End of Day – Wed 6 July

Marcus Today Market Updates

• ASX 200 fell 35 points to 6594 (0.5%) as commodity stocks remain under serious pressure on crude falls. Iron ore stocks led the falls with BHP down 5.6% (34 index points alone) and FMG off 4.9%. Gold miners slid on bullion falls, NCM down 6.6% RRL down 6.9% and EVN off 4.0%. Base metals also in the firing line, IGO collapsed 4.9%, S32 off 8.3% and AKE down 4.0%. Energy stocks also on the nose, WDS down 6.9%, STO falling 6.2% and KAR down 11.0%. Coal stocks ease with WHC down 3.7%. The pile on continues. The banks though kept their end up as they passed on rate increases. The Big Bank Basket rose to $162.40 (1.0%). CBA up 0.8%, NAB up 1.8% and MQG doing well up 0.6%. Insurers remain unloves as flood waters rise and Albo visits the scene. No hose for him either. Healthcare doing ok, CSL up 2.6% and FPH rising 3.4%, industrials gained, WES up 1.6%, ALL up 2.3% and REH up 3.2%. ‘Old Skool’ platform stocks pushed up with REA up 2.4% and SEK up 1.9%. Unloved and shorted stocks that were belted due to tax year selling have been the stand out stars. MP1 up 14.0%, 360 up 13.9% and DMP +6.5% doing better as it now charges a 6% surcharge on deliveries. Tech stocks better in line with Nasdaq, WTC up 3.7%, XRO bouncing 6.7%. The All -Tech Index rose 3.2%.
• In corporate news, BUB returned from a trading halt after a cap raise falling 3.1%. EML rose 10.5% after signing a deal in Spain and QAN is facing a strike after its $5000 incentive fails to fly with engineers. Asian markets drift lower with Japan down 1.1%, HK down 1.6% and China off 1.2%. 10-year yields fell hard down to 3.39%

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