End of Day Report – Monday 2 September: ASX 200 up 18, missed it by that much!

ASX 200 rose 18 points to 8113 (0.2%) heading to an all-time high as banks shook off early nerves and sauntered higher. Failed to hold the record. CBA up 1.6% and NAB up 1.3% with the Big Bank Basket up to $242.68 (1.4%). MQG rose 0.6% and insurers also doing well, QBE up 0.9% and SUN up 0.8%. REITs are also in demand, SGP up 0.8% with industrials turning from losses to gains, WOW up 0.4% following the sale of its EDV stake, COL up 0.9% and tech picking up, WTC up 2.2%, and XRO rising 0.6%. Resources were as usual in the dog house as iron ore fell below $00 in Singapore, BHP off 1.1% , RIO down 1.4%, and PLS dropping 4.4% with MIN struggling to find a level, down 1.6%. Gold miners saw big sellers, NST off 1.1%, PRU fell 4.9% and GMD down 3.1% despite little change to AUD bullion. Oil and gas stocks better, WDS up 1.4% and STO up 1.1% with uranium stocks weaker again. In corporate news, REA fell 5.3% as it confirmed that it was taking a look at UK’s Righmove. SGR was suspended for failure to publish its full year results. In economic news, we had local building approvals and China’s Caixin PMI slightly above expectations. Asian markets: Japan up 0.1%, China down 1.2% and HK down 1.7%. 10-year yields pushed up to 4.01%.

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