Market Updates

End of Day Report – Wednesday 2 April: Quiet trade ahead of Liberation Day


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The ASX 200 pushed 9 points higher to 7934 (0.1%) in defensive quiet trade ahead of Liberation Day.  Money flowed into banks and REITs with resources under pressure on global growth fears. BHP gave back 1.5% with RIO off 1.7% and FMG down 1.6%. Lithium stocks poleaxed again, PLS down 3.1% and LTR falling 4.3%. Gold miners too under pressure as AUD rallied and bullion steady, profit taking in NEM down 2.1% and RMS off 3.8% with VAU down 3.3%. Uranium remains in fallout mode with PDN down 3.3% and BOE down 3.4% with nearly 25% of the company shorted now. Coal stocks fell and oil and gas slid, WDS down 1.5% and STO off 0.4%. Meanwhile banks firmed again, the Big Bank Basket up to $250.98 (1%). CBA up 1.0% and other financials also doing well, NWL up 1.9% and MPL rising 2.2%. REITs also in demand, GMG up 3.1% and CHC up 3.2%. TLS continues to creep higher up another 1.2% with retail better too. JBH up 1.5% and MYR rising 0.8%. Even DMP rose 2.5%. Tech better as WTC continued to find friends up 1.1%. CPU dropped again down 4.1%. QAN off 2.5%. In corporate news, new CEO at KLS set to shake things up by trying to sell tourism assets, RPL wrote down its OPT to zero! SGR has failed to secure a $750m lifeline from Salter Brothers and WBC has a new chief people officer. Nothing on the economic front. Asian markets in wait and see mode. 10-year yields steady at 4.41%. 

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