End of Day – Mon 2 May

Marcus Today Market Updates

• The ASX 200 kicked off a crucial week down 88 points at 7347 (-1.2%). A late rally helped lift it off the lows. Nowhere to run, nowhere to hide as the market followed the SPI futures into heavy losses. Industrials and tech took a hit with CSL down 1.0%, SHL down 1.9% and RHC off 1.3%. GMG took a tumble in the REITs falling 7.2%, SCG down 2.7% ahead of RBA meeting. Consumer stocks eased back, TLS down 7.2%, WES off 1.0% and WOW down 0.6%. Tech slumped with XRO down 6.6% and WTC falling 7.3%. The All Tech Index falling 4.0%. The banks were modestly weaker as we await the Killing Season, ANZ first unchanged, CBA fell 0.9% and NAB down 1.0% with MQG in negative territory down 1.8%. Insurers also fell with QBE down 2.4%. The Big Bank Basket fell to $186.47 (0.65%) Resource stocks showed pockets of resistance with RIO up 0.7% and FMG better by 0.1%, BHP fell 0.1% though with lithium and base metal stocks under pressure. PLS down 6.7%, IGO off 5.6% and MIN down 2.6%. Gold miners slid too, NCM down 0.9% and NST off 2.1%.
• In corporate news, QAN announced a new 12 plane order to be able to fly non-stop to London in 2025. PPC rose 5.0% after an earnings update and ABB was poleaxed by an update falling 28.1% with IMU not far behind after termination of its supply agreement. In economic news, the local PMI improved 2.8 points to 58.5 in April, 10-year yields rose to 3.25%. Asian markets closed.

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