Marcus Today End of Day Podcast – Thursday 2nd March

Marcus Today Market Updates

ASX 200 sprinted up around 30 points before closing up only 4 at 7255 (+0.1%) as ex-dividends weighed and concerns on banking competition took their toll. Resources and especially iron ore was the place to be with BHP rallying 4.0%, RIO up 4.0% and FMG up 4.3%. Lithium stocks were up although PLS was off going ex-dividend and with a giant CATL placement weighing. Gold miners doing well, NCM up 2.2% and NST up 2.9% and base metal stocks in demand, S32 sprinting ahead 5.2%. Oil and gas better as WDS rallied with STO up 0.7%. Coal better too on China growth hopes. Banks were sold off heavily. CBA down 2.0% and NAB down 1.9% with the Big Bank Basket down to $171.25 over 2% . MQG lost 2.1% on mortgage competition and media reports of a big UK acquisition. Insurers eased with QBE down 0.6% and fund managers down again. MFG off 1.8% and GQG off 1.0%. Industrials fell across the board, REITs eased, Healthcare down led by CSL off 0.4% with COH down 0.2%. WES fell 0.9% and WOW off 1.4% with COL falling 3.2%. Tech mixed, XRO down 2.9% and WTC better by 1.0%. In corporate news, a little skinny out there today after reporting season, NTO board agreed to the Potentia takeover offer, DOW to be investigated by NSW corruption watchdog. CATL sold down its entire stake in PLS and KAR got slapped down 3.6% with a surprise temporary tax in Brazil. SBM announced it would put Touquoy on care and maintenance early next year. On the economic front, building approvals dropped to their lowest level since 2012. Asian markets flat, HK down 0.6% and China unchanged. Dow futures up 64 points. NASDAQ futures down 69 points.
Why not sign up for a free trial? Get access to expert insights and research and become a better investor.