Marcus Today End of Day Podcast – Thursday 9th March

Marcus Today Market Updates

ASX 200 closed up 3 points at 7311 (0.05%). A good effort considering the downdraft of around 28 points from BHP and RIO ex dividends. Solid gains across the board in a tight trading range with US jobs on Friday now the focal point after Powell. Banks higher again with CBA up 0.3% and WBC leading the charge up 1.2% with the Big Bank Basket up to $175.48 (0.6%). MQG flat, Insurers slightly higher with wealth managers mixed, AMP up 1.0% and MAF down 0.9%. Industrials better led by XRO in the tech space as it announced a new growth policy by cost cutting. CPU up 0.9% with the All-Tech Index doing well up 2.3%. Staples better, WES up 0.7% and TLS up 0.5% with BXB up 1.0% and QAN continue to cruise at altitude up 0.4%. REITs positive too, healthcare eased CSL ex div down 2.2% and RMD off 1.2%. Resources bounced back with the exception of BHP and RIO which fell on ex divs, lithium stocks were better, LTR up 4.3% and PLS up 4.4% with MIN better by 1.9% and LYC finding some friends after JARE deal up 1.6%. Gold miners were slightly firmer on some bargain hunting and energy stocks better WDS up 1.2% and STO up 1.1% and WHC bouncing hard up 5.6%. In corporate news, MYR stunned retail watchers with a great set of numbers and a special dividend. Solly will be happy. Up 18.3% on the news. XRO cut 800 jobs, Alta Fox reduced its stake in EML. 29M sank 4.7% on rain closing production in QLD and lithium hopefuls A11 and PLL in a halt pending a response to a short seller attack. Nothing local on economic front but Chinese CPI coming in weaker than expected. 10-year yields 3.72%.
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