End of Day – Tue 12 Oct

Marcus Today Market Updates

• The ASX 200 falls 19 points to 7281 (0.3%) after banks ease and nerves continue over Chinese property companies. The Big Bank Basket slipped to $186.87 -0.2% after WBC fell 1.7% on a hit to its balance sheet. CBA AGM tomorrow. Insurers eased back to led by QBE, but MQG managed to stay positive. MFG continued to slip lower, down 1.1%. Industrials drifted lower too with bond proxy stocks slightly weaker, TCL down % and REA off %. In healthcare, CSL rose 1.8% after a positive outlook statement at the AGM, RMD continued lower down 0.9%, and ANN slid 4.6% on a broker downgrade.
• Miners tried to hold the line but gave up to register slight losses, BHP down 0.3%, FMG off 1.4% and coal stocks slipping back after good gains in recent days, despite coal futures heading higher again in China. Gold miners flat lined and oil and gas stocks sold down slightly on profit taking despite higher oil prices.
• Travel stocks eased back to with QAN down 1.1%, FLT off 1.3% and WEB falling 2.4%. Tech stocks eased as yields rose, APT down 2.7% and All Tech Index down 1.5%.
• In corporate news, DDH announced a takeover for SWK in an all-scrip affair, ERA updated the market on uranium production and fell 3.7%. PDI had a shocker today as it replied to some media speculation, not even out yet, on issues with its mining leases in Guinea. The stock fell hard down 27.7%.
• In economic news, business confidence rebounded sharply, and consumer confidence edged higher despite lockdowns. 10 -year yields continue to trundle higher and all eyes on the Chinese property companies still.

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