End of Day – Fri 8 July

Marcus Today Market Updates

• ASX 200 rose 30 points to 6678 (+0.5%) in lacklustre trade to end its best week since March. It was another day of bifurcation with resources turning green and banks seeing red. The Big Bank Basket slipped back to $163.35 (-0.4%). Insurers flat. MFG down 3% again on leaky FUM, GQG down 4.1% on its FUM. MQG flat with PNI up 1.7% after good results yesterday. Healthcare doing nada, RHC up 0.9% on speculation on takeover, CSL up 0.1% and industrials flat too. TLS down 0.8%, WOW down 0.3% and ALL up 0.3%. REITs dominated by a fall of 1.2% in GMG and tech becalmed. XRO up 1.6% and WTC rising 0.3%. Resources rallied hard but failed to hold early gains, zero to hero and back, BHP up 0.7%, FMG up 0.6% and RIO up 0.3% all doing well. Gold miners flat, base metals better, IGO up 3.2% and OZL rising 1.7%. Lithium stocks back in favour with PLS up 6.8% and LTR roaring ahead by 7.4%. Oil and gas perked up with crude rises, STO up 2.3% and WDS rallying 1.7%.
• In corporate news, SBM up 9.6% on a production update and guidance. MFG fell on FUM as did GQG. AWC up 5.2% on Dutch designs on Portland smelter. Nothing significant on the economic front ahead of NFP tonight in the US. Asia markets were rocked by Abe shooting. 10-year yields heading higher again.

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