Marcus Today End of Day Podcast – Wednesday 22nd February

Marcus Today Market Updates

ASX 200 pulled up slightly after an early dive closing down 22 points at 7315 (0.3%). Wage data beat estimates and maybe helps RBA a little, helped index off lows. Banks were mixed with the Big Bank Basket down to $177.06 (-1.1%). CBA down 2.3% ex-dividend. Other financial eased with Fund Managers falling PPT off 1.1%, PNI down 3.1% and MFG falling another 2.1%. Industrials were mixed, staples better COL and WOW rising slightly, REITs cheered by SCG results, Tech mixed as WTC delivered yet again, ALU falling 2.1% and the All-Tech Index unchanged. Healthcare steady with SHL unchanged and CSL slipping 0.9%. Resources once again a problem child. BHP solid and steady unchanged. RIO fell 0.5% before the results, FMG reversed recent gains down 1.8% and lithium stocks depressed again, PLS down 3.0% and MIN off 1.3%. Gold miners hurt again, NCM down 2.0% and NST off 3.3%. Oil and gas mixed, STO shot the lights out up 3.1% with WDS up 0.2%. Coal stocks moving higher again, WHC up 1.5%. In corporate news, ORG up 12.7% after another bid from Brookfield at 890c, results flooded the market, SCG good, DMP fell over as price increase turned customers off falling hard down 23.8%. SBM continued the slide into irrelevance, good numbers from SDR with the stock up 6.0% and MMS doing well on its numbers rising 6.5%. In other news, SGH have attracted the attention of a turnaround specialist. EML plunged 9.4% on results board changes and impairments. SGR in a trading halt pending a capital raising perhaps. In economic news, wage growth came in lower than expected and could see the RBA become more dovish. Asian markets mixed, Japan down 1.3%, HK flat and China down 0.6%.
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