End of Day – Thu 21 July

Marcus Today Market Updates

• ASX 200 surged 35-points to 6794 (0.5%) in late trade. Banks were the strength and industrials, as the Big Bank Basket rose to $170.05 (1.1%) after ANZ joined the fray, up 2.2%. Seems $3.5bn was an easy raise for a good acquisition. CBA up 1.7%, elsewhere financials flat, MQG up 0.4% and SUN dropping 2.1%. MFG kicked again rising 2.8%. Healthcare out of ICU with CSL rising 1.4%, RMD up 2.5% and SHL doing well as CV19 cases mount. Industrials better, TLS up 1.5%, WES up 1.7% and ‘old skool’ stocks REA up 5.0% and SEK up 2.0%. Staples better COL up 1.3% and WOW up 1.0% with tech stocks powering ahead again, WTC up 3.6%, XRO up 3.3% and the All-Tech Index better by 3.4%. REITs eased back led by GMG down 0.1%. In resources, iron ore stocks on the nose, BHP down 0.9%, FMG off 1.1% and oil and gas flopped with both WDS down 4.4% and STO under pressure on production reports, down 1.4%. Lithium stocks found a friend in Musk who said that it was a licence to print money, LTR up 11.2% on a KV update, CXO doing well up 6.5% and PLS up 3.2%. Coal stocks finding sellers with WHC down 4.0%.
• In corporate news, Z1P soared again as it revealed a cunning plan to improve the business, TLX up 20.7% on its quarterly report, LNK agreed to a new bid from Dye and Durham although ACCC could still be an issue. The stock rose 12.6% on the news but still a discount to the bid. Production and quarterly reports continuing, nothing on the economic front. Asian markets mixed as BoJ does ‘nashi’ again.10-year yields steady at 3.53%

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