Market Updates

End of Day – Wed 23 Feb


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  •  The ASX 200 rallied to a 44-point rise to 7206 (0.6%) as some confidence returned. Closing on highs. Iron ore prices in Asia pushed higher helping BHP up 0.6% and RIO up 1.2 %. BHP is ex dividend tomorrow and its 210c fall will equate to 30 odd points in the index. Base metals and lithium stocks found friends, S32 up 3.4% and PLS up 2.2% after its results. AKE rallied 6.8% with MIN a winner on two fronts up 2.5%. 
  • Energy stocks were mixed despite crude rises, KAR up 3.2% on results, WPL slid 1.3% ahead of its dividend tomorrow and STO up 0.6%. Gold miners paused and slipped slightly. NCM down 2.1% and EVN off 3.5%. In the banks and financials, a mixed session with the Big Bank Basket at $178.14 (0.2%). MQG slipped again but insurers were firmer led by QBE up 1.7% and SUN up 2.0%. MFG ex dividend. Healthcare better with COH gaining positive broker chatter up 5.1%, CSL up 0.7% and RMD up 2.8%. Industrials firm with results dominating, WOW up 1.4% on better results, TLS up 2.3% finding some friends, Travel stocks better too, QAN up 3.9% and FLT up 3.2%.  Tech better led by results from WTC up 4.2% and a bounce in oversold BNPL stocks ahead of Z1P numbers tomorrow, 8.4%. The All-Tech Index rose 2.2%. 
  • In corporate news, results dropping thick and fast. PXA did well up 13.9% on numbers, CXL rallying off lows up 11.0% as it presented to shareholders. DMP fell 14.0% on a fall in same store sales but looks overdone. SCG fell 4.4% disappointing numbers and executive changes. On the economic front, Wage price index (WPI) was up 2.3%. NZ raised rates to 1%. 10-year yields popped up to 2.25%. Asian markets better. Japan closed for a holiday. China up 0.6%, HK up 0.7%

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Market UpdatesBy Marcus Today


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