Marcus Today End of Day Podcast – Friday 24th February

Marcus Today Market Updates

ASX 200 finished up 22 points to 7299 (0.3%) down around 0.5% for the week. A busy week with results dominating. Industrials and banks better with the Big Bank Basket slightly higher at $178.53 (0.8%). Insurers rose, and fund managers fell, MFG down 2.4% and PTM off 3.4%. MPL kicked 2.1% higher on broker comments. Tech better as WTC rose 4.1% with the All-Tech Index higher by 1.6% and XRO up 1.6%. Platform stocks also better REA up 2.1% and CAR up 1.0%, REITS firmed with GMG up 1.0% and MGR up 2.3%. Healthcare stocks flat, CSL modestly higher and SHL down 0.4%. Good numbers for industrial stocks saw BXB lead the charge up 7.5%, COL up 1.0% and ALL up 2.8%. Utilities were again higher as ORG rose 1.0% and APA up 0.8%. Resources mixed, BHP weighing index down 1.6% with RIO suffering a 3.6% fall, FMG down 1.7%. Gold miners under pressure in bullion pricing, NCM down 2.5% and EVN off 2.9%. Lithium stocks mixed with PLS up 1.1% on a maiden dividend and results, IGO up 1.1% with AKE also doing well up 3.7%. Oil and gas stocks better, WDS up 0.7% and STO gaining 1.2%. Coal stocks mixed. In corporate news, SGR returned to trade up 8.6% after raising nearly $600m in a placement. SGH has backed a $150m takeover offer. EML tumbled another 9.5% on a new letter from the Irish Central Bank. In results, BXB lifted guidance, SQ2 +5.9% on a result rethink after early losses, LNK losses widened, and it rose 0.5%. JIN boosted its dividend, and MIN fell 0.1% on disappointing mining services results. Nothing on the economic front as we await US PCE tonight. Asian market mixed. 10-year yields softer to 3.84%. Dow futures down 41 points and Nasdaq futures down 31 points.
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