End of Day – Fri 17 June

Marcus Today Market Updates

• ASX 200 falls 116 points to 6475 (1.8%) well off lows ahead of US Juneeth Holiday Monday. Good rally into the close. ASX 200 down 6.6% this week. Few sectors were spared today with the Banks falling hard, CBA down 3.6% and NAB down 1.7% hitting 52-week lows. The Big Bank Basket dropped to $153.53 (2.6%). Insurers eased back as QBE fell 2.7% and MQG eased 3.0%. GQG fell 5.5% but MFG actually rallied 1.8%. Healthcare in casualty again today with CSL down 1.0%, RHC falling 3.2% a long way from the supposed bid price from KKR at 8800c. Barbarians not even in the area let alone the gate. Industrials sagged as WES fell another 1.2%, REITs under pressure, GMG down 2.5%, TLS falling 2.1% and REA and SEK under pressure again. One bright spot in WOW up 0.2%. Tech stocks in the seller’s sights, XRO down 5.6%, CPU off 0.9% and SQ2 collapsing 7.8% with the All-Tech Index down 1.2%. Resources on the nose as iron ore producers fell, BHP off 3.4%, FMG down 5.3% and RIO down 4.2%. Gold miners rose as AUD gold prices pushed higher, NCM up 3.7% and NST up 5.1%. Lithium depressed again, AKE down 4.2%, LYC down 2.8% and IGO off 3.5%. Oil and gas stocks fell hard too, WDS down 0.9% and STO tumbling 2.9%. Old king coal not such a merry old soul with WHC down 6.2% and YAL off 4.0%.
• In corporate news, BUB updated the market on a big bounce in China and US formula crisis as tailwinds rising 9.1%, GUD tried to sneak through a market update after hours last night, failed and fell %. DCN crashed 19.6% after closing Mt Morgans due to cost pressures. Nothing on the economic front today. Asian markets mixed with China and HK better. Japan down 1.5% as BOJ stays on hold.