End of Day Report – Monday 27 May: Banks Push Higher, BHP Better
ASX 200 rose 61 points to 7788 (0.8%). Solid bounce off 7700 support on low volume and volatility. Banks led the market rally, the Big Bank Basket up to $209.51 (+1%) with ANZ the winner up 1.1%. MQG rose 0.7% with ASX up 1.7%. Insurers lightly better, SUN up 0.6%. REITs did better as GMG rallied 2.3% with SCG up 1.3%. Industrials were too back in demand, TLS up 2.3% as defensives were bid up, WOW up 1.2%, and WES rebounding 1.2%. Consumer stocks better, WEB up 1.3% with JBH better by 1,3% and BAP doing well up 3.6%. Resources a little mixed, lithium slightly depressed, PLS down 1.0% and MIN off 0.3% with BHP up another 1.1% going against the trend in RIO and FMG. Gold miners recovered from a sell off, NST up 1.8% and EVN up 2.6%. Oil and gas stocks flat. In corporate news, LLC rose 8.0% after announcing a serious strategic review and internation projects on hold. CTT rallied 10.1% after denying any truth in media reports, NEU rallied hard on Phase II test results. Up 15.5%. Nothing on the economic front, Asian markets better with Japan up 0.4%, China up 0.5% and HK up 0.8%. 10-year yields steady at 4.27%.
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