End of Day – Fri 24 June

Marcus Today Market Updates

• ASX 200 finished the week up 50 points to 6579 (0.8%) as US futures rose and industrials firmed. Positive week for the ASX up 104 points (1.6%). The banks were mixed today as the bond yields collapsed, with the 10-year dropping to 3.69% as recession fears continue. CBA rose 0.5% but the other three big banks slipped with the Big Bank Basket exactly unchanged at $158.57. MQG rallied another 1.1% and MFG up 7.4% on the finalisation of the sale of Guzman and Gomez. Insurers flat on yield moves. Industrials better with bond proxies strong, TCL up 0.9%, REITs doing well led by GMG up 3.3% and healthcare also in favour still CSL up 1.4% and RMD firing up 2.7%. RHC remain well below the bid price only up 0.6%. Consumer stocks also in demand, COL up 1.1%, WES up 1.8% and WOW better by 1.3%. Old skool platform stocks improving REA up 8.2% and DHG rallying 7.2%. Tech was soaring, especially bombed out second liners firing up. DUB up 25.7% and 360 up 24.9% with BNPL doing very well, ZIP up 21.6%. WTC rallied 8.4% and the All-Tech Index rallying another 6.3%. Resources were interesting again. Weakness abounds but the lithium stocks soared higher after a week to forget. VUL rallied 26.8% on very good news from a new strategic partner. PLS rose 8.8% and LTR up 10.8% as book squaring and confidence returned. BHP dropped 1.2% with other iron ore players under pressure together with base metals, S32 down 1.5%. Oil and gas also on the nose with WDS down 1.7% and BPT falling 2.5%. Gold miners mixed.
• In corporate news, CWN is no more, done and dusted, BFG fell 19.4% on an update, HFR soared 24.3% on news from Spain on construction approvals and BET up 20.0% on announcing a 10% share buy-back. Asian markets firm with HK up 1.6% and Japan up 1.2% despite higher CPI numbers. 10-year yields 3.69%.

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