End of Day Report – Thu 13 Jan

Marcus Today Market Updates

• The ASX 200 moved up 36 points to 7474 vas enthusiasm waned slightly. Resources were once again the place to be as iron ore hit a 3-month high and lithium stocks surged yet further ahead. BHP moved 3.8% ahead of the crucial vote next week, RIO up 4.1% and FMG up 2.5%. In the white powder stocks, PLS rose 4.2%, MIN up 3.0% as a double whammy winner and IGO rose 3.8%. Base metal stocks also in demand and energy stocks better with WPL up 2.3% and STO moving 1.6% higher.
• Gold miners were slightly weaker as NST fell 0.7% and NCM down 0.2%. Elsewhere the banks were firm but uninspiring as CBA rose 0.5% ahead of US bank reports. ANZ up 1.3% and the Big Bank Basket up to $181.82 (0.7%). Healthcare under the pump with CSL down 0.5% and SHL slipping 5.6%, industrials mixed, WES down 2.8% and TLS up 1.0%. Tech off led by APT down 1.3% and XRO off 1.7% as Nasdaq futures turned slightly lower.
• In corporate news, BWX fell hard down 15.1% on management changes, AXE pushed ahead 32.0% on some positive wafer news, CWN was the big story as Blackstone upped its bid to 1310c and the stock rose 8.8% although still trading below the bid.
• Nothing on the economic front today although more evidence of inflation as cattle slaughters significantly down on last season’s numbers. 10-year yields steady around 1.84%. In Asia, major markets lipped as Japan fell 0.9% and China off 0.6%.

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