End of Day – Thu 23 June

Marcus Today Market Updates

ASX 200 rose 20 points to 6528 (0.3%) in a quiet and cautious day. Once again, the market bifurcated with resources under pressure and banks and industrials rising as 10-year bond yields fell hard on recession fears. The Big Bank Basket rose again to $158.57 (0.4%). MQG rallied 0.8% with insurers up too, QBE better by 2.0% and IAG up 2.8%. ASX rose 2.3% with GQG down 4.5%. REITs also better with yields falling, GMG up 4.9%, SCG up 2.3% and TCL up 2.6%. Healthcare rising too with CSL up 2.2% and SHL 2.6% better as RMD rose 2.1% and RMD rallying 2.1%. Industrials also in favour with consumer stocks higher, COL up 2.3%, WES up 0.9% and WOW up 1.8%. Rises too for old skool platform stocks with REA up 2.2% and SEK up 3.5% with TLS firming 0.3%. Tech better too with the All-Tech Index up 1.6%. XRO up 1.9% and WTC rising 3.1%. In resources, soggy again today as iron ore stocks fell, BHP down 1.3% and FMG off 2.1%. Lithium stocks under pressure despite a solid pricing result for PLS down 0.5%. Base metal stocks also on the nose as recession fears trump inflation. Oil and gas stocks weakening as crude prices slipping, WDS down 2.6% and STO off 2.0%. In corporate news, RMS ran into trouble down 8.7% on a production update. COE down % as the placement weighed. HUM fell 8.9% with another board update. In economic news, PMIs mixed but household wealth rose to a record in March. Asian markets saw gains on tech hopes in China with HK strong up 1.2%. 10-year yields falling back to 3.83%
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