End of Day – Mon 24 Jan

Marcus Today Market Updates

• The ASX down 36 points to 7140 (0.5%). The market went into pause mode today after initial drops as we await the FOMC this week. Slightly complicated by Australia Day holidays. Mining stocks were on the nose as iron ore stocks fell, BHP down 0.2%, FMG fell 2.0% after a UK takeover and RIO down 0.7%.
• Lithium stocks were once again depressed, PLS off 2.5%, MIN down 3.5% and IGO falling 1.0% but second liners under more pressure with LTR falling 6.8%. Gold miners fell in sympathy as bullion remains firm in AUD terms, RRL dived 14.3% on an incident with the mine and a lowering of production guidance. Energy stocks waned too STO down 0.1% and WPL down 0.2%. CVN fell another 8.8% after Buffalo -10 was a duster. Industrials were mixed as some defensives managed to eke out some gains, GMG up 3.5%, COL better by 1.2% and DMP up 2.5%. Healthcare flopped CSL down 0.7% and Banks and financials eased back with the Big Bank Basket down to $174.18 (0.3%). MQG down 0.4% and insurers eased back. Tech once again weaker as SQ2 fell 3.6% and CPU down 2.4%.
• In company news, ADH plunged 21.5% on an earnings update, UWL rose 9.3% on potential acquirers coming forward, ASM up 2.1% as a Korean consortium completes its DD. On the economic front, Australia’s private sector shrank for the first time in four months, Asian markets were mixed and holding with the 10-year yields up to 1.93%.

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