End of Day – Thur 26 May

Marcus Today Market Updates

• ASX 200 falls 49 points to 7106 (0.7%). Late sell off too at close. No real reason, but banks wilted as 10-year yields continue to slip, the Big Bank Basket fell to $186.43 (-0.5%). CBA down 0.7% leading the sector lower. Financials elsewhere also slipping MQG down 0.3% and ASX falling 0.9%. Insurers eased and healthcare fell back a little as CSL down 1.4%, SHL fell 0.9% and RHC down 0.5%. Industrials also under the pump, consumer stocks faring badly, WES down 1.8%, COL down 2.2% and WOW off 2.6%. REITs slipping slightly, GMG up 1.3% bucking the trend. In resources, all sectors fell back, iron ore stocks down, BHP off 0.9% after a blip yesterday, FMG fell 3.7% and the gold miners gave up some recent gains, NCM down 2.5% and NST down 3.4%. Lithium stocks held up with PLS up 1.4% and AKE up 1.4%, oil and gas stocks barely raising a ripple, STO down 1%. Coal stocks on the other hand whacked hard on slowing demand in China despite YAL in a trading halt as its majority owner looks to tidy it up. WHC and NHC hit hard, the latter also with a business update not satisfying the market. In the tech sector all the talk was the bid for APX up 29.2% before heading into a trading halt, WTC rallied 2.4% and CPU up 0.6%. The All-Tech Index up 1.0%.
• In corporate news, APX in demand on the news, GAL went nuts again on assay results up 49.2%, ALQ up 6.1% on pleasing results, EDV fell 6.0% on its investor day and CRN down 5.6% on its AGM presentation.
• On the economic front, Private sector capital expenditure contracted 0.3% in the March quarter. Asian markets mixed, Japan down 0.1%, China up 0.5% and HK down 0.7%

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