Market Updates

End of Day Report – Tuesday 7 May: ANZ $2bn Buyback | NAB Goes Ex-dividend


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ASX 200 charges 111 points ahead to 7793 (1.4%). Banks leading the charge higher as ANZ reports and announces a $2bn buyback and NAB goes ex-dividend by 84c. The Big Bank Basket up 1.3% to $209.82. MQG jumped 2.5% as the Equities Conference kicks off with no bad news so far. Early days. Insurers and other financials picked up too, QBE up 0.9% and SUN up 0.6%. REITs also back in demand across the sector with GMG up 1.2% and SCG up 1.6%. Industrials firmed too, WOW up 1.4% and WES continuing to push higher after investor day up 2.2%. Green across screens with Tech doing ok, WTC up 2.3% and the All-Tech Index up 1.6%. Utilities doing well after an upgrade from AGL. Resources better with BHP up 1.6% and FMG kicking 1.8%. Lithium in selected stocks was better, LRS doing well up 8.5%. Uranium stocks back in favour, PDN kicking goals up 8.4%. Even oil and gas doing better, WDS up 1.9% and STO rallying 0.9%. Gold miners pushing higher with NST up 1.2%. In corporate news, ANZ results, AGL upgrade, SGM downgraded and fell 6.4%, HMC upgraded guidance putting on 6.8%. On the economic front, retail sales dropped again, the RBA kept rates on hold as expected with ruling nothing in or out. Asian markets, Japan rose 1.4% with China down 0.2% and HK off 0.9%. 10-year yields fell to 4.31%.

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