Marcus Today End of Day Podcast – Thursday 23rd February

Market Updates

ASX 200 dropped 29 points to 7286 (0.4%), which once again was not too bad considering BHP hit a seven-week low down 3.4% and RIO fell 1.7%. Resources generally were mixed, FMG only modestly lower, lithium stocks rallied slightly, PLS up 5.2% ahead of results tomorrow, and gold miners continued to lose their lustre. Oil and gas stocks slid as crude fell, WDS off 0.6% and STO down 1.3%. Coal miners were mixed WHC down 2.0%. In the industrials green across most sectors, Healthcare doing well, CSL bouncing back, RMD up 1.3% and FPH rallying 1.2%. REITs mixed, SCG up 1.0% and SGP off 1.6%, Tech better, WTC up 4.2% as brokers fell back in love, XRO slipped 1.1%, and the All-Tech Index up 0.6%. Banks fell, CBA rallied 0.7% after ex-dividend yesterday. The Big Bank Basket unchanged at $177.08. MQG off 0.8%, and fund managers down, PPT off 2.8% and MFG falling another 1.3%. Insurers mixed. Utilities pushing up with ORG and APA better. In corporate news, QAN fell 6.8% as record profits and angry customers collided. Plenty of angst but people still flying as have no Joyce. SGR launched a rescue deeply discounted rights issue and placement to raise $800m. Buys some time. TLG returned after placement falling 14.4%, with SLX tapping shareholders for a cool $100m. In results, Super Thursday saw MPL reveal that customers are sticky and lazy to switch, rising 6.5%, PTM tried hard to sneak in their results last night after hours but fell 16.9% on lack of fees. OBL dropped 6.4% on results and management changes, BGA was creamed falling 7.8% on results, and BKL revealed that customers are spending less on vitamins, dropping 6.8%. APE kicked the lights out again up 9.0% with TLC beating expectations and offered a special dividend. KLS caught the express bus up 5.4%. On the economic front, private capital expenditure rose by 2.2%. Asian markets quiet, Japan closed for the Emperor’s birthday. HK up 0.5%, and China unchanged. Dow futures up 99 points and Nasdaq futures up 107 points.
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