Market Updates

End of Day Report – Monday 4 Mar: Pausing for breath? Iron ore weighs


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ASX 200 slid 10 points to 7736 (0.1%) off all-time highs as iron ore and healthcare stocks weighed. BHP off 1.5% and FMG getting whacked down 3.2%. Lithium stocks gave back some early solid gains, prices slipping slightly in China. MIN down 2.1% and PLS up only 0.7% with IGO falling 1.7%. Gold miners were strong on bullion rises, NST up 6.0% and NEM up 0.6% with EVN rising 4.4%. Oil and gas mixed, WDS down another 1.1% and STO slightly better. Tech continued to push higher as WTC up 1.4% and XRO up 0.4% on broker upgrades. Industrials flat, defensives eased back as risk appetite took over. Healthcare mixed, CSL down 1.0% and RMD doing OK, up 0.9%. Banks were firm again, CBA up 0.7% and WBC up 1.0% with the Big Bank Basket up to $207.74( 0.6%). MQG slid 0.8% on an AFR article on assets write downs on Indian asset, GQG eased 0.9%. REITs very firm again, GMG up 2.3% and MGR up 0.5%. In corporate news, GNX received a NBIO from J-Power UP 32.4%, DOW fell 1.2% on a class action update. CTT also fell 6.0% as founder Dean Mintz sold a further 7.2% stake. In economic news, Building approval numbers out today and an unexpected slip in business activity indicators adding to some concerns on GDP numbers Wednesday. Asian markets saw Japan hit record highs, China and HK flat with National Congress in focus. Bitcoin hit US$64,000 with plans for an ASX ETF. No RBA meeting tomorrow.

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