Marcus Today End of Day Podcast – Wednesday 23rd August

Marcus Today Market Updates

ASX 200 rose 27 points to 7148 (0.4%), bouncing off the important 7100 level. Banks and BHP leading the way. Results continue to surprise.In every sense. The Big Bank Basket rose to $173.08 (+0.8%). Insurers bounced back, QBE up 1.5%, and SUN up 1.3%. MQG going nowhere, down 0.6%. REITs mixed with SCG and VCX easing back. Healthcare remains in ICU as CSL wallows, down 0.4%, RMD off 1.5% and COH falling 0.6%. Industrials were firm, TLS eased after a good run yesterday. WES up 1.2% and WOW rallied 3.5% on good results. COL continued to suffer on downgrades off 0.4%. Tech got whacked as WTC fell 19.6% on an earnings miss. The All-Tech Index cratered, down 1.8%. Resources back in favour, BHP up 1.9%, leading the miners higher. Commodity prices helping, FMG up 2.5% and RIO up 2.4%. Gold miners continued the rally, NCM up 0.4% and NST higher by 1.1%. Lithium stocks found some support, PLS up 1.0% and MIN up 2.8%. Oil and gas eased with WDS off 1.2% and STO continuing to fall on ho-hum numbers.
In corporate news, some big companies reporting today, WOW much better than COL. DMP rallied hard on job cuts and a new cunning plan. APA in a trading halt raising $750m to buy some Alinta WA assets. WOR rose 0.6% as profit dropped, REH off 2.4% on slowing demand, and PPM down hard on a dividend cut and a drop in profits.
In economic news, Australian Services PMI fell to 46.7 in August. Asian markets mixed again, Japan up 0.4%, HK up 0.5% and China off 0.9%. Dow Futures up 94 points. Nasdaq Futures up 65 points.
Why not sign up for a free trial? Get access to expert insights and research and become a better investor.
Make life simple. Invest with Marcus Today.