Marcus Today End of Day Podcast – Wednesday 21st February
ASX 200 fell 51 points to 7608 (+0.7%) as results the focus. CBA ex-dividend sent the Big Bank Basket down slightly to $202.22 (-1%), knocking some points off the index, too. ANZ recovered 0.8% of the losses yesterday, MQG flat, insurers slid, QBE down 1.8% and SUN off 2.3%. REITs generally down, GMG off 0.1% with SCG up 2.7% on better-than-expected results. In industrials, WOW results were a sideshow to the resignation of CEO Brad Banducci after a nasty few weeks, down 6.6%. COL fell 4.2% with WES up 1.3%. Telcos under some pressure, TLS down 1.3% and ‘old skool’ platforms off, REA down 1.0% and SEK falling 1.3%. Tech stocks were mixed, WTC rose 11.2% on good results whilst HSN tumbled 8.6% on growth outlook. CSR was an odd one with a massive spike of 17.4% before a trading halt. That will be the French! Rumours of a takeover appraoch. Resources on the nose today, although lithium stocks found buyers with a good bounce in lithium in China, PLS up 2.8% ahead of results tomorrow, IGO also better and LRS up 7.5%. Uranium stocks fell hard. Iron ore stocks under pressure, BHP fell 2.4% on broker downgrades and iron ore falls in China., FMG down 3.4% as we wait for RIO results.FY23 profit of US$11.8bn and no inconvenient writedowns. Base metals stocks tried to rally after a wobbly start, S32 up 0.4%. Oil and gas slipping on STO results down 0.8%. In corporate news, results from CDA cheered with the stock up 16.6%, DMP also found a few buyers up 2.3% on the outlook. CTD was smashed down 20.2% on news that the UK contract isn’t really happening, ORI raising $400m for an acquisition. HLS fell hard on results as did OBL with an update. On the economic front, wage growth came in higher than expected at 0.9% for the Dec quarter. In Asian markets, Japan fell 0.2%, HK having a strong day up 3% and China also up 3%. 10Y yields back to 4.19%. Dow Futures down 43 points. NASDAQ Futures down 52 points.
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