well, TLS up 0.8% and BXB rallying 1.8%. Consumer stocks also finding buyers, WOW up 1.4%, COL up 1.4% and QAN rallying 2.3%. Retailers and healthcare strong too. JBH up 1.5% and CSL improving 0.5%. Tech modestly higher, improviong as the day wore on, the All-Tech Index up 0.9% with WTC up 0.9% and XRO up 0.6%. A very different story in resources, iron ore stocks barely moving, BHP up slightly, by 0.3%, but lithium stocks smashed on a funding update from LTR which dropped 21.3% on the news, PLS smashed too down 4.0% and LYC with a production report this morning fell 1.3%. MIN is also under serious pressure, falling 9.6% on metal woes and mining services, which could be affected by recent nickel project shutdowns due to low prices. Coal stocks also under pressure, WHC down 2.1%. Gold stocks steady but uninspiring. In company news, S32 fell 2.8% on a production downgrade, CHN is cutting costs by 40% dropping 4.7%, ZIP jumped 16.5% on a very positive quarter and APX lost a meaningful customer in Google and a meaningful fall down 40.2%. Nothing on the economic front today. In Asia, Japan kicks again up 1.3%, China unchanged and HK down 2%. 10-year yields eased back to 4.23%.
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