End of Day – Tue 5 July

Marcus Today Market Updates

• ASX 200 rallies 17 points to 6629 (+0.3%) on very light volumes. School holidays and end-of-year marketing reports taking their toll. RBA decision kept many players on the sidelines as Lowe moved 50bps as widely expected. Rally petered out at the close. Resources doing ok despite some concerns in iron ore, BHP rose 0.3%, FMG up 1.5% and RIO unchanged despite news on Simantou. Gold miners doing well today as consolidation begins, GMD the latest to swoop on DCN up 3.3%. Base metals and lithium flat. Energy stocks better with crude rising again, STO up 0.4% and WDS up 3.8%. Coal stocks modestly higher. Banks switched around from losses to gains and back to losses on RBA move, CBA down 0.2% on reports it may need to write off $2bn on BNPL investment. The Big Bank Basket fell to $160.75 with NAB down 0.3% with MQG up 0.9%. Insurers flat as floods prevail in NSW. Healthcare better with CSL up 1.5% and industrials firm, COL up 0.4%, EDV up 0.7% and WES rising 0.6%. ’Old Skool’ tech doing ok, REA up 3.8%, CAR up 1.4% and SEK up 3.5%. Tech better led by CPU up 0.2% and WTC rising 5.2%.
• In corporate news, RRL up 10.7% on record gold production, ALG up 8.5% going ex div and ex return of capital. BUB tapped the market for $63m at 52c, RSG up 15.6% on an operational update. In economic news, RBA moved up rates by 50bps, Chinese PMI better again. Mixed markets in Asia with Japan up 0.5%, HK flat but China down 0.9%. 10-year yields steady at 3.54%.

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