End of Day – Wed 4 May

Marcus Today Market Updates

• The ASX 200 gives back early gains to close down 12 at 7305 (0.2%) as resources came under pressure. Miners suffering as market remains cautious ahead of Fed verdict tonight. Banks got a boost from ANZ results which could have been a lot worse, the bank rose 0.4% with CBA up % and NAB up %. NAB results tomorrow and the Big Bank Basket closed at $186.87 (0.7%). MQG rallied 0.6% with insurers slightly better. Industrials mixed, REITs once again under pressure as bond yields move higher again. GMG unravelling down 2.4% with SCG down 1.1% and MGR down 3.0%. TCL continuing 1.4% higher as the ‘tarmac tech’ stock, TLS better by 0.3% and CSL up 0.7% in healthcare. RMD still under pressure down 1.6% and FPH down 0.4%. Travel stocks eased with FLT down 6.7% and WEB down 2.5%. Tech stocks holding up in the leaders but in second liners once again sellers have the upperhand. CPU up 1.8% after a dismal day yesterday, the All-Tech Index down 1.3%. In the miners, LME prices weighed on the sector with China still on its holidays, BHP dropped 0.6%, FMG down another 2.4% and S32 off 2.7%. Lithium stocks depressed again, PLS down 0.8% and AVZ off 19.2% on a mining licence agreement in the DRC. Oil and gas stocks better, ALD up 1.9% and STO rallying 1.1%.
• In corporate news, plenty of updates and guidance as the Macquarie Australia Conference continues. FLT fell 6.7% on its update, the media companies firmed on the outlook and ANZ results were slightly ‘less worse’ than expected.
• On the economic front, retails sales came in better than economist had forecast at 1.6%. Asian markets weaker with Japan and China still closed. 10-year yields at 3.52%

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