Market Updates

End of Day Report – Wednesday 19 March: ASX 200 down 32 | BoJ keeps rates on hold, FOMC tonight


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The ASX 200 fell 32 points to 7828 (0.4%) after a failed rally attempt petered out. Losses across the board with the banks under pressure again, the Big Bank Basket slipping to $234.26(-0.7%). MQG down again off 0.9% with other financials sliding lower, PNI down 5.4% and MFG off 1.8%. REITs down led by GMG off 1.6% and SCG down 1.5%. Industrials also under pressure, ALL off 1.6%, QAN falling 2.7% with tech stocks falling, WTC down 2.3% on the governance update. Utilities also gave up some recent gains, ORG down 1.9% and AGL off 2.0%. Retail was mixed, LOV down 3.3% but JBH found friends on a broker note, up 3.6%. Travel stocks dropped, WEB down 2.9% and CTD off 2.8%.

Resources fared slightly better in places, BHP unchanged, RIO off 0.7% and FMG falling 1.0%. Gold miners were mixed despite a push above $3000, EVN off 0.9% and GOR off 4.0%, falling again. SPR fell 1.4% and GMD off 1.1%. NEM up 1.0%. Lithium stocks bid higher but lost momentum, LTR up 2.1% and MIN smashed 3.9% on another accident on its haul road. Well off its lows. Uranium stocks doing well today as shorts continue to cover, DYL up 4.5% and BOE up 3.3%. In corporate news, MYR dropped 1.3% on flat sales. DDR dropped down 1.4% as David Dicker sold down his holding, CMM off 4.2% as it unwound its hedge book.

Nothing locally on the economic front, the BoJ kept rates unchanged. Fed to come. Asian markets firm but uninspiring, Japan up 0.6%, China down 0.1%, HK up 0.2%. 10-year yields steady at 4.41%.

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