End of Day – Fri 15 Jul

Marcus Today Market Updates

• ASX 200 falls 45 points to 6606 (-0.7%) after a solid rally off lows. Resources took the big hit. Banks had a decent rally off early lows. Resources saw commodities flop and took the sector with it. BHP down 3.5%, FMG off 6.2% and RIO down 2.9%. Gold miners also fell, NCM down 2.8%, NST off 2.5%. Base metal stocks hit, IGO down 7.1%, POS off 2.4% and S32 falling 3.7%. Lithium stocks down but escaping somewhat, AKE down 1.4%, PLS off 2.9% and LYC off 0.7% in the REE space. Oil and gas stocks were flat as oil briefly fell below US$95 for Brent. Coal stocks eased back slightly, WHC down 2.3%, NHC off 1.7% and SMR dropping 1.6%. In the banks, the Big Bank Basket fell to $163.26 (-0.01%). CBA up 0.1% with ANZ under pressure over its MYOB business buy, down 1.3%. MQG fell 1.8% in sympathy with US banks. Insurers eased, QBE down 0.6%. Healthcare better led by CSL up 1.0%, RMD up 1.9%, COH up 1.7%. Industrials flat, WOW and COL higher but REA fell 1.2%, SEK down 2.7% and CAR off 4.3%.WES 0.9% better. Tech dominated by a good update from WTC up 3.4%, the All-Tech Index fell 0.8%.
• In corporate news, JIN fell 15.00% on a disappointing update. PDL saw FUM drop again and the stock fell 7.8%. PTX up 15.62% on news on orphan drug designation for PTX 100. Asian markets mixed, 10-year yields steady at 3.40%.

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