Manage episode 330354881 series 2991632
ASX 200 rose 23 points to 7234 (+0.3%) as banks bounced back and lithium stocks got poleaxed by a perfect storm of research and Chinese moves in Africa. PLS fell 22.0%, MIN down 8.1% and LTR down 19.1%. Base metal stocks also fell in sympathy with IGO down 11.7%, LYC off 6.4%. Iron ore miners held up better with BHP up 2.3% and FMG rising 3.2%. Gold miners slid with NCM down 2.7% and NST off 2.6%. Oil stocks were mixed with STO unchanged and WDS better by 1.4%. The Big Bank Basket rallied hard to $187.61 (+1.7%). CBA better by 2.3% with MQG up 1.3% and ASX rising 0.8%. Healthcare mixed led by CSL up 0.6% and RMD down 1.6% with FPH off 1.4% too. Industrials better, TLS rallying hard up 3.1%, REITs slipped as 10-year bond rates rose to 3.43%. Tech off 1.1% with XRO down 2.2% and SQ2 down 4.3%. On the corporate front, ORG confessed that it was short of coal for its biggest power station and dropped 13.7% after removing guidance. On the economic front, GDP rose 0.8% in the March quarter better than expected and Asian markets mixed with the 10-year yield stronger at 3.43%.
Why not sign up for a free trial? Get access to expert insights and independent research and become a better investor.