End of Day Report - Tue 21 Dec

Marcus Today Market Updates

• The ASX 200 shrugs off negative start to push 63 points higher to 7355 (0.9%) in thin trade. The holy trinity of banks, healthcare and big miners driving the index higher. The Big Bank Basket rallied to $176.68 (0.4%) with MFG finding some support in very volatile trade, closing up 4.4%. MQG bounced slightly but insurers mixed, SUN down 1.4% and QBE off another 0.6%. Big iron ore miners were back in demand as iron ore prices rose again in Asia, BHP up 1.5%, FMG better by 1.7% and RIO rallying 3.2%. EV and lithium stocks eased back on the news that Manchin blocked the Biden Build Back Better Bill. News from PLS didn’t help on a production downgrade given staffing issues in WA, falling 9.1%. Some disappointment across the sector as VUL down 3.8% and IGO off 0.7%, with LTR also down 4.2%. Energy stocks gained on a bounce in energy prices, STO up 0.8% and WPL up 1.1%.
• Industrials firm but idle, TCL up 0.7% and WOW up 0.4%. Healthcare in demand as tests for Omicron soar, CSL bounces 4.9% with RHC up 3.1% and SHL better by 2.4%. CSL accounted for 20 points of the rise as sellers retreat. Tech stocks were mixed, APT down 1.1% and XRO up 2.6%, the All-Tech Index up 0.7%.
• In corporate news, ACL seems to a winner from CV testing up 12.2% on an update, FFX released some good results up 7.4% and MMM rose 20.9% after buying a Ready-to Heat company Chefgood. On the economic front, the RBA has released its minutes showing rates will not be going up before wages go up. Market liked that.10-year yields rise to 1.60% helping banks.

MT Christmas Advent Sale! This works like an advent calendar – we’ll be revealing a new sale offer for you every other day until Christmas and you have two days to redeem each offer. Once it’s gone, it’s gone forever!
Find out what is on offer today.