Marcus Today End of Day Podcast – Tuesday 21st February

Marcus Today Market Updates

ASX 200 finished only down 15 points to 7338 (0.2%) as BHP fought back as the day wore on. After an initial 2% plus fall, BHP went on the charm offensive and won back the disbelievers, closing down only 0.3%. Resources were back in demand on Mike Henry’s comments on China, lithium stocks bounced hard, PLS up 4.5%, MIN up 3.8% and IGO rising 1.4%. Iron ore miners pushed higher as commodities strengthened in Asia, RIO up 0.8% and FMG picking up the baton up 3.2%. Rare earths and base metals also in demand, LYC up 1.2% and ARU up 9.1%. Gold miners were mixed, NST fell 2.0% and NCM up 0.6%. Oil and gas stocks better, WDS up 0.9% and STO rising 0.6%. Coal stocks eased. Industrials flat, staples eased, WES down 1.2%, WOW down 0.2% and BXB falling 1.2%. Tech fell, CPU down 1.6% and WTC off 1.2%. The All-Tech index fell 0.8%. Healthcare down too, FPH down 1.2% and RHC off 1.3% ahead of numbers. Banks were soft with CBA down 0.7%, NAB off 0.7% and WBC down 0.7%. The Big Bank Basket falling to $179.08 (-0.7%). Financials mixed, MFG fell 5.0% and MQG eased 0.2%. Insurers modestly mixed. Big day for results, BHP talked of optimistic outlook after some misses on the numbers. JLG had a cracker on results and an earnings upgrade, up 13.2%. HUB spoke well on results and rallied 7.7%. CXL signed a MoU with DAC and released results rallying 6.1%. INA fell hard down 13.4%, MND -8.8% talked cost pressures and staffing falling %. SGP dropped hard on results. COL down 0.9% on results and new female CEO. On the economic front, RBA minutes showed how close the board came to a 50bps rise. Consumer confidence rose slightly. Asian markets - Japan down slightly 0.1%, China unchanged, HK down 1%. 10-year yields steady around 3.83%
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