End of Day – Wed 20 Jul

Marcus Today Market Updates

• ASX 200 sprinted 110 points higher to 6759 (1.7%) on US rally and company updates. All cylinders firing as banks, resources and industrials were bought up. Another bear rally or the real thing? The Big Bank Basket rose to $168.20 (1.0) with ANZ still in a halt. Fund managers also in demand, MQG up 3.9%, HUB rose 0.5% and Insurers also in demand, QBE up 1.0% with SUN rallying 1.1%. Even MFG had its day in the sun, up 7.0%. Healthcare bounced back with CSL up 0.2% and SHL up 2.1% as RMD rallied 2.6%. REITs flying with GMG up 3.1% and SCG up 2.5% with industrials in demand. Staples a little left behind, JBH up raced 4.6% higher post broker comments, REH doing well up 6.3%, TLS up 0.5% and ‘old skool’ REA up 2.8% with CAR up 2.6%. Tech stocks bouncing hard, WTC up 5.6%, XRO up 5.9% and ZIP doing well up 12.71%. The All-Tech Index up 3.8%. In resources it was all systems go, BHP up 1.4%, FMG up 5.2% and even gold miners doing ok, NCM up 2.8% and BGL up 3.7%. Lithium in demand, LTR soaring 10.4%, PDN rallying 10.5% and SLX up 12.4% on good news. Oil and gas stocks rallied, WDS up 0.4% and STO 2.1% higher.
• In corporate news, MP1 silenced the bears with a better than expected update, rising 23.0%, ILU rallied 7.2% on a strategic update. SMP up 18.4% on a trading update, BUB up 6.5% on a update on I’m Biden , Fly me. AKE shrugged of early losses after its quarterly report, up 0.9%, BPT up 2.8% on its quarterly. In economic news, Phil Lowe gave a speech and admitted RBA had been too pessimistic on economy. Asian markets better and 10-year yields up to 3.54%

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